The third-party risk management platform for healthcare providers, Censinet has nabbed USD 7.8 million in Series A funding round for health care vendor risk assessment. This round was co-led by HLM Venture Partners and Cedars-Sinai Health System, with additional participation from Schooner Capital, LRVHealth and Excelerate Health Ventures. With this funding round, Censinet’s total venture capital reached just over USD10 million. As per the announcement, Censinet will utilize this fresh capital to build out the Censinet Platform’s vendor risk management capabilities, scale its go-to-market team, and stimulate the adoption of the Censinet Platform by healthcare providers and their vendors.
Ahead of this financing round, Censinet CEO Ed Gaudet said that Censinet set out to overthrow the vendor risk management status quo in health care, delivering a solution that is at a fraction of the time and cost of antiquated approaches. At Censinet, we believe risk never sleeps in healthcare: it’s in infusion pumps lurks on hospital networks and in the cloud and says good morning at the end of a shift. That is why we created a better way to manage risk exclusively for health care providers, one that is transparent, immediate, and always on. Headquartered in Boston, Massachusetts, Censinet also announced the launch of the Censinet Platform that is the first and only third-party risk management platform developed by and for healthcare providers to manage the threats to patient care which subsist within an expanding ecosystem of vendors. With the Censinet Platform, healthcare organizations will be capable of managing all vendors in their third-party ecosystem in one place with abrupt access to each vendor’s risk profile and risk rating.
Moreover, Censinet’s cloud-based One-click Assessment tool offers continuous updates to third-party ecosystem risk through dashboards, along with reporting tools which streamline traditionally difficult and repetitive workflows. It also diminishes the time it takes to evaluate vendor risk from weeks to minutes while automating inefficient workflows and providing continuous, real-time updates to risk.