Healthcare data exchange platform Briya has completed a Series A round of financing, raising $11.5 million to rollout its platform in US hospitals.

Team8 led the round, followed by existing investors Insight Partners, Amiti Ventures, and the George Kaiser Family Foundation.

Briya’s blockchain based system aims to tackle healthcare data exchange by standardising electronic health records and streamlining distribution. The system uses a combination of artificial intelligence, machine learning, real-world data, and health economic studies to optimise clinical trials and ensuring regulatory compliance.

The data exchange platform has been implemented in healthcare systems and academic institutions across Europe and Israel. The data exchange company said it will use the new funds to target the US health ecosystem.

“Briya has developed the only end-to-end solution currently on the market that streamlines the entire process of data sharing between healthcare organisations and life sciences organisations,” said Sarit Firon, Managing Partner of Team8. “It not only handles discovery, formatting, de-identification, and securing transfer of data, but also solves operational hurdles such as contracting, payments and approvals.”

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Dr. Jawed Nawabi, a radiology specialist at the Institute of Neuroradiology at Charité – Universitätsmedizin Berlin said: “Implementing Briya’s data platform has enabled us to significantly increase our productivity, allowing us to pull relevant clinical and radiological data from multiple sources within a matter of seconds, while increasing the efficiency of our clinical studies.”

He added: “The decentralised approach, combined with enhanced security and transparency in data processing, can improve our interoperability, quality, and cooperation within our multinational research network.”