If you follow the wearables industry, you already know that health and medical applications are going to provide the majority of the revenue in this market over the next few years. And part of the big draw for this money — both investments and purchases of goods and services — is the fact that these devices are going to produce enormous oceans of Big Data. This information can be mined, and the hope is that the data will reveal everything from how to price health insurance, to finding better cures and treatments for chronic conditions, to training the next Super Bowl winners.
But there’s a problem. All this precious data is being produced in all sorts of different formats and being stored in all sorts of different ways. Lord of the Ring style, we need the “One Ring to Rule Them All”. And that’s where Validic comes in. They have a service that can collect data from a wide range of consumer and clinical devices. They support devices made by Garmin, Fitbit, Jawbone, iHealth, Fitbug, RunKeeper, Misfit, Lifescan, and many others. Coming from the medical community, the company understand security and the compliance requirements for protected health information (PHI) and HIPAA. Their service is certified in the U.S. and European Union for “Safe Harbor” standards.
Others apparently agree that Validic is on the right track. This summer, the company closed a $5 million round of venture funding according to AngelList, from backers including Mark Cuban and Greycroft Partners.