Healthcare data is a mess and Metriport is here with a broom
You would have thought that the quantified self movement was slowing down, but Metriport We would love to tell you the truth, thank-you-very much. We The company was covered in FebruaryIt has now raised $2.4 million to move to the next level.
The company was accepted by Y Combinator and discovered the fractured healthcare IT market.
“Unfortunately, many Americans are still unable to access their medical records. This is mainly due to gatekeeping by hospitals or other medical providers. In an interview with TechCrunch, Colin Elsinga, cofounder and COO of Metriport, explained that these providers and hospitals use proprietary software systems that make access to patients’ medical records difficult or prohibit them from sharing them with other providers. “We realized there was much work to do in this space to make data more accessible, and that very few people were working on an open-source, non-proprietary solution. We are mission-driven founders and have previously built a consumer app for health. We decided to tackle this larger problem to improve patient outcomes and democratize access to healthcare data.
The funding round included investment from Y Combinator and Triple Impact Ventures as well as Nueterra Capital, Nueterra Capital and Leonis Investissement.
“The fundraise allowed me to grow my team and increase my engineering velocity. This is great because we have a lot product to build. It also allows us to avoid the many compliance and legal fees associated with entering the highly regulated healthcare industry. Elsinga says that today’s launch of our first product, the Health Device API, is exciting. This API allows digital health companies to access their users’ health data from various wearables and RPM devices, as well as mHealth apps. “The next steps will be the launch of our Medical API, our main product. This will allow companies to access their patients’ medical records as well as interface with EHRs. Both of these products can be used openly, which is a major advantage in the market.
According to the company, it raised a seed round of $2.4 million at a valuation of $20 million. They are currently working on launching their Medical API in 2023.
“Being the first open-source solution of its type, we’re excited to see the community contributions and how it will allow new companies to make innovative solutions in the space. Elsinga says that we will set a new standard in dev-friendliness and transparency, as well as accessibility in the space of health tech data.
The company sees itself as the medtech equivalent to Plaid’s fintech. It opens up a pathway for emerging digital health companies to access the data they need to grow quickly and scale.
Elsinga says, “Based on the number of customers lined up eagerly to use our product,” when Elsinga is asked why no one is doing it already. “We see it that when existing players are not making enough money, the market becomes vulnerable to new, hungry and more modern companies. This is the time in healthcare data. We know that this is the right time and we will be the company to lead those efforts, setting industry standards along with the way.
I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.