TORONTO, Ontario--(BUSINESS WIRE)--Medchart today announced that it placed 8th on the 2021 Narwhal List in the category of Computer Technology Companies. This list spotlights Canada’s leading private tech companies by their financial velocity – the rate at which they raise and deploy investment dollars to fuel growth – and is meant to predict the industry’s future Unicorns.
With offices in Toronto and Waterloo, Medchart recently announced it raised $21 million Canadian dollars in Seed and Series A funding to meet widespread demand for businesses to get patient-authorized health information.
Medchart squarely addresses one of the slowest, most tedious and fractured processes: getting patient health records for common business tasks. Medchart enables businesses to easily, securely, and cost-effectively access and exchange patient-authorized digital health information for everything from insurance underwriting to legal claims. The company’s cloud-based health information platform covers millions of complete and accurate digital records and has helped hundreds of thousands of lives across North America, in compliance with patient preferences and global privacy standards.
In a recent blog post, Ameet Shah, partner at Golden Ventures, one of Medchart’s lead investors, said, “Since we invested at the seed, the Medchart team has amassed numerous customers across North America, including major logos in the legal, insurance, pharmacy/life sciences, and health networks verticals. We believe there’s huge potential to unlock future innovation and value in sectors that could benefit from comprehensive health data sets.”
The Narwhal List uses three metrics to identify leading firms: financial velocity, growth, and firm size. From publicly available data, the Scale-up Score rates a firm’s ability to scale to world class at any stage of its development. Medchart earned a score of 53.2; research into more than 1,000 companies indicates that a score of over 25 is critical to enable a firm to continue its trajectory toward becoming world class.
“It is great to see Medchart making such good progress,” said Charles Plant, founder, The Narwhal Project.
Recognition on the Narwhal List comes on the heels of Medchart earning a spot on the 2021 Best Small Workplaces in Canada, the 2021 Best Workplaces for Start-ups, and the 2021 Best Workplaces for Women.
“Everyone here at Medchart is excited about how far we’ve come, where we are, and what tomorrow holds,” said James Bateman, co-founder and CEO of Medchart. “We have experienced triple growth three years in a row, and with the recent investments, we are in a position to amplify our presence across North America. This further demonstrates the value Medchart provides to simplify the exchange of health information between providers and businesses in the legal, insurance, pharma, and life sciences industries, as well as in research, to help them keep up with market shifts and regulatory considerations. We are transforming the medical record access process for business beyond patient care.”
Medchart is a cloud-based health data platform for aggregating and analyzing patient-authorized information to enable trusted access to businesses, researchers, and all patient services. By removing the friction of digital business practices, Medchart powers the future of democratized health information controlled by patients. Using artificial intelligence (AI) and machine learning (ML), Medchart offers actionable insights to those who depend on high-quality, complete patient information.