Springbuk, a year-old Indianapolis health analytics firm that serves mid- to large-size employers, said Thursday that it raised $3.75 million in a Series A funding round led by St. Louis-based Lewis & Clark Ventures.
The company plans to use the capital to fuel product innovation and strategic hiring.
Springbuk’s cloud-based analytics product is used by nearly 500 businesses representing a half-million individuals. The software pulls together disparate data used by human resources and wellness professionals—everything from medical claims to payroll—allowing employers to evaluate health programs, identify at-risk members, and help them help themselves.
“Employers play a crucial role in the health of our nation,” Springbuk co-founder and CEO Rod Reasen said in a written statement. “Putting usable tools into the hands of the employer and their vendors is the core mission of our platform.”
Springbuk launched in 2015 to help businesses make better decisions about investing in their employees’ health, he said. It was built around the front-line expertise developed by sister company Healthiest Employer, which aggregates corporate health data from over 18,000 employers.
Brian Hopcraft, managing director at Lewis & Clark Ventures, will join Springbuk’s board of directors.
“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,” Hopcraft said in a statement.
The company has 20 employees and plans to nearly triple its workforce by the end of next year.