Seattle startup Abett has received $11.6M in healthcare funding for its proprietary software.
Abett’s flagship offering is the Lockbox software, a powerful tool that empowers companies to efficiently manage and securely store their benefits systems.
As first reported via GeekWire, this capability translates into substantial cost savings for employers.
Abett gets an investment boost
Founded by Dr. Michael Hanlon, Abett is keen on systems and data storage that can alter company offerings to manage the expensive world of employee healthcare.
Abett’s Lockbox software has three separate parts: Data Exchange, Data Acquisition and storage, and Data Analysis.
“Lockbox helps you obtain 100% of your plan data so you can meet your fiduciary responsibility under ERISA and access critical insights. Lockbox also provides secure data storage when warehousing is needed,” says the Abett site.
Dr Hanlon was the seventh employee ever for Jeffery Bezos’ Amazon. The Abett site proudly states that he “understood how to transform passion and innovative ideas into world-changing initiatives. With the same determination that fueled his academic pursuits, he embarked on a new journey to revolutionize American healthcare and make a lasting impact on the lives of many.”
Abett employs over 47 staff, some of whom, like Dr Hanlon, played a part in Amazon’s early days in the 1990s.
The company’s remit starkly says, “Healthcare in America is a nightmare. The people working in the system are not the problem. They desperately want to do good. It’s the system. It’s corrupt and exploitative. The fundamental flaw creating all the rot is a lack of transparency. It doesn’t have to be this way.”
As we reported, Healthcare stocks have taken a hit amid the trepidation in the United States stock market.
Investors remain hopeful of a surge in the middle of 2024 after U.S. inflation has made significant progress toward the Fed’s ideal range of 2%.
Walk-In Pharmacy CVS had a share slide of 6%, as did United Healthcare. Cetene fell 5%, and Elevance Health saw the smallest slip by 2%. One of the main losers from the announcement was Humana, which is deeply dependent on Medicare Advantage from Medicare. The healthcare provider was hit with a 10% plunge.
Image: Abett.
