BurstIQ closes $5.5M Series A investment round

Wednesday October 2, 2019 0 comments Tags: Denver, BurstIQ, Frank Ricotta

DENVER/AUSTIN, Tex.-- BurstIQ and Elsewhere Partners announced they have closed a Series A capital raise, providing $5.5 million in financing for the Denver-based healthcare software company.burstiq-logo

It marks the first major institutional funding round for BurstIQ, which was founded in 2015 and has been financially sustainable since 2016, generating millions in annual revenue through commercial partnerships with marquee customers such as Empiric Health, Medical Group Management Association (MGMA) and Colorado Regional Health Information Organization (CORHIO).

BurstIQ is a leading provider of secure blockchain solutions for the healthcare industry. The company said it is the first and only blockchain company to provide secure, HIPAA-compliant blockchain platform services for on-chain data management, complex data ownership and granular consent.

BurstIQ’s proprietary platform is used by large enterprises, startups and government agencies to power identity services, interoperability, care coordination and consumer engagement programs, consumer IoT solutions, secure data access management, data marketplaces and more.

Elsewhere, a Texas-based growth-stage venture capital firm that invests in capital-efficient B2B software companies outside of traditional venture capital hubs, said it was drawn to BurstIQ due to its best-in-class blockchain product, strong traction with marquee enterprise customers and significant market opportunity.

“Elsewhere Partners shares our vision of enabling a people-centric future for healthcare, and we are proud to have them as an investment partner,” said Frank Ricotta, BurstIQ CEO.

“Their partnership will allow us to grow exponentially, both in the U.S. and globally.”

Partnering with Elsewhere Partners will allow BurstIQ to accelerate market penetration, product innovation and organizational growth.

“We are excited about the future of BurstIQ and confident that their state-of-the-art blockchain platform and seasoned management team, in conjunction with the growing demand for secure and compliant healthcare data, will enable BurstIQ to continue to grow and capitalize on the opportunities ahead,” said Sloane Child, Elsewhere Partners VP.