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Exclusive: Bonfire Analytics nabs $2M to help health tech make sales

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Illustration: Shoshana Gordon/Axios

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.

Why it matters: Health systems are increasing their 2024 technology budgets, but lengthy sales cycles and complex implementation make them difficult customers to snag.

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.

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