April 15, 2021, Boston, MA - Today, we’re proud to share that 1upHealth has raised a $25 million Series B led by F-Prime Capital. Our existing investors, Jackson Square Ventures (which led our Series A), Eniac Ventures, and Social Leverage also participated.
The infusion of capital will help us grow and evolve our FHIR® connectivity & compute platform that’s already used by dozens of health plans, providers, app developers, and pharma companies. As Gartner recently put it, “1upHealth’s FHIR® API Platform is the first true implementation of the ONC’s intent for healthcare interoperability.” We’re thrilled to expand upon this as we move into a new and exciting chapter of our business.
The past year was a wild ride in the wake of the tumultuous environment created by COVID-19. We closed our Series A in February of 2020 and were excited to participate shortly thereafter at HIMSS, one of the most notable events in our industry. Of course, like every other major conference, HIMSS was canceled. We subsequently took matters into our own hands and hosted the biggest virtual health conference (VHC) amid the first months of the pandemic. Thousands of attendees and speakers gathered to hear from people like Don Rucker, the National Coordinator at the ONC. After the event, where ONC and CMS announced the new interoperability requirements in the Cures Act, 1up gained an influx of interest from payers looking for help meeting the new CMS regulations for patient access APIs. We benefited from being the only solution with an end-to-end product in production.
When we started selling for CMS compliance, we only had 15 team members. A year later, we are 70 strong, with dozens of health plans and states using our infrastructure and API platform. We’re now supporting 11 million of patients through dozens of health plan and provider customers. What we’ve accomplished is credited to our excellent product and team. When it comes to a startup batting against companies with hundreds of thousands of employees and billions in revenue, only a transformative product like ours will surmount the potential pitfalls.
With this new round of capital, we’re positioned for rapid growth. Not only does 1up have the best technology and most complete product available, but we are now the best capitalized FHIR® infrastructure platform in the world. Add that to the most health plan implementations going live in the US and we are set up to have a huge impact in the healthcare industry. There’s a long road ahead to achieve the level of change we expect to push forward. As a team of technologists, we feel a sense of optimism in the opportunities that lie at the confluence of healthcare, biology, and technology, which our new investors at F-Prime understand so well.
Ultimately, we envision a world where technology will help us monitor the human body with the same level of access and precision that you get in a video game and other virtual environments. We believe this type of access can lead to extending life, just like the magic 1up mushroom does in Mario. For 1upHealth today, the best way to get there in the real world is helping our customers and patients unlock and take control of their healthcare data. So we’ll be doing just that.
If you would like more information, email us at email@example.com.