Cleveland Clinic, Sentara join $50M funding round for blockchain health firm

Blockchain health firm Avaneer Health closed a $50 million funding round.

Avaneer Health launched in June 2021 with significant investments from its founders: Aetna, Anthem, Cleveland Clinic, Health Care Service Corp., IBM, The PNC Financial Services and Norfolk, Va.-based Sentara Healthcare, according to a Jan. 13 news release. These investors also participated in the funding round that closed Jan. 13.

The company is a member-based open network that aims to improve healthcare by removing administrative barriers and alleviating inefficiencies in cross-party transactions that slow care delivery, the release said. It is built on blockchain technology to ensure privacy and reduce costs of data exchange. 

Avaneer Health's first network participants represent 80 million beneficiaries and 14 million annual patient visits, according to the release.

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