Rymedi Raises $9M To Utilize Blockchain in Healthcare

Rymedi, a healthcare data exchange platform that utilizes advanced blockchain security, has recently announced that it has raised $9 million in a Series A funding round.

The funding round was co-led by RW3 Ventures and White Star Capital and saw participation from Blockchange Ventures, Avalanche’s Blizzard Fund, and strategic angel investors from the healthcare industry.

Rymedi’s platform currently serves over 1 million patients in over 1,200 locations across the United States, Africa, and Australia. With the funds raised, the company plans to improve data security and healthcare record accessibility for patients while reducing data entry errors and costs for healthcare data infrastructures globally.

“We are always searching for great teams that are using blockchain technology to solve real-world problems with the potential to address global markets,” Managing Partner of RW3 Ventures Pete Najarian said, adding: “The Rymedi team and product suite fit that thesis perfectly, and we are delighted to be on this journey with them. While healthcare data management has remained inefficient and expensive, we believe Rymedi’s blockchain-based solution has a meaningful impact on cost, connectivity, security, and user experience.”

The Rymedi platform is currently being used by Clemson University and other large organizations worldwide. It eliminates the inefficiency of manual and paper-based operations, allowing for faster and smoother communication with customers and patients. The platform also enables labs to scale their processes, increasing testing throughput while lowering the total cost of ownership.

CEO and Founder of Rymedi David Stefanich has emphasized that the decentralized data platform of Rymedi is eliminating the long-standing hurdles healthcare systems face. The errors in data entry and issues related to healthcare compliance have slowed the progress of life-saving research, patient care, and occupational health processes.

Stefanich has also highlighted that Rymedi’s technology is enhancing the overall healthcare experience and he takes pride in making a larger global impact through it.