Kno2, a Boise, Idaho-based startup developing ways for healthcare systems to communicate with each other, has raised $15 million in new funding.
The Series A funding round was led by Seattle-based Providence Ventures, the investment arm of Providence, the largest health system in Washington state, along with Health Enterprise Partners. Providence Ventures manages about $300 million in venture capital and has backed multiple companies aiming to improve healthcare.
Kno2’s software eases the confidential transmission of patient information between healthcare providers, which can be clumsy and time-consuming and still often relies on faxing.
“Kno2 is all about interoperability. We allow providers to connect to multiple methods of exchange all in one single location,” and eliminate faxing, according to a video on the company’s website.
The company’s technology starts with its electronic secure fax system, which enables Kno2 to analyze connectivity and streamline communication with other providers. For instance, Kno2 can identify whether linked providers belong to the CommonWell Health Alliance, which standardizes health communication protocols, or other compatible systems. Providers can then switch to more direct communication methods, such as querying for patient records via direct message, through the Kno2 system.
Kno2 was founded in 2010 by Therasa Bell, president and chief technology officer, and by Dane Meuler, the company’s senior vice president of business development. Both co-founders worked previously at Imagetek, an information technology services company, Bell as vice president and chief solutions architect and Dane as vice president of business development. The leadership team also includes CEO Jon Elwell, who previously served as vice president of healthcare for the Technology Services Industry Association, a research and advisory firm.
Vendors integrated into the Kno2 system range from digital health platforms to remote patient monitoring providers, to electronic health record vendors, according to a press release. The company has signed up a large proportion of post-acute care providers such as skilled nursing, assisted living, behavior health therapies and similar providers, and is expanding into other sectors.
The new funding will enable the company to sign up new partners and expand its reach to “underserved markets,” including small-to-medium physician offices. The company had just under 20 employees at the end of 2020, and is expecting to expand hiring to 50 by the end of 2021, said Tina Feldman, vice president of corporate and product marketing.
“HEP believes that Kno2’s technology will break through the historical barriers preventing clinical information exchange on a broad basis.” said Ezra Mehlman, managing partner of Health Enterprise Partners, in the release.
This is Kno2’s first institutional funding; previous funds were raised from friends and family. In 2020, Kno2 was ranked 2107 on the Inc Magazine list the 5000 fastest growing companies in the U.S., showing revenue growth of about 200% from 2016 to 2019. Feldman said Kno2 is on track to more than double revenue this year.