Tausight Closes $20 Million Series A Financing to Discover and Help Secure Protected Health Information (PHI)
March, 10 2021
Polaris Partners and Flare Capital Partners lead round with new investor .406 Ventures for company founded by David Ting
BOSTON — March 10, 2021 — Tausight today announced that it raised $20 million in Series A funding to help solve one of the most challenging responsibilities of healthcare CIOs and CISOs: ensuring the confidentiality, integrity, and availability of patients’ protected health information (PHI). The funding round was co-led by existing investors Polaris Partners and Flare Capital Partners, alongside new investor .406 Ventures.
Founded by David Ting, the cofounder and former CTO of Imprivata and a former appointee to the U.S. Department of Health and Human Services Health Care Industry Cybersecurity Task Force, Tausight will help healthcare provider CIOs, CISOs, and their IT organizations better secure clinical workflows when clinicians access and use PHI. The company will use the funding to expand its go-to-market team and further build out its healthcare-specific solution for exposing the hidden vulnerabilities in clinical workflows that can put patient data at risk.
“As attacks on the industry accelerate and healthcare decentralizes, Tausight is taking a unique approach to protecting clinical workflows involving PHI to improve patient safety,” said David Ting, founder and CTO, Tausight. “By analyzing in real-time how patient data is stored, used, and transmitted in the clinical environments, healthcare organizations are better able to proactively address vulnerabilities that could lead to an eventual costly cyber incident.”
As healthcare providers embrace digital transformation, virtual care, and cloud-first strategies, the underlying IT infrastructure has increasingly become decentralized, creating many more gaps that can result in PHI being put at greater risk. Tausight’s mission is to help healthcare CIOs and CISOs understand in real-time the risks that are inherent in how PHI is used so the threats can be eliminated.
“Existing cybersecurity solutions address critical aspects of securing the healthcare IT system but are not adequately addressing hidden vulnerabilities found in clinical workflows – Tausight was created to close this gap and solve this vital problem,” added Dave Dickinson, CEO, Tausight.
For more information on Tausight and the hidden vulnerabilities in clinical workflows, please visit www.tausight.com.
Supporting Quotes from Investors
“Despite heavy investment by healthcare providers in cybersecurity solutions, PHI continues to be exposed at record rates,” said Dave Barrett, managing partner, Polaris Partners. “There’s a large unmet and critical market need for CIOs and CISOs to find patient data at risk and preemptively protect their institutions and patient populations. We’ve been pleased to partner with Tausight since its founding to address this compelling opportunity.”
“Healthcare organizations are at a disadvantage in the race to protect patient data from malicious cyber-attacks and accidental breaches,” said Bill Geary, cofounder and general partner, Flare Capital Partners. “The rapid decentralization of healthcare with more remote workers and an increasing reliance on cloud applications has created significant vulnerabilities for PHI. Tausight’s hyper-focus on solving the unique challenges healthcare organizations face will usher in a new paradigm for how patient data is protected.”
“We’ve known and admired David Ting for years and have tracked him closely after he founded Tausight and raised a seed round from investors we respect. Tausight represents a perfect fit with our strategy as it sits squarely at the intersection of cybersecurity and digital health – two core verticals on which we’ve built our foundation since starting the firm,” said Greg Dracon, partner, .406 Ventures. “By focusing on how PHI travels and becomes vulnerable across the clinical workflow, Tausight is disrupting the status quo by building a solution focused on the unique challenges the healthcare industry faces. We believe Tausight has the team and technology to create long-term value for its healthcare customers and partners.”
Tausight’s mission is to solve one of the most challenging responsibilities of healthcare CIOs, CISOs, and their IT organizations: ensuring the confidentiality, integrity, and availability of patients’ PHI. Please visit us at www.tausight.com and follow us on LinkedIn and Twitter.
About Polaris Partners
Polaris Partners has a 20-plus-year history of partnering with repeat entrepreneurs and world-class innovators who are improving the way we live and work. The multibillion-dollar firm manages specialty and diversified funds in healthcare and technology with investments across all stages. Polaris has offices in Boston, San Francisco, and New York. Learn more at polarispartners.com.
About Flare Capital Partners
Flare Capital Partners strives to help build significant healthcare technology, digital health and healthcare services companies to improve health outcomes and broaden access while lowering costs of care. We partner with inspirational entrepreneurs who seek to transform the business of healthcare by developing innovative and impactful products and services. Flare Capital is a team of proven healthcare technology investors and senior operating executives known for thought leadership and unparalleled strategic industry resources. Our firm has raised some of the industry’s largest dedicated venture capital funds focused on early stage opportunities in healthcare technology innovation, and our investors include leading healthcare companies, major institutional investors, important family offices, foundations and sovereign wealth funds. We are full life-cycle investors in our portfolio companies as we support and work alongside entrepreneurs over their entire company-building journey. Select portfolio companies include Aetion, Aspen RxHealth, Bright Heath, Cohere Health, Eden Health, HealthVerity, Iora Health, Somatus, Tausight and VisitPay. Learn more at Flare Capital Partners and follow us on Twitter @flarecapital.
About .406 Ventures
.406 Ventures is a Boston-based early-stage venture capital firm investing in digital health and enterprise technology companies founded by visionary entrepreneurs. The firm was founded in 2005 and has over $1 billion under management across four core and two opportunity funds. The team is comprised of entrepreneurs and operators who became investors to apply real world experience and strong company-building skills to create value for entrepreneurs and LPs. The firm typically leads or co-leads early-stage investment rounds in market-changing companies and world-class operators, who move quickly and embody successful entrepreneurial DNA with their passion, creativity and endurance. Learn more at 406ventures.com.
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