By: Jessica Bartlett
Burlington-based health care data company Arcadia Healthcare Solutions has raised $30 million from a number of investors, including GE, Blue Cross Blue Shield of Massachusetts and Merck subsidiaries.
Merck Global Health Innovation Fund, GE Ventures and existing investors Peloton Equity, Blue Cross Blue Shield’s Zaffre Investments, and Morgan Stanley Alternative Investment Partners all participated in the round.
Arcadia, a health IT company that compiles data from doctor electronic medical records to analyze patient data and trends, plans to grow with the investment, developing new products in its core platform as well as expanding its tools that help providers care for patients on a budget. To date, the company works with over 40,000 providers nationwide.
“Arcadia’s deep expertise in transforming isolated data into critical insights that enable providers to close gaps in care and enable better outcomes is central to our investment hypothesis around Population Health,” said Joel Krikston, managing director at Merck’s Global Health Innovation Fund, in a release.
The company had 250 employees as of mid-2015.
While the recent round will help the company with more organic growth, Arcadia isn’t unfamiliar with more rapid growth. Most recently, the company acquired Sage Technologies, a managed care services company, in 2015 for $28 million. Prior to that, the company acquired Concordant in 2011, an electronic health record support services company.
Arcadia, founded in 2002, raised $13 million in a 2015 funding round plus an undisclosed amount to support its Sage acquisition.