Avaneer Health, an interoperable healthcare data exchange company built on blockchain technology, has secured $50 million in seed funding from a number of large healthcare players.

Those backing the Chicago-based network include Aetna, Anthem, the Cleveland Clinic, Health Care Services Corporation, Sentara Healthcare, and the PNC Financial Services Group. The new money will be put into hiring additional team members and technology upgrades required to launch nationwide, the company said Jan. 13.

"Addressing administrative costs and creating a positive consumer experience requires connectivity and the type of data fluidity we have come to expect in other industries," Stuart Hanson, founding CEO of Avaneer Health, said in a statement. "We are very excited to jumpstart our network to enable healthcare organizations to work together with a foundation of trust to solve the 'last mile' problem in healthcare.”

The aforementioned companies, along with IBM, founded the startup in June 2021 and represent 80 million covered patients and 14 million visits per year.

Avaneer's member-based network initiates and streamlines care, helping payers exchange data, assess treatment eligibility, perform prior authorizations and other services.

"To achieve truly frictionless and seamless care, healthcare needs greater transparency and ease of navigation for all parties involved, particularly as we move toward greater adoption of value-based care,” said Tim Skeen, co-chair of Avaneer Health's Board of Directors and senior vice president and CIO of Sentara Healthcare.