Radar, an IT security and compliance company incubated inside breach-response and fraud-protection heavyweight ID Experts, has been spun off and bankrolled with a $6.2 million Series A funding round from unspecified investors. The spinoff officially took place Aug. 2, though Radar did not announce it until Tuesday.
Portland, Oregon-based Radar, with its roots in healthcare, had been an autonomous business within ID Experts since 2014, and operated with a startup mentality. “As a startup, you really need a maniacal focus [on the business],” CEO Mahmood Sher-Jan said. “You don’t want to have to compete for resources.”
With the Rise of AI, What IP Disputes in Healthcare Are Likely to Emerge?
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
Radar builds multi-factor, multi-jurisdictional risk assessments, which Sher-Jan likened to decision support. “We have a decision support engine to help determine whether there’s a breach,” Sher-Jan said.
It primarily serves healthcare companies, though Radar also has clients in the finance and insurance industries — which, like healthcare, are heavily regulated and frequent targets of hackers. “We started out in the healthcare industry because ID Experts is strong in healthcare,” Sher-Jan said.
Sher-Jan came up with the concept for Radar in 2010. The business unit won two U.S. patents in 2012 and just had a third one granted a few weeks ago, according to the CEO. The original patents are for a process to automate risk assessment with analytical modeling and to build risk scores, he explained.
Sher-Jan said the automation of risk assessments sets his company apart from other IT security companies. “Until Radar came out, it was very manual, very subjective,” he said.
A Personalized Approach to Medication Nonadherence
At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
The newest patent is for the process of managing obligations to notify third parties. In case of a breach, the technology compares the circumstances to regulations such as HIPAA to determine next steps. “We tell them who they have to notify and how,” Sher-Jan said.
Radar also keeps track of ongoing regulatory changes so its support engine stays relevant.
The newly independent firm said that its average contract value and monthly recurring revenue have more than doubled in the past 12 months, though it didn’t provide specific figures.
Photo: Getty Images
