Springbuk invents new category with health intelligence platform
Director of Marketing Jonathan Gandolf will forgive you if you haven’t noticed that he and his marketing team completely rebranded Indianapolis-based tech company Springbuk during the first half of the year.
“As a health intelligence pioneer, a new category of business that is shifting the health and benefits market from reactive to proactive, we have a unique opportunity to stake our claim and position Springbuk as the market leader,” Jonathan said. “Our name and logo are the same, so unless you’re in the industry or do business with us you might have missed that we’re defining a new market and bringing our unique perspective to a very traditional space.”
The shift Jonathan talked about is moving benefits consultants and HR leaders from health analytics—a traditional product limited to data warehousing—to the emerging category of health intelligence. Springbuk defines the category as a unified system of record that curates actionable opportunities. With nearly 3,000 employers on its platform nationwide, Springbuk is the emerging category leader.
To be clear, Springbuk hasn’t pivoted or reinvented itself. The rebranding from a health analytics software provider to a health intelligence platform is a natural evolution for Springbuk’s product that’s parallel with a maturation of the market and a rising demand for actionable data to lower healthcare costs and improve population health.
As a health intelligence platform, Springbuk employs machine learning, artificial intelligence, and other data science-driven Event Detection Algorithms℠ and proprietary mathematical models, to predict what could be happening (or what is going to happen) within the health of a workforce. Springbuk’s platform helps users securely aggregate, analyze, and act on data to get the most out of the large investments companies are already making in their employees’ health.
“People are the most valuable asset at any given company, and benefits are among the top drivers of attraction and retention, yet benefits and healthcare investments have been underserved by modern technology and data methods,” said Phil Daniels, co-founder of Springbuk. “Aside from managing the cost of rising care in our country, a healthier workforce is more productive for an organization. Employers simply cannot afford to ignore the cost savings and cultural benefits hidden in their healthcare data anymore, not when attracting and retaining talent is so challenging.”
The strategy is working. At 130 total employees, which includes about 15 remote workers, Springbuk has more than doubled its workforce over the past 12 months. They have taken over two additional office spaces within The Union 525, but a bigger space is likely in the future as the company is bursting at the seams.
You may recall that in January 2018, Springbuk announced a $20 million Series B financing round that at the time was one of the largest of its kind for an Indiana-headquartered tech firm. What hasn’t been publicized is that last month (August 2019), Springbuk raised an additional $17 million to continue fueling the company’s product development, customer success and operational growth.
“We still have a lot of headroom to grow, and that opportunity is something that really excites and motivates the whole team at Springbuk as well as our venture partners,” noted Rod
In addition to the $17 million in add-on growth capital, Kristi Savacool has joined Springbuk’s board of directors. Savacool brings over 25 years of executive leadership experience across the technology, healthcare and benefits sectors through roles she held at Aon Hewitt and Boeing among others.
“I think the key takeaway for TechPoint Index readers is that Springbuk is growing and hiring and, quite frankly, for the large people-first enterprises and brokers in Indiana, we should be talking and winning together,” Phil said. “HR leaders are at a point where they don’t need more data; they need direction and the ability to measure their efforts. That’s what we’re providing—the health intelligence to empower our customers to maximize their most valuable asset, their people.”