Elion Raises $3.3M in Seed Funding for Digital Health Technology Marketplace

Financing led by NEA, Max Ventures, 8VC, AlleyCorp, Floating Point and others will fuel marketplace build out, go-to-market efforts, and team expansion

SAN FRANCISCO, Oct. 25, 2022 /PRNewswire/ -- Elion, the independent digital health technology marketplace company, today announced it has raised $3.3 million in seed funding from leading digital health investors NEA, Max Ventures, 8VC, AlleyCorp, Charge Ventures and Floating Point, with additional participation from a broad set of healthcare founders and angels. The new infusion of capital will support the continued build out of Elion's marketplace product, as well as further its content development and go-to-market efforts.

Over the past several years, there's been a paradigm shift in how healthcare companies are built. An entire ecosystem of digital health infrastructure companies has emerged, providing healthcare builders with an overwhelming set of choices for how to construct their core technology and services stack. Challenges are no longer centered around how to create the desired care experience from scratch; the focus is now on how to select and integrate the right set of external solutions to power a company's unique care model.

Elion was founded to solve this problem. Through its comprehensive vendor marketplace, stakeholder-driven insights, and in-depth, tactical content, Elion provides the resources healthcare builders need to discover, evaluate and select the solutions they need to power their businesses.

"Through my experiences building at both Oscar Health and TrialSpark, I had first-hand exposure to the pain of trying to find and evaluate quality vendors," said Bobby Guelich, CEO and Co-Founder at Elion. "It's hard to figure out which vendors are out there, their websites don't say what they actually do, and it takes multiple calls to get the information you need. Furthermore, you're often trying to make several decisions at once, under tight timelines, with massive implications for your business. Elion cuts through the noise. We make it simple to find and compare the vendors that are relevant to your needs, and ultimately make faster and better decisions."

Elion can help buyers with their vendor selection process regardless of background or where they are in the buying journey. Early platform resources include:

• A taxonomy that brings structure to the universe of digital health infrastructure companies, helping buyers identify the appropriate solution category and relevant set of vendors to consider.
• A comprehensive marketplace that enables buyers to efficiently compare and evaluate options.
• In-depth guides and playbooks to provide buyers with the context they need to make an educated decision.

"There's been a massive proliferation of startups building foundational technology for the next generation of healthcare companies" said Matthew Weinberg, Partner at Max Ventures. "Since our fund's inception, we've been investing in digital healthcare and our companies who originally built the majority of their technology internally are now seeking external solutions to solve core infrastructure needs. Unfortunately, it's exceedingly difficult to find the necessary information to make technology decisions with speed and conviction. That's why we are incredibly excited to partner with Bobby at the formation stage to build Elion. We believe Elion has transformational potential to help accelerate technology adoption across the entire industry."

"NEA has been investing in healthcare companies for decades, allowing us to closely track the explosion of digital health and the increasing build versus buy decisions," said Lily Huang, Principal at NEA. "Navigating the healthcare vendor landscape can be confusing, overwhelming, and frustrating — Elion helps digital health founders simplify buying decisions with its stakeholder-driven marketplace that combines vetted data with an easy-to-navigate user interface. We are thrilled to have had the privilege of partnering with Elion at the formation stage, and look forward to working with Bobby and his team to help power the next generation of digital health companies."

Today Elion is releasing its beta product to the public. In addition, Elion is hiring across its product and market insights teams and more. View open positions at: https://elion.breezy.hr 

Founded in 2022, Elion is the independent and authoritative digital health technology marketplace. Elion is the trusted source for healthcare builders to discover, evaluate and select the solutions they need to run their businesses. Its mission is to improve healthcare delivery by enabling startups and incumbents alike to make better, faster technology decisions. To learn more visit: https://www.elion.health

New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's track record of investing includes more than 260 portfolio company IPOs and more than 430 mergers and acquisitions. www.nea.com

Max Ventures is an active early-stage venture capital fund based in New York City. We have made over 75 investments since inception and invest at the earliest stages with a focus on digital healthcare, SaaS, and digital commerce. We are also builders and have co-founded seven venture backed companies internally. Our unique experience as investors and operators enables us to be exceptional day zero partners to founding teams. www.maxventures.vc

SOURCE Elion