Avaneer Health banks $50M in seed funding from Aetna, Anthem and Cleveland Clinic

Avaneer Health, an interoperable, participant-based network, has clinched $50 million in seed funding by a collective of industry leaders, the company announced Thursday. 

The first network participants include Aetna, Anthem, Cleveland Clinic, Health Care Service Corporation (HCSC), the PNC Financial Services Group and Sentara Healthcare, which together represent 80 million covered individuals.

These participants, in addition to IBM, founded the startup in 2020. The capital will be used to expand its team and technology to launch nationwide. 

Avaneer was built off a collaboration between Aetna, PNC Bank, IBM, Anthem and HCSC announced in 2019 to develop a blockchain healthcare network. Blockchain technology works by using a public ledger to track the origin of a source of information, then links those sources to update information in a decentralized way.

RELATED: Aetna, Anthem and Cleveland Clinic back blockchain venture to improve healthcare efficiency

Avaneer grew out of the health utility network and launched as a standalone business. The company aims to address data flow inefficiencies in the field that could potentially save tens of billions of dollars annually, according to one nonprofit’s estimates (PDF). Avaneer’s platform relies on blockchain and Fast Healthcare Interoperability Resources technology. Its solutions facilitate things like payer-to-payer data exchange, eligibility and prior authorization. 

“Interoperability is essential to help increase efficiency, enhance security and improve the health care experience for our members and their families, and we’re honored to be part of this collaboration that helps further our commitment to create affordable, sustainable pathways to health,” Marvin Richardson, senior vice president and chief information officer of HCSC and co-chair of Avaneer’s board of directors, said in the announcement. 

“To achieve truly frictionless and seamless care, healthcare needs greater transparency and ease of navigation for all parties involved, particularly as we move toward greater adoption of value-based care,” Tim Skeen, senior vice president and CIO of Sentara Healthcare and co-chair of Avaneer Health’s board of directors, said in the announcement. 

With one connection to Avaneer, network participants will have access to multiple offerings for secure transactions and administrative needs. The platform advertises faster access to care with an enhanced consumer experience, reducing inefficiencies and improving outcomes. Those who participate may reap the benefits of lower burnout and reduced costs, according to the company.