Exclusive: Bonfire Analytics nabs $2M to help health tech make sales
Bonfire Analytics, a platform designed to drive sales leads in health care, raised $2 million in its first round of venture funding, CEO Vinay Nagaraj tells Axios exclusively.
Details: The round was led by Impulsum Ventures, Wedbush Ventures and Plug & Play Ventures.
- Alchemist Accelerator and Venture For America also participated.
How it works: Bonfire's platform leverages data from more than 300 million lives-worth of medical and prescription claims across Medicare, Medicaid, and commercial insurance.
- Its platform also incorporates data from more than 2 million health care providers, with 1,000-plus variables across population health including demographic, disease state, and social determinants of health.
- Bonfire aims to help salespeople at mid-market and enterprise health tech companies build effective commercial strategies, as well as identify high-value territories and accounts.
The big picture: Pitching new technology to health systems often involves convincing multiple stakeholders across clinical, operational, tech and financial teams.
- "Our platform has shown up to a 5x improvement in sales efficiency," Nagaraj says.
What's next: "Our goal in the next year is to gain customer traction in the medical device, biotech, and pharma spaces," Nagaraj says.
What they're saying: "If you can boost sales by a few percentage points, it pays for itself," says Ed Wilson, co-founder and managing partner at Impulsum Ventures.