Indianapolis-based health analytics platform Springbuk has secured $3.75 million in financing. The company says the funding, led by Lewis & Clark Ventures, will be used "to fuel strategic hiring and product innovation."
Springbuk’s cloud-based software organizes information including medical claims, pharmacy, biometric, payroll and activity data to help employers evaluate health programs and identify at-risk workers. The company says its platform is used by nearly 500 employers representing 500,000 members.
Lewis & Clark Ventures Managing Director Brian Hopcraft will join Springbuk’s board of directors. In a release, he said, "Springbuk is solving a big problem, as nearly every employer is burdened with rising health costs, and the complex decisions they make about the health of their workforce are too often made with inadequate information. Springbuk’s platform brings together all of the relevant data for employee health and equips HR organizations with cutting edge analytics. The rate of customer adoption has also been impressive, which validates Springbuk is meeting an underserved need for wellness analytics solutions."
Springbuk says the U.S. market for corporate wellness spending has reached $31 billion annually.