Blockchain startup Hashed Health, a consortium for transformation in the U.S. healthcare system, announced that it has raised $1.85 million in an initial funding round led by healthcare investment firm Martin Ventures.

The investment round also saw Shanghai-based blockchain VC Fenbushi Capital, as an investor. With the investment, the blockchain startup aims to foster partnerships with leading healthcare enterprises in a move to advance blockchain solutions to address systematic healthcare issues.

“Hashed Health is strategically positioned to begin development of healthcare-specific solutions for streamlining ineffective healthcare delivery models, and to address a range of well-known issues in healthcare,” John Bass, founder, and CEO of Hashed Health, said. “We are proud to partner with Martin Ventures, a leader in healthcare investments, and Fenbushi Capital, a leader in blockchain investments. With the initial round closed, we are continuing the exciting work of organizing the market around these game-changing projects.”

The round led by Martin Ventures in well known for backing new business models that eliminate inefficiencies that are inherent in healthcare transactions and brings new approaches to consumer engagement in care.

“Blockchain and distributed ledger technologies hold tremendous promise in our attempts to place the consumer at the center of the healthcare ecosystem. The healthcare industry must be drastically reformed in order to address problems related to quality, cost, and waste. Hashed Health is poised to drive innovation and collaboration to reach these goals,” Charles Martin, chairman, and founder of Martin Ventures, stated.