Smile Digital Health Closes $30 Million in Series B Funding to Progress Innovation as World-Leading Health Data FabricJanuary 26, 2023
TORONTO, January 26, 2023 (Newswire.com) - Smile CDR Inc. (doing business as Smile Digital Health) ("Smile"), a leading FHIR® health data fabric (HDF) and exchange solutions provider, announced the closing of approximately $30 million in Series B growth capital led by existing investors including UPMC Enterprises.
Smile's HDF platform uses industry-leading HDF architecture and ONC-compliant, event-driven FHIR APIs to allow healthcare providers, payers and IT vendors to build secure, composable and scalable data infrastructures. Smile offers a suite of health data, clinical reasoning and marketplace utilities that can support ecosystem-wide data innovation and digital modernization efforts to accelerate healthcare innovation, improve quality of patient care journeys, boost operational efficiencies and reduce costs using intelligent automation implementation strategies.
"Our vision for better global health becomes more achievable when we focus on the inherent value of finding innovative ways to efficiently share and use data. Smile Digital Health has seen significant growth in our platform because it does just this. With transformative solutions that can meet companies' specific needs, we are preparing healthcare providers, payers, researchers and life sciences organizations for a connected future that transcends the capabilities of today's systems," said Duncan Weatherston, Chief Executive Officer at Smile Digital Health.
Smile Digital Health is committed to continuing its advancements in end-to-end interoperability with expanded offerings that enhance the breadth of its data fabric solutions for future digital transformations. The company will use this new round of funding to expand its newly acquired clinical reasoning utility and forward-looking artificial intelligence and machine learning capabilities, further advancing Smile Digital Health as the leader in the field.
"Data fabrics open up many new ways of leveraging and working with health data. We will continue to delve into creating solutions that drive change in healthcare and enable better outcomes for everyone. We will also optimize our solutions, as new regulations and mandates are passed, consistently maintaining offerings that keep payers and providers compliant. When new innovations emerge in the industry, we will look at ways to leverage those in the HDF platform and through our add-on solutions to drive value through data," said Weatherston.
"Successfully raising $30 million in such a challenging capital markets environment is a testament to the strength and desirability of Smile's technological offering and the broad appeal of the vision of its founders," commented Smile Digital Health Chairman, George Rizk.
In 2022, Smile was cited by The Globe and Mail's ranking of Canada's Top Growing Companies. It was also recognized as a 2022 Deloitte Technology Fast 50™ and North America Technology Fast 500™ company for the second year running.
"Smile is a leader in the Health Data Fabric space and is a highly innovative and client-focused company looking to improve healthcare through access to digital information. Its work with Astrata, a company created by UPMC Enterprises, demonstrates Smile's ability to deliver value to many parties in the health ecosystem," said Brent Burns, Executive Vice President at UPMC Enterprises, the venture capital and commercialization arm of leading health system UPMC. "UPMC shares the same passion as Smile for improving healthcare via innovation."
Smile Digital Health has grown rapidly from a 2016 start-up to being a recognized leader in the digital health solutions space, servicing clients across the healthcare spectrum, including many top tier payers and providers across the United States and 18 other countries, as well as research institutions, other health information technology companies and government agencies.
Smile's legal advisors in conjunction with this financing were Davies Ward Phillips & Vineberg LLP.
About Smile Digital Health
Smile Digital Health is a health information technology company focused on delivering better global health through open standards. Our enterprise-grade, open framework data fabric and integration platform fuels healthcare's digital transformation and accelerates value creation across all patient journeys at scale. Powered by our HL7® FHIR® standard-based clinical data repository (#SmileInside), our platform enables collaboration and allows organizations to ingest, transform, store, enrich, analyze, aggregate and meaningfully share the health information to power digital transformation. We prepare healthcare providers, payers, researchers and life sciences organizations for a connected future beyond legacy systems, adding new value through intelligent use of information and ultimately delivering better patient outcomes. For more information, visit: SmileDigitalHealth.com.Contact Information:
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Original Source: Smile Digital Health Closes $30 Million in Series B Funding to Progress Innovation as World-Leading Health Data Fabric