Connected Healthcare Platform b.well Raises $40 Million

Connected healthcare platform b.well has raised $40 million in a Series C funding round led by Leavitt Equity Partners.

“The successful Series C round builds additional momentum around b.well’s mission to solve healthcare’s fragmentation problem,” the company said in a Monday (Feb. 26) news release.

Healthcare companies use the firm’s FHIR (fast healthcare interoperability resources)-based platform to “put consumers at the heart of every interaction,” b.well said, and glean more value from their technology investments.

“It’s going to take all kinds of companies coming together to meet the needs of today’s digital consumer and move healthcare toward value,” said Michael Leavitt, founder of Leavitt Equity Partners and former U.S. secretary of health and human services. “b.well has successfully shown its technology and leadership are best equipped to make that reality and we are incredibly proud to support their mission.”

The new capital raise follows a series of milestones for b.well, including its recent integration with Samsung, which lets Galaxy smartphone users control their longitudinal health records, while offering health insights, and access to care from providers like Walgreens, Northwell Health, Lee Health and ThedaCare.

The funding round came the same day that Samsung announced a new wearable device designed to monitor user’s health. Hon Pak, the Samsung executive leading that project, has also joined the b.well board.

In addition, b.well recently introduced an IAL2-certified, federated identity solution in partnership with CLEAR to enhance security and simplify access to health data for consumers and their families.

“This move was a leap toward alleviating ‘portal-itis,’ a friction point for consumers to access their information,” the release said.

The funding is happening at a time when, per PYMNTS Intelligence data, consumer interest in a unified digital platform for managing healthcare information and medical insurance benefits has become well established among all age groups, with two-thirds of baby boomers and seniors showing interest in unified healthcare platforms.

“On the provider side, reports show a renewed focus on digital transformation, with one analyst saying that ‘a powerful wave of modernization’ is transforming the industry,” PYMNTS wrote earlier this week.