Pittsburgh companies are attracting major venture funding

Pittsburgh companies are attracting major venture funding
Babel Health/Facebook
By Hoodline - Published on May 14, 2019.

Pittsburgh-based health care company Babel Health has secured $5 million in Series A funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced April 26 and financed by Draper Triangle.

According to its Crunchbase profile, "The healthcare insurance industry is in a period of unprecedented disruption and change. Babel Health’s vision is to sell cost-effective software to payers that can be leveraged and managed across all programs providing utility and integration of data and processes. Babel’s SaaS solutions help mid-size health plans bridge the gap to new technology platforms in an affordable and compliant manner."

The three-year-old startup also raised a $1.5 million round in 2017.

The round brings total funding raised by Pittsburgh companies in health care over the past month to $20 million. The local health care industry has produced 26 funding rounds over the past year, capturing a total of $92 million in venture funding.

In other local funding news, real estate company Ikos announced a $4 million funding round on May 8, also led by Draper Triangle.

According to Crunchbase, "Ikos is simplifying the rental experience for landlords and renters. Their adaptive process transparently connects people with homes they want and desire, while helping landlords and renters make informed decisions. Their insiders provide authentic insight to would-be renters while relieving landlords of their biggest challenge – finding quality consumers to occupy rental properties."

Founded in 2016, the company has raised four previous rounds, including a $2.2 million round in 2018.

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