eBlu Solutions (Louisville, KY) Announces $11.4M Series A Round
eBlu Solutions (Louisville, KY) announced today that it has raised an $11.4M Series A round led by OCA Ventures (Chicago), with co-investors Mutual Capital Partners (Cleveland) and FCA Venture Partners' Health Innovations II (Nashville).
Under the leadership of CEO Mark Murphy, eBlu Solutions is a digital health prior authorization software company - whose digital platform streamlines the prior authorization of expensive infusion-based specialty medications.
For patients suffering from complex, chronic conditions, the path to receiving specialty medication can be fragmented and expensive for all parties. eBlu Solutions aims to make benefits verification, prior authorization, and manufacturer co-pay assistance programs more efficient for practices that deliver physician administered infusion-based specialty medications to patients. Instead of navigating a complicated net of drug-specific online portals and insurance approvals, eBlu Solutions' scalable and secure software platform makes the process of getting patients on life changing treatments more streamlined for medical providers.
"We're enthusiastic to grow and continue developing our talent pool of 70+ team members. eBlu was founded with a mission to simplify the fragmented process behind benefits verification and prior authorization for infusion-based specialty medications. For patients suffering from complex, chronic conditions it is common for physicians to recommend specialty medications. Unfortunately, these medications can be costly, leading to an often-burdensome fragmented process of phone calls and faxes between physicians and insurance providers. eBlu Solutions' secure and scalable platform helps the medical practice navigate the approval process so their patints can start treatment as soon as possible. This capital will allow us to expand our team and pursue our mission," said Mark Murphy, CEO of eBlu.
"We're delighted to have the support of this experienced group of Venture investors. eBlu Solutions aims to use the proceeds of the Series A to continue to grow its team and fuel the development of talent in our sales, product management, business intelligence, and software development areas," said co-founder and CTO Nathan Fornwalt.
"Our platform brings together a great combination of technology and human expertise to streamline a fairly fragmented process which helps patients whose access to quality healthcare depends on the communication between payers and providers. We're excited to keep scaling so we can have an ongoing positive impact on improving the lives of patients," added co-founder and COO Kim Farley.
"When we're investing in a company, we do extensive due diligence," said Andy Patton (News - Alert), Executive in Residence at FCA. "eBlu has a really clear vision and a unique mission that's scalable beyond rheumatology, neurology, gastroenterology, and allergy & asthma - the specialties they're currently supporting. We're excited to help eBlu continue to grow. Electronic prior authorization software has received substantial interest from investors over the last few years. eBlu occupies a unique position in the industry."
About eBlu Solutions
eBlu Solutions provides a secure software platform for electronic prior authorization and benefits verification in the infusion-based specialty medication space. eBlu Solutions aims to streamline the fragmented nature of the approval process for specialty medication treatments, and currently supports a variety of specialties including rheumatology, neurology, gastroenterology, and allergy & asthma. eBlu's initial partnerships have been with pharmaceutical companies, HUBs, and IMCs to make treatment less burdensome for patients, practices, and providers across the country.
eBlu was a participant in the 2016 cohort of XLerateHealth, a leading healthcare accelerator headquartered in Louisville, Kentucky. Since that time, the company has continued to refine its technology platform and grow its revenue. Despite the COVID pandemic, eBlu Solutions saw its revenue double in 2020 and expects 2021 year over year revenue to more than triple.
eBlu's management team has a long history of working in healthcare. Founder and COO Kim Farley and CEO Mark Murphy have a combined 45+ year track record in the healthcare industry. Similarly, Founder and CTO Nathan Fornwalt has a strong background in technology innovation and product development.
More information can be found at: www.eblusolutions.com