Springbuk, an Indianapolis, IN-based employer facing health intelligence software platform has raised $20 million in Series B funding led by California-based HealthQuest Capital and Echo Health Ventures, a strategic collaboration of Cambia Health Solutions and Mosaic Health Solutions. The round also included participation from Elevate Ventures. The company plans to use the latest round of funding to support growth and expansion include a heavy emphasis on product innovation, data operations, and investments in customer success initiatives.
Founded in 2015 by co-founders Rod Reasen and Phil Daniels, Springbuk aims to identify $4 Billion in potential health cost savings by the end of 2020.Today, over 1,000 employers use Springbuk’s software to glean actionable insights to improve their population’s health. To date, their software has analyzed over $7 Billion in health claims and identified over $250 Million in potential cost savings for employers.
“The Springbuk platform has been built to solve a very large problem—the rising costs of healthcare—and this round of financing is representative of the scope of the challenge that we’ve undertaken,” said Springbuk co-founder Rod Reasen in a statement. “As someone who has spent over 20 years in the health insurance space, I believe that this platform will truly revolutionize the industry.”