This is the ninth of 10 profiles provided by the North Carolina Technology Association highlighting its newest Beacon Award category, Ten Startups to Watch. The companies were recognized during the organization's November 6th NC Technology Awards Gala.
By Ann Revell-Pechar
One of the biggest challenges facing those digitizing the medical industry is interoperability. Patient data is spread across offices, hospitals, and even personal fitness devices. Before Validic
, no one had found a way to aggregate and share the data.
Based in Durham but with offices already springing up in Mountain View, California and the Philippines, Validic positions itself as the digital connector of all the healthcare industry's players. Its software aggregates the APIs of 135 clinical and fitness devices—which collectively reach a client base of over 80 million people—making it easy for healthcare providers and insurance companies to collect and analyze data about patients/customers.
Validic has found that its platform results in better outcomes and patient engagement while reducing per capita costs for everyone involved. Its targets—healthcare and wellness companies—appreciate that this singular platform connects to most fitness and clinical devices, wearables and applications.
Investors, Analysts Take Note
That work isn’t going without notice.
Validic recently received a Healthcare Interoperability Leadership and Best Value Award from Frost & Sullivan, as well as a Cool Vendor Award from Gartner and an Innovations in Healthcare Award from the ABL Organization.
Earlier this year, it closed a $5 million Series A round co-led by Greycroft and SJF Ventures, with participation by notable investor Mark Cuban.
Why such big-name notoriety?
“Validic is solving a real and fundamental problem in healthcare,” says Ryan Beckland, co-founder and CEO of Validic. “Our platform enables healthcare to solve many of its current problems, with secure insights on their patient populations.”
The company attributes its success to knowing clients and understanding their needs, while also having a very clear understanding of where the market is going.
When asked about how the company has found entrepreneurial success, Beckland points to how the solution fits into the landscape. He also speaks with pride about the unique culture and team that he and co-founder Drew Schiller have built.
“We have an executive team bringing a lot of healthcare experience and expertise," he says. "Validic is really an organization influenced by so many different people—the continual input from customers, investors and team members is why Validic continues to grow and expand at such a rapid pace.”
The company chose Durham as headquarters because of the community that exists for entrepreneurs and early stage companies. Talent comes from Duke, UNC, NC State and other eminent schools and established companies in the area.
Development programs such as The Iron Yard code school, are cultivating additional technical talent in the state. Validic has also taken advantage of reasonably easy access to the region's large healthcare, technology and life science companies, signing them on as clients, prospects and integration partners.
Obviously off to an impressive start, we asked Beckland where he sees the company in a year. He pointed to continued work with a spectrum of healthcare clients, from hospitals and health systems to accountable care organizations, health IT vendors, payers, wellness companies and pharmaceutical companies.
He discussed greater connectivity and standardization of mobile health technology, pointing to a continuing rise of both consumer mobile health products and clinical-focused devices coming to market.
Beckland sees that as fuel for the company’s growth, reaffirming the potential impact and reach of connected devices in healthcare.
“We see the company becoming the de facto standard for patient data access,” he says. “Patient data is the new currency in healthcare, and Validic is right in the middle to help facilitate this secure data transaction.”
Mobile health is still in its early stages, and its full potential is yet to be realized. Validic helps urge those healthcare companies that have been slow to adopt technologies to move forward.