Toronto-based health data company Smile CDR (operating as Smile Digital Health) has raised approximately $30 million in Series B funding.
Smile said it has “grown rapidly” since its inception almost seven years ago.
Smile said the round was led by existing investors, including the commercialization arm of the University of Pittsburgh Medical Center, UPMC Enterprises. Smile said that this new round of funding will be allocated to expanding its artificial intelligence (AI) and machine learning capabilities.
Founded in 2016, healthtech firm Smile offers a suite of health data fabric and exchange solutions. Data fabric refers to the end-to-end integration of various data pipelines and cloud environments through intelligent and automated systems. Smile claims that its health data fabric architecture enables healthcare providers, payers, and IT vendors to build secure, composable, and scalable data infrastructures.
“Our vision for better global health becomes more achievable when we focus on the inherent value of finding innovative ways to efficiently share and use data,” said Smile CEO Duncan Weatherston. “Smile Digital Health has seen significant growth in our platform because it does just this.”
In 2021, Smile raised $20 million in a Series A funding round that also saw the participation of UPMC Enterprises, as well as United States-based family office 30 North Group. At that time, Smile said that its employee count increased by 400 percent year-over-year since 2019.
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According to Smile, it has “grown rapidly” since its inception almost seven years ago. Its client base consists of organizations across the healthcare spectrum, including “top tier” payers and providers across the United States and 18 other countries, as well as research institutions, other health information tech companies, and government agencies.
This rapid growth has been experienced by other Canadian tech startups in recent years. However the volatility of both the public and private markets, coupled by the difficult fundraising climate, has led to the same organizations to adopt “survival mode” and make significant cuts to their businesses.
As 2022 was marked by mass layoffs, several posts made on LinkedIn indicate that Smile quietly reduced its workforce late last year.
Companies are continuing to make cuts to their staff levels this year, including the likes of Benevity, Clutch, Hootsuite, and Lightspeed.