Company name: Hashed Health
Amount raised: Hashed Health has raised $3.77 million, according to a filling with the U.S. Securities and Exchange Commission. The round was led by UPMC Enterprises, Chicago-based blockchain and crypto-focused investment firm CMT Digital and Nashville-based health care investment firm Whistler Capital Partners, according to a news release. They join existing investors First Trust Capital Partners and Martin Ventures.
What they do: Hashed Health is a health care-focused venture studio that launches startups centered on blockchain and distributed ledger technology, including Tampa-based startup ProCredEx.
Blockchain, in short, is a digital ledger shared among a group of computers. Each new record, or transaction, or change to a database, is recorded in chronological order inside a block on the chain and then validated. The blocks can be viewed, but not changed, creating a single, common record. That protects the information from hackers and eliminates the need for a central computer or business to house the data.
Why it matters: Blockchain got its start with Bitcoin, but advocates in health care say everything from insurance claims to electronic health records could be put on a blockchain, potentially disrupting the way the industry handles its data.
What the funds will be used for: Hashed Health plans to launch five new startups over the next two years, according to the release.
Quotable: "We love the deep expertise in healthcare, technology, and venture operations represented by our new partners," John Bass, founder and CEO of Hashed Health, said in the release. "Together we will advance a new generation of startups that tackle big opportunities that currently sit beyond the reach of any single enterprise."
