Dallas-based medtech company Phynd Technologies Inc. announced Tuesday that it has completed an $8 million Series B funding round that will enable further collaborations and enhance its core platform.
Phynd offers healthcare providers a strategic information management SaaS solution that manages all operational provider data. Its Phynd 360° Provider Platform details who the providers are, where they work, what they do, and what networks they serve, according to a release.
Investors participating in the round include the MemorialCare Innovation Fund, Rex Ventures (the investment arm of UNC Health Care), Orlando Healthcare Ventures, and Dallas Venture Partners.
Phynd said that Rex Ventures, Orlando Healthcare, and Dallas Venture Partners all participated in its Series A round.
“Phynd’s platform supports fundamental provider-dependent workflows: provider enrollment, management, reporting and search,” CEO Tom White said in a statement. “Funding from our partners will accelerate our commitment to elevate provider data to the same level of importance as patient information in a health system.”
“Phynd’s value has established it as a strategic investment for health systems that want to implement leading management practices.”
White said the investment will further support Phynd in embedding robust provider information in both internal and external systems across its various clients’ enterprises.
He said that the addition of MemorialCare to the company’s board strengthens its team of investors and advisers.
“Phynd’s platform uniquely fills a critical need which all health systems require—management of operational data for all providers—to better serve their patients, partners, providers and payors,” Brant Heise, managing director of the MemorialCare Innovation Fund, said in a statement. “Phynd’s value has established it as a strategic investment for health systems that want to implement leading management practices including operational excellence, consumer- and value-based care initiatives.”
Build searchable databases on all providers
According to a release, Phynd enables health systems to build a searchable database on all providers that interact with a health system—60,000 providers on average—that can be embedded into their Electronic Health Record (EHR), internal provider directory, public facing website, and partner search pages.
Phynd said that the Series B funds will be used to grow the collaboration with Epic Systems Corp. and other critical healthcare software platforms. Phynd will also increase investments in its core platform, which will enhance its provider enrollment, management, search, and reporting capabilities.
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