Advancing healthcare with blockchain: why we invested in Rymedi

By Sep Alavi, General Partner, Digital Asset Fund, and Cameron Coombes, Associate, Digital Asset Fund

In 2020, as the COVID-19 pandemic swept across the globe, healthcare infrastructure was pushed to its limits. The world witnessed a race for vaccines, makeshift PPE manufacturing, and overwhelmed hospital departments.

Yet, despite these efforts, mass testing was the crucial linchpin for containment. Unfortunately, many testing centres were unprepared, hindered by siloed data systems and outdated technologies, leading to inefficiencies and suboptimal patient experiences.

But here’s the thing, the problems exposed by COVID-19 aren’t unique to the pandemic. These pain points persist throughout the healthcare industry, from diagnosing diseases like cholera and influenza to monitoring STIs. Each of these conditions demands a robust testing infrastructure that integrates with research labs, clinical trials, and monitoring software. Attempts to digitize healthcare systems have faltered due to compliance issues related to patient data.

This is where Rymedi comes in.

Bridging a major healthcare gap

Rymedi is a cloud-based digital workflow and data automation platform designed to enhance the patient-provider experience across diagnostic testing, treatment delivery, and patient monitoring. Unlike traditional healthcare systems, Rymedi’s platform acts as a bridge between various healthcare providers, breaking down data silos and improving interoperability (sound familiar?).

The platform addresses several key challenges:

1. Cost Inefficiencies: Traditional healthcare processes involve labour-intensive and time-consuming tasks. Rymedi’s automation reduces administrative burdens, lowers costs, and minimizes the risk of human error.
2. Data Silos: The platform connects diagnostic and testing centres, research labs, clinical trial management systems, electronic health records, and other electronic devices. This ensures data flows seamlessly between these systems, eliminating silos.
3. Patient Experience: Rymedi enhances patient interactions by offering a common electronic device and communication channel for test results and monitoring. This streamlined approach improves the overall patient experience.

Changing the game with blockchain technology

What sets Rymedi apart is its blockchain-based architecture. This innovative technology guarantees patient privacy, data security, and interoperability across healthcare providers. Rymedi’s architecture allows data to be easily shared with government reporting agencies, research labs, and other stakeholders. This robust blockchain foundation is a critical competitive advantage and provides a much-needed solution in an industry plagued by data silos.

A massive market opportunity

Rymedi is squarely targeting one of the largest markets on earth, with staggering numbers across relevant verticals:

1. The Global Laboratory Service Market was estimated at $202 billion in 2021.
2. The Global Diagnostics Devices/Connected Medical Devices Software Market reached $35.32 billion in 2021.
3. The Global Clinical Trial Software Market was valued at $7.2 billion in 2021.

These markets, built on personal data, are massive and ripe for disruption. Rymedi aims to capture a significant portion of this opportunity by offering a comprehensive solution that revolutionizes healthcare infrastructure.

The power of patient-centric care

Rymedi’s emergence couldn’t be better timed. Healthcare is shifting toward a patient-centric model, with patients demanding more personalized and efficient experiences. Consumers are taking proactive steps to manage their health, spending billions on wellness-related categories.

The adoption of technology in healthcare has the potential to reduce costs, provided that the industry focuses on labour productivity gains instead of workforce expansion. Rymedi’s platform not only caters to businesses but also aligns with these emerging trends in consumer-focused healthcare.

Behind Rymedi’s success is an impressive founding team with extensive experience. CEO David Stefanich brings deep industry knowledge coupled with strong technical and blockchain know-how.

Looking ahead

As the world of healthcare undergoes significant transformation, Rymedi stands at an inflection point. The company’s efforts are poised to expand beyond referrals and word-of-mouth marketing, opening the door to new growth opportunities. With comprehensive solutions, a blockchain foundation, and a dedicated team, Rymedi has the potential to revolutionize healthcare infrastructure.

We’re delighted to have co-led this $9m Series A funding round alongside RW3 Ventures, with participation from Blockchange Ventures, Avalanche’s Blizzard Fund, and strategic angel investors from the healthcare industry. We’re really excited to be part of Rymedi’s next stage of growth as it uses the financing to increase data security and healthcare record accessibility for patients while reducing data entry errors and costs for healthcare data infrastructures on a global scale.