Today we are thrilled to share that we’ve closed a $2.4 million seed round at a $20 million valuation, to build an open-source universal API for healthcare data. This news comes after graduating from Y Combinator’s S22 batch in September 2022.
We’re extremely grateful for our investors, who took a chance on us and believed in our vision for Metriport. We owe a special thanks to:
In addition to these funds, we owe an equal amount of thanks to some notable angels in our round:
After diving into the world of healthcare IT during our time in Y Combinator, we began to discover how problematic and fractured the space really was. One major issue that exists in the US today is the fact that many individuals still aren't able to access their own medical data, largely due to gatekeeping by hospitals and other medical providers. This is because these hospitals and providers use proprietary software systems that make it difficult for patients to access their own medical records or to share them with other providers. We realized that there was so much work to be done in this space to make the data more accessible, and that hardly anyone in the space was working on an open-source, non-proprietary solution. Since we’ve always been mission-driven founders, having previously built a consumer health app, we decided to go after this larger problem with the goal of democratizing access to healthcare data and ultimately improve patient health outcomes.
The fundraise allowed us to grow our team and accelerate our engineering velocity, which is great since we have a lot of product to build. Additionally, it allows us to pave our way through the various compliance and legal fees tied to entering the healthcare space, which is extremely regulated.
In addition to our fundraise, we’re also very excited to announce the official launch of our first product, our Health Devices API. This API and widget we’re releasing along with it allows companies to gain access to their users’ consumer health data from various wearables, RPM devices, and mHealth sources. To try it out for yourself, visit our developer dashboard, or check out the repo on Github. We’re also celebrating this launch by debuting on Product Hunt, and encourage you to stop by and join in on the discussion!
The next steps for us in the near term will be launching our second main product, our Medical API, which will allow companies to gain both access to their patients’ medical records, and interface with EHRs. Both of these products are open-source, which is a huge differentiator in the market.
In the same way that Plaid enabled a revolution in fintech, we will do the same in healthtech, by opening up a door for emerging digital health companies to get access to the data they need to grow and scale quickly. Currently, the existing products in the healthcare API space are proprietary solutions that are slow and extremely expensive to work with. This is a huge problem for digital health companies, who are faced with the dilemma of either building out complex integrations themselves, or forking over massive platform fees to these API vendors with the risk of vendor lock-in. We will change this as quick as possible, and it will be exciting to see what sort of innovation this enables in the digital healthcare space going forward. In the long run, this will lead to new technology being developed that contributes to human longevity, medical research, and ultimately more affordable and accessible healthcare for all.
The way we see it is that in every industry, when the existing players stagnate from being comfortable off of profits from the status quo, the market is open for disruption by younger, hungrier, and more modern companies. That time is now in healthcare data space, we know this needs to be built, and we’ll be the company to spearhead those efforts — setting industry standards along the way.
Cheers,
The Metriport Team 🤘
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