Fuels Growth for Leading Predictive Analytics Technology for Insurance & Healthcare Industries
PRINCETON, NJ – SEPTEMBER 13, 2016 -- Edison Partners is pleased to announce leading a $4.5M Series A round of financing in Atlanta-based Big Cloud Analytics Inc. (BCA), a leader in predictive analytics solutions for insurance and healthcare industries. Funds will be used to expand sales and marketing efforts, as well as product development.
BCA is making healthcare simple and easy to understand by using IoT data from smart watches, wearables and other connected devices in 29 countries to inform decision-making. The company is growing 400% year over year with the help of distribution partners like Intel, CDW and Grupo Datco, and has been recognized by CIO Review as one of the Top 100 most promising companies in Big Data globally. Customers include Merck, MLC Life Insurance, as well as other health and life direct insurers and reinsurers.
“We are impressed with BCA’s leadership team and the momentum they have created in bringing predictive analytics based on wearable device data to healthcare and insurance customers,” said Joe Allegra, Edison General Partner, who led the investment and has joined the board of directors. “The company has attracted marquee customers and channel partners, validating its potential to lead the market in the US, Europe and Australia.”
The Company’s proprietary COVALENCE analytics platform gathers data from a wide array of activity trackers and uses proprietary algorithms to compute advanced population health analytics, manage population wellness and achieve improved claims outcomes. BCA is able to analyze data in real time for millions of users per customer, and display data in easy to understand dashboards at both the broad and individual level.
“We are excited to have a financial and operating partner like Edison to help us accelerate our growth,” said J Patrick Bewley, Big Cloud Analytics CEO. “We are already benefiting from the firm’s value-add -- from their CEO leadership development event at West Point in June to ongoing sales and marketing guidance.”
Edison has invested in and guided more than 20 Healthcare IT businesses and is actively investing out of its latest fund, Edison VIII. Current Healthcare IT portfolio companies include ClearPoint Learning, Lincor Solutions, Trialscope and, recent addition, Virtual Health. Noteworthy exits include CambridgeSoft, Dendrite, DiagnosisOne, InnaPhase, Octagon, POMs, Portico, Premier Health Exchange (PHX) and Taratec.
About Big Cloud Analytics
Big Cloud Analytics leads the market in real-time predictive analytics technology for the Internet of Things (IoT). Recognized in 2015 by Intel as a Health Innovation Award Finalist and by CIO Review as one of the Top 100 most promising companies in Big Data globally, the Company provides disruptive end-to-end solutions comprising both software and hardware through its proprietary COVALENCETM Analytics Platform. Big Cloud serves life and health insurance and other healthcare organizations, such as hospitals, pharma, senior living facilities, etc. as well as employers for population health management. For more information, visit www.bigcloudanalytics.com.
About Edison Partners
For 30 years, Edison Partners has been helping CEOs and their executive teams navigate the entrepreneurial journey and build successful companies. Through the unique combination of expansion capital and the Edison Edge platform, consisting of strategic advisory, the Edison Director Network, and executive education, Edison employs a holistic approach to nurturing invention and creating value for growth stage businesses ($5 to $20 million in revenue) in financial technology, healthcare IT, enterprise IT, and marketing technology industries. Edison investment objectives also include: buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s active portfolio has created aggregate market value exceeding $5 billion. Its long-tenured team based in Princeton, NJ manages more than $1 billion in assets throughout the eastern United States.