Sep
24
2019
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Amazon launches Amazon Care, a virtual and in-person healthcare offering for employees

Amazon has gone live with Amazon Care, a new pilot healthcare service offering that is initially available to its employees in and around the Seattle area. The Amazon Care offering includes both virtual and in-person care, with telemedicine via app, chat and remote video, as well as follow-up visits and prescription drug delivery in person directly at an employee’s home or office.

First reported by CNBC, Amazon Care grew out of an initiative announced in 2018 with J.P. Morgan and Berkshire Hathaway to make a big change in how they all collectively handle their employee healthcare needs. The companies announced at the time that they were eager to put together a solution that was “free from profit-making incentives and constraints,” which are of course at the heart of private insurance companies that serve corporate clients currently.

Other large companies, like Apple, offer their own on-premise and remotely accessible healthcare services as part of their employee compensation and benefits packages, so Amazon is hardly unique in seeking to scratch this itch. The difference, however, is that Amazon Care is much more external-facing than those offered by its peers in Silicon Valley, with a brand identity and presentation that strongly suggests the company is thinking about more than its own workforce when it comes to a future potential addressable market for Care.

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The Amazon Care logo.

Care’s website also provides a look at the app that Amazon developed for the telemedicine component, which shows the flow for choosing between text chat and video, as well as a summary of care provided through the service, with invoices, diagnosis and treatment plans all available for patient review.

Amazon lists Care as an option for a “first stop,” with the ability to handle things like colds, infections, minor injuries, preventative consultations, lab work, vaccinations, contraceptives and STI testing and general questions. Basically, it sounds like they cover a lot of what you’d handle at your general practitioner, before being recommended on for any more specialist or advanced medical treatment or expertise.

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Rendered screenshots of the Amazon Care app for Amazon employees.

Current eligibility is limited to Amazon’s employees who are enrolled in the company’s health insurance plan and who are located in the pilot service geographical area. The service is currently available between 8 AM and 9 PM local time, Monday through Friday, and between 8 AM and 6 PM Saturday and Sunday.

Amazon acquired PillPack last year, an online pharmacy startup, for around $753 million, and that appears to be part of their core value proposition with Amazon Care, too, which features couriered prescribed medications and remotely communicated treatment plans.

Amazon may be limiting this pilot to employees at launch, but the highly publicized nature of their approach, and the amount of product development that clearly went into developing the initial app, user experience and brand all indicate that it has the broader U.S. market in mind as a potential expansion opportunity down the line. Recent reports also suggest that it’s going to make a play in consumer health with new wearable fitness tracking devices, which could very nicely complement insurance and healthcare services offered at the enterprise and individual level. Perhaps not coincidentally, Walgreens, CVS and McKesson stock were all trading down today.

May
16
2019
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OpenFin raises $17 million for its OS for finance

OpenFin, the company looking to provide the operating system for the financial services industry, has raised $17 million in funding through a Series C round led by Wells Fargo, with participation from Barclays and existing investors including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners. Previous investors in OpenFin also include DRW Venture Capital, Euclid Opportunities and NYCA Partners.

Likening itself to “the OS of finance,” OpenFin seeks to be the operating layer on which applications used by financial services companies are built and launched, akin to iOS or Android for your smartphone.

OpenFin’s operating system provides three key solutions which, while present on your mobile phone, has previously been absent in the financial services industry: easier deployment of apps to end users, fast security assurances for applications and interoperability.

Traders, analysts and other financial service employees often find themselves using several separate platforms simultaneously, as they try to source information and quickly execute multiple transactions. Yet historically, the desktop applications used by financial services firms — like trading platforms, data solutions or risk analytics — haven’t communicated with one another, with functions performed in one application not recognized or reflected in external applications.

“On my phone, I can be in my calendar app and tap an address, which opens up Google Maps. From Google Maps, maybe I book an Uber . From Uber, I’ll share my real-time location on messages with my friends. That’s four different apps working together on my phone,” OpenFin CEO and co-founder Mazy Dar explained to TechCrunch. That cross-functionality has long been missing in financial services.

As a result, employees can find themselves losing precious time — which in the world of financial services can often mean losing money — as they juggle multiple screens and perform repetitive processes across different applications.

Additionally, major banks, institutional investors and other financial firms have traditionally deployed natively installed applications in lengthy processes that can often take months, going through long vendor packaging and security reviews that ultimately don’t prevent the software from actually accessing the local system.

OpenFin CEO and co-founder Mazy Dar (Image via OpenFin)

As former analysts and traders at major financial institutions, Dar and his co-founder Chuck Doerr (now president & COO of OpenFin) recognized these major pain points and decided to build a common platform that would enable cross-functionality and instant deployment. And since apps on OpenFin are unable to access local file systems, banks can better ensure security and avoid prolonged yet ineffective security review processes.

And the value proposition offered by OpenFin seems to be quite compelling. OpenFin boasts an impressive roster of customers using its platform, including more than 1,500 major financial firms, almost 40 leading vendors and 15 of the world’s 20 largest banks.

More than 1,000 applications have been built on the OS, with OpenFin now deployed on more than 200,000 desktops — a noteworthy milestone given that the ever-popular Bloomberg Terminal, which is ubiquitously used across financial institutions and investment firms, is deployed on roughly 300,000 desktops.

Since raising their Series B in February 2017, OpenFin’s deployments have more than doubled. The company’s headcount has also doubled and its European presence has tripled. Earlier this year, OpenFin also launched it’s OpenFin Cloud Services platform, which allows financial firms to launch their own private local app stores for employees and customers without writing a single line of code.

To date, OpenFin has raised a total of $40 million in venture funding and plans to use the capital from its latest round for additional hiring and to expand its footprint onto more desktops around the world. In the long run, OpenFin hopes to become the vital operating infrastructure upon which all developers of financial applications are innovating.

Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live,” said Dar. “OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services.”

May
02
2019
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Microsoft launches a fully managed blockchain service

Microsoft didn’t rush to bring blockchain technology to its Azure cloud computing platform, but over the course of the last year, it started to pick up the pace with the launch of its blockchain development kit and the Azure Blockchain Workbench. Today, ahead of its Build developer conference, it is going a step further by launching Azure Blockchain Services, a fully managed service that allows for the formation, management and governance of consortium blockchain networks.

We’re not talking cryptocurrencies here, though. This is an enterprise service that is meant to help businesses build applications on top of blockchain technology. It is integrated with Azure Active Directory and offers tools for adding new members, setting permissions and monitoring network health and activity.

The first support ledger is J.P. Morgan’s Quorum. “Because it’s built on the popular Ethereum protocol, which has the world’s largest blockchain developer community, Quorum is a natural choice,” Azure CTO Mark Russinovich writes in today’s announcement. “It integrates with a rich set of open-source tools while also supporting confidential transactions—something our enterprise customers require.” To launch this integration, Microsoft partnered closely with J.P. Morgan.

The managed service is only one part of this package, though. Microsoft also today launched an extension to Visual Studio Code to help developers create smart contracts. The extension allows Visual Studio Code users to create and compiled Etherium smart contracts and deploy them other on the public chain or on a consortium network in Azure Blockchain Service. The code is then managed by Azure DevOps.

Building applications for these smart contracts is also going to get easier thanks to integrations with Logic Apps and Flow, Microsoft’s two workflow integration services, as well as Azure Functions for event-driven development.

Microsoft, of course, isn’t the first of the big companies to get into this game. IBM, especially, made a big push for blockchain adoption in recent years and AWS, too, is now getting into the game after mostly ignoring this technology before. Indeed, AWS opened up its own managed blockchain service only two days ago.

Oct
07
2015
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Enterprise SaaS Marketplace AppDirect Raises $140M Series E Round Led By J.P. Morgan

monetization-devices AppDirect makes it easier for enterprises to buy cloud services from the likes of Box, Google, Symantec and others (and serves as a kind of referral service for these businesses). The company today announced that it has raised a $140 million funding round led by J.P. Morgan. All of the company’s existing institutional investors, including Foundry Group, iNovia Capital, Mithril Capital… Read More

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