Ribbon Health, which offers a health data API platform, scored $43.5 million in a Series B funding round led by General Catalyst.
Other investors participating in the round include Andreessen Horowitz (a16z), BoxGroup, Rock Health, and SCAN Group and Health Plan CEO Sachin Jain.
Ribbon said the Series B brings its total raise to $55 million.
WHAT IT DOES
Ribbon provides an API layer that customers can use for provider directories, patient referrals that include information on accepted insurance and quality metrics, care navigation, insurance enrollment, and plan comparison.
“While consumers can easily find the address for a local restaurant, the same can’t be said for patients who are looking for a phone number to make an appointment for a critical MRI or to confirm they are seeing a clinician who is in-network and of high-quality, so there are no unexpected costs associated with their care visit,” CEO and cofounder Nate Maslak said in a statement.
“This doctor data problem harms patients, as it often leads to people delaying care, opting out of treatments, or dealing with unnecessary and burdensome financial impact.”
WHAT IT’S FOR
The company plans to use the capital to expand its team and invest in its technology platform.
General Catalyst managing director Holly Maloney will also join Ribbon’s board of directors as part of the Series B round.
Founded in 2016, Ribbon raised $10.25 million in Series A funding in February 2020. Last June, it partnered with direct-to-consumer virtual care company Ro to help users and their virtual providers find local in-person services.
Another company that aims to use data for improved healthcare management is Innovaccer, which earlier this year raised a hefty $105 million in Series D funding, bringing its valuation to $1.3 billion.