Apixio's Series-C Round of Finance Led by Bain Capital Ventures
Proceeds to support rapid growth of company's Risk Adjustment solutions for Medicare Advantage and Commercial Health Insurance Plans
SAN MATEO, Calif., May 27, 2014-- Apixio Inc., a pioneer in Big Data analytics for healthcare, announced today that Bain Capital Ventures, the venture and growth capital affiliate of Bain Capital, along with several high-profile Silicon Valley angel investors, have invested a total of $13.5 million to acquire minority stakes in the Company.
“We are very excited about our new partnership with Bain Capital Ventures and the continued support from our current angel investors,” said Shawn Dastmalchi, CEO and Co-founder of Apixio. “The proceeds will be used to ramp up our sales and operations in support of the strong growth we are experiencing in our Risk Adjustment business. We also intend to further develop our Big Data technology and to build on our vision to provide analytic solutions that power value-based care.”
“We are thrilled to partner with Apixio,” said Jared Kesselheim, Partner at Bain Capital Ventures. “The risk adjustment process is becoming essential to an increasing portion of the payor-provider landscape, and Apixio’s technology platform has the power to deliver unprecedented risk adjustment accuracy and automation, as evidenced by the customer traction they are seeing in the market.”
The need for accurate and efficient reporting of member risk scores is on the rise due to steady growth in Medicare Advantage plan enrollment, combined with increasing audit pressure from the Centers for Medicare and Medicaid Services (CMS). In addition, the Affordable Care Act (ACA) requires commercial health insurance plans to maintain accurate Risk Adjustment data for their small group and individual plan members, further expanding the demand for Risk Adjustment solutions. Ultimately, as value-based payment models gain broader adoption, Risk Adjustment solutions will become the foundation for both how payment is determined and how patient care outcomes are tracked.
About Apixio Inc.
Apixio is a pioneer in applying big data technology to extract and analyze clinical unstructured and coded data using natural language processing and machine learning to derive outcomes and cost-related insights. Based in Silicon Valley, Apixio offers solutions that enable health plans and large provider groups to more accurately and efficiently determine member risk scores and receive appropriate value-based reimbursement.
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About Bain Capital Ventures
Bain Capital Ventures is the venture and growth capital affiliate of Bain Capital, which has approximately $75 billion of assets under management worldwide. The firm's history of investing in venture and growth stage companies dates back to 1984 with over 125 venture and growth investments since inception. Bain Capital Ventures manages approximately $2 billion of committed capital, has over 70 active portfolio companies, and has offices in Boston, New York, and Palo Alto. The firm has a long and rich history of successful investing in healthcare, software and business services businesses by working in partnership with management teams to pair talented and passionate entrepreneurs with industry experts, open doors to customers, and collaborate on sound long-term strategies. Several notable prior investments in innovative healthcare companies include Liazon (acquired by Towers Watson), Humedica (acquired by United Health), Liberty Dialysis (acquired by Fresenius) and Minute Clinic (acquired by CVS).
Jamie Urborg, 650-450-1090
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