Health Gorilla is proud to announce that we have raised $50 million in series C funding to accelerate product development, market expansion, and company-wide talent acquisition efforts, all of which will amplify our mission of connecting care providers with actionable patient data.
This latest round of funding is led by SignalFire with participation from Epsilon Health Investors, IA Capital, and Nationwide Ventures. Health Gorilla’s $15 million series B funding was announced exactly a year ago, in March 2021, and led to a period of intense growth. This past year we saw a 200 percent increase in our annual recurring revenue (ARR), an 87 percent increase in our customer base, and significant momentum in our business development initiatives. Health Gorilla also doubled our employee headcount in 2021.
"This is an important milestone for Health Gorilla and will enable us to continue to scale our interoperability platform to meet the huge opportunities that exist within the healthcare market," said Steve Yaskin, CEO and co-founder of Health Gorilla.
While health information exchange has made strides over the past few years, significant challenges remain due to unreliable patient data identifiers, information blocking, and disparate systems. Combined with a lack of standardization, this has resulted in a healthcare environment that is disconnected and difficult for patients to navigate.
"The 800-pound gorilla in the room is that your doctor doesn't have access to accurate medical records. For patients to receive the best care possible, all players in the ecosystem need to work together," said Chris Scoggins, Partner at SignalFire. "Health Gorilla is uniquely positioned to address this gap in healthcare and patient treatment, and we look forward to working alongside their team to ensure the right people have access to the right health data so the right decisions can be made in a more timely and informed manner."
Founded in 2014, Health Gorilla offers innovative solutions such as the Health Interoperability Platform (HIP) and a Health Information Network (HIN) based on Fast Healthcare Interoperability Resources (FHIR). We plan to grow this platform to support an even more diverse set of clinical use cases to create a more equitable healthcare ecosystem by allowing everyone, everywhere to exchange aggregated clinical data securely.
A recently announced partnership with LexisNexis Risk Solutions will allow Health Gorilla to further this goal by incorporating four clinically validated social determinants of health (SDOH) scores into these platforms. The scores, which support care and case management with analytics, include medication adherence, motivation, total cost risk, and 30-day readmission probability to improve health outcomes.
"This round of funding will be followed by a concentrated push to bring on industry-leading talent across the organization,” said Health Gorilla Chief Operating Officer Karla Mills.
In 2021, Health Gorilla significantly increased hiring for our support team – including forward-deployed engineers and project managers to run implementation end-to-end – with the goal of getting customers live as quickly as possible.
Recruitment throughout 2022 will be focused in the areas of product and business development, engineering, sales, and marketing. If you are interested in joining our team, please visit the Careers page on our website.
Health Gorilla’s market expansion plans include Health Information Exchanges (HIEs), electronic health records (EHRs), federally qualified health centers (FQHCs), and payers.
HIEs: Our national HIN will power existing networks, enriching patient data with SDOH, and enabling more informed and timely community health decision-making. Health Gorilla acts as the broker of connectivity for those interested in purchasing HIE data to ensure a sustainable revenue model under TEFCA.
EHRs: With a Patient360 API connection and our national network of data, EHRs can provide a continuous stream of updated health information, no matter where the patient receives care.
FQHCs: We offer multiple solutions for FQHCs, including patient record retrieval, FHIR normalization, and consolidation to get the most complete patient data available in the hands of providers. Health Gorilla removes the burden of record retrieval by allowing health data to follow the patient.
Payers: Health Gorilla's powerful data processing engine provides better insights – plus savings of time and money. By providing a segmented section of our data rainforest, payers can leverage our proprietary master patient index to minimize mess and duplication.
The funding will also boost Health Gorilla’s quest to achieve a Qualified Health Information Network (QHIN) designation in 2022 under the Trusted Exchange Framework and Common Agreement (TEFCA). Version 1 of TEFCA, which has been in the works since the 21st Century Cures Act was signed in 2016, was published in late January.
Health Gorilla is well on our way, having worked closely with the Office of the National Coordinator for Health Information Technology (ONC), and the Sequoia Project – TEFCA's Recognized Coordinating Entity – as the framework and common agreement were developed. Health Gorilla is also one of the only known commercial entities to be seeking a QHIN designation and our APIs, which power a broad set of use cases such as virtual health and remote patient monitoring, are sure to be a valuable differentiator.
SignalFire is the first venture capital firm built from the ground up as a technology company, The company invests in leaders with an uncommon passion, offering unprecedented data, advice, and access from seed to scale. With a hybrid technology and people-powered approach, the team is uniquely qualified to help founders navigate the toughest parts of building a company at every stage, including recruiting, expert advice, and a corporate network. Launched in 2013, the firm has nearly $1 billion in assets under management and has made notable investments in top Silicon Valley startups including Zume, Lyric, Ro, Grammarly, Color Genomics, ClassDojo and Frame.io among others.