Apixio Receives $13.5M Investment, Focuses on Big Data TechnologyApixio Receives $13.5M Investment, Focuses on Big Data Technology
Apixio plans to use $13.5 million in Series C funds to further develop its big data technology.
May 27, 2014
Apixio, a company that specializes in big data technology solutions for healthcare providers, has received $13.5 million in Series C funds from Bain Capital Ventures and other Silicon Valley angel investors.
The Series C round investors also will acquire Apixio minority stakes.
Apixio uses big data technology to extract and analyze clinical data. Its solutions enable health plans and large provider groups to more accurately and efficiently determine member risk scores and receive appropriate value-based reimbursement, the company said.
The Affordable Care Act (ACA) requires commercial health insurance plans to maintain accurate risk adjustment data for their small group and individual plan members.
Apixio said risk adjustment solutions could become the foundation for both how payment is determined and patient care outcomes are tracked according to ACA rules.
Shawn Dastmalchi, Apixio’s CEO, said the Series C funds will help his company bolster its sales and operations departments.
“The proceeds will be used to ramp up our sales and operations in support of the strong growth we are experiencing in our risk adjustment business,” Dastmalchi said in a prepared statement. “We also intend to further develop our big data technology and to build on our vision to provide analytic solutions that power value-based care.”
Bain Capital Ventures Partner Jared Kesselheim also commented on the announcement:
“We are thrilled to partner with Apixio. The risk adjustment process is becoming essential to an increasing portion of the payer-provider landscape, and Apixio’s technology platform has the power to deliver unprecedented risk adjustment accuracy and automation.”
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