Exostar Raises $10 Million to Expand Healthcare, Life Science Business
Cloud solutions provider Exostar has raised an additional $10 million investment from Merck Global Health Innovation Fund (Merck GHI), which the company will use to expand its HIPAA-compliant solutions.
The latest investment will be directed in its life science and healthcare business, and follows a $5 million investment by Merck GHI in October 2014. With the healthcare cloud market in the US expected to generate $3.5 billion in revenue by 2020, many investors are seeing a lot of potential in the healthcare cloud market.
“We believe that data will be the currency in healthcare and serves as the foundation for innovation,” Richard Addi, Exostar’s President and CEO said in a statement. “We also understand that data compromise can render that currency worthless, or worse. Life science and healthcare companies need a partner whose information security innovations and solutions not only protect scientific advances and patient information, but also enable organizations to accelerate how they do business. Exostar is that partner, and we are pleased Merck GHI has chosen once again to support us.”
Exostar provides cloud-based solutions that include collaboration, identity management, and supply chain managements. The Virginia-based company has over 100,000 customers in several verticals, including aerospace and defense, life sciences, pharmaceuticals, and financial services.
According to the company, its life science and healthcare community has grown to over 1,000 global organizations that rely on its cloud-based Secure Access Manager (SAM) to access applications and exchange information securely. It also launched ProviderPass, a solution that offers compliant electronic prescribing of controlled substances.
