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Rymedi, a healthcare data exchange platform with advanced blockchain security, has announced a Series A totaling $9 million with plans to expand the reach of their platform.

The round was co-led by RW3 Ventures and White Star Capital with participation from Blockchange Ventures, Avalanche’s Blizzard Fund, and strategic angel investors from the healthcare industry. Rymedi, which serves over 1 million patients in over 1,200 locations across the US, Africa, and Australia, will use the financing to increase data security and healthcare record accessibility for patients while reducing data entry errors and costs for healthcare data infrastructures on a global scale.

“We are always searching for great teams that are using blockchain technology to solve real-world problems with the potential to address global markets,” said Pete Najarian, Managing Partner of RW3 Ventures. “The Rymedi team and product suite fit that thesis perfectly, and we are delighted to be on this journey with them. While healthcare data management has remained inefficient and expensive, we believe Rymedi’s blockchain-based solution is having a meaningful impact on cost, connectivity, security, and user experience.”

The Rymedi platform, which currently supports Clemson University and many other large organizations throughout the world, removes the friction of a manual, paper filled operation to quickly connect with customers and patients and scale lab processes with higher testing throughput and lower total cost of ownership.

“Our decentralized data platform is diminishing roadblocks that healthcare systems have faced for far too long,” said David Stefanich, CEO and Founder of Rymedi. “Data entry errors and healthcare compliance issues slow the development of life-saving research, patient care, and occupational health processes. We are improving the overall healthcare experience with this technology and are proud to make a larger global impact as we scale our services with this round of funding.”

In the areas of occupational health, clinical trials, and laboratory information management systems, it automates data transfer with flexible interoperability, streamlines data entry with real-time results, and meets global regulatory compliance standards with unrivaled security. This is all made possible by Rymedi’s innovative blockchain-based backend, which is uniquely suited to facilitate data access across multiple parties and platforms.

“The current infrastructure for healthcare data exists across multiple disparate systems like EHRs and LIMs and has resulted in massive and inefficient data silos. For healthcare companies, this portends both higher costs and lost revenue, and for consumers, a suboptimal care experience,” said Sep Alavi, General Partner of White Star Capital. “Couple this with increasing demands from consumers for value-based care, and you can start to visualize the scale of the opportunity for disruption. Rymedi’s innovative solution serves as the connectivity layer between all of these silos and is consistent with our thesis that the design space for programmable & decentralized blockchain backends is massive.”

Photo courtesy of NEC Corporation of America.