What You Should Know:
– Aledade raises $100 Million in Series D funding to help
more primary care practices thrive in value-based care.
– The new funding will power the growth of a nationwide network of more than one million patients by further expanding into Medicare Advantage Contracts.
a Bethesda, MD-based provider of value-based primary care, today announced it
has closed a $100 million Series D funding round following a year of
significant growth for its national network of risk-taking primary care
practices. Returning investor Meritech Capital led the round, which included new growth
Global Management and IVP,
and returning investor OMERS Growth Equity. The latest round of funding brings the
company’s valuation to over $2.1 billion dollars.
Delivering Value-Based Primary Care
Founded in 2014 by former National Coordinator for Health IT, Farzad Mostashari, Aledade began building ACO networks for independent physicians through the Medicare Shared Savings Program, but now also partners with commercial payers across the country. Aledade now partners with nearly 800 independent primary care practices, including more than 100 federally-qualified health centers, comprising more than 7,800 providers in 31 states. Through this nationwide network of independent practices, Aledade practices manage roughly $12 billion in health care spending through 35 Medicare and 51 other value-based contracts and care for nearly 1.2 million patients.
Why It Matters
As the healthcare system continues to be strained by the
COVID-19 pandemic, these value-based
practices are keeping patients healthy, at home, and out of the hospital with
proactive, coordinated primary care. Aledade technology helps practices
identify and better manage their most at-risk patients. Patients of practices
engaged with Aledade have fewer emergency department visits, inpatient stays
and readmissions; in the most recent year with public results from the Medicare
Shared Savings Program, Aledade practices reduced hospital stays by an average
of 9 percent, avoiding more than 10,000 unnecessary hospitalizations.
Aledade’s growth has been driven by the success of its
physician-led model, in which the company shares in the risk and reward of both
government and commercial value-based contracts with participating independent
practices. Aledade practices have improved the quality of care and health
outcomes while controlling costs in all types of public and private payer
contracts. To date, Aledade’s participating practices have received more than
$115 million in shared savings revenue.
Funding Will Support Strategic Partnerships with Medicare
Aledade will use this infusion of capital to expand its value-based care model with health plans across the country, with a particular focus on growing its strategic partnerships with Medicare Advantage (MA) plans to improve outcomes and quality for more seniors. Already, Aledade works with all of the largest MA payers and multiple Blue Cross plans to give Aledade practices access to Medicare Advantage value-based contracts. In 2020, Aledade more than doubled the number of patients served in these MA contracts, bringing the total to about 100,000.
As the company expands into more MA plan partnerships and
welcomes more practices to its national network of ACOs, Aledade will continue
to invest heavily in its cutting-edge technology platform to ensure primary
care physicians have a world-class operating system for population health.
Aledade also plans to launch several initiatives in 2021 to extend this
These include initiatives to extend the use of integrated
telehealth, predict and prevent the occurrence of unplanned dialysis, reduce
racial disparities in hypertension control, and enable even the smallest
primary care practices in the country to join value-based contracts with
What You Should Know:
– Conversa Health raises an additional
$8M, expanding its Series B round to $20M for its automated virtual care
platform, totaling $34M in funding to date.
– The Series B round, first announced at $12 million in
June, was co-led by Builders VC and Northwell Ventures, the corporate venture
arm of Northwell Health, New York’s largest healthcare provider with 23
hospitals and 800 outpatient facilities.
– Founded in 2014, Conversa enables health systems to
virtually engage, monitor and manage patients more effectively and efficiently
than ever before—for chronic care, acute discharge, perioperative, oncology,
OBGYN, prevention and wellness, and more. Conversa’s automated care platform
engages patients at high frequency and scale while triaging to
higher-touch/cost care venues when necessary, optimizing and improving the use
of telehealth e-visits, phone calls, and in-person consults.
– Conversa will use the additional Series B funds to
continue to scale its technology platform, expand its library of automated
virtual care digital pathways, and fuel growth with new and existing
What You Should Know:
– NeuroFlow raises $20M to expand its technology-enabled behavioral
health integration platform, led by Magellan Health.
– NeuroFlow’s suite of HIPAA-compliant, cloud-based tools
simplify remote patient monitoring, enable risk stratification, and facilitate
collaborative care. With NeuroFlow, health care organizations can finally
bridge the gap between mental and physical health in order to improve outcomes
and reduce the cost of care.
NeuroFlow, a Philadelphia-based digital health startup supporting technology-enabled behavioral health integration (tBHI), announces today the initial closing of a $20M Series B financing round led by Magellan Health, in addition to a syndicate including previous investors. Magellan is a leader in managing the fastest growing, most complex areas of health, including behavioral health, complete pharmacy benefits and other specialty areas of healthcare.
NeuroFlow for Digital Behavioral Health Integration
NeuroFlow works with leading health plans, provider systems,
as well as the U.S. military and government to enhance virtual health programs
by delivering a comprehensive approach to whole-person care through digital
behavioral health integration – an evidence-based model to identify and treat
consumers with depression, anxiety and other behavioral health conditions
across all care settings.
Key features of the behavioral health platform include:
– Interoperability: Seamless EHR and system integrations minimize administrative burden and optimize current IT investments.
– Measurement-based Care & Clinical Decision Support: NeuroFlow enables MBC at scale, keeps the patient in the center of care, and continuously monitors for a consistent connection to critical data and clinical decision support.
– Performance Management & Reporting: Recognize
the impact of your BHI program, monitoring the impact of clinical interventions
on quality and cost of care while recognizing outliers requiring program
– Consumer Engagement & Self-Care: personalized
experience that encourages, rewards and recognizes continuous engagement and
Maximize Efficiency, Revenue and Reimbursements
By integrating behavioral health into the primary care setting, increasing screening and self-care plans – NeuroFlow’s BHI solution can reduce ED utilization by 23% and inpatient visits by 10%. 80% of NeuroFlow users self-reported a reduction in depression or anxiety symptoms and 62% of users with severe depression score improve to moderate or better.
Telehealth Adoption Underscores Need for Behavioral
With record growth in telehealth adoption and historic spikes in depression and anxiety due to the ongoing pandemic, workflow augmentation solutions and the delivery of effective behavioral health care have been identified as top priorities in the industry. NeuroFlow’s technology increases access to personalized, collaborative care while empowering primary care providers, care managers, and other specialists to most effectively support patient populations by accounting for and addressing behavioral health.
“Behavioral health is not independent of our overall health — it affects our physical health and vice versa, yet most underlying behavioral health conditions go unidentified or are ineffectively treated. Most healthcare providers are overburdened, so introducing the concept to account for a person’s mental health in addition to their primary specialty can be overwhelming and lead to inconsistent and inadequate treatment,” said NeuroFlow CEO Chris Molaro. “Technology, when used strategically, can enhance and augment providers, making the concept of holistic and value-based care feasible at scale and easy to implement.”
Strategic Partnership with Magellan
Magellan Health’s network of more than 118,000 credentialed
providers and health professionals are now poised to join NeuroFlow customers
across the country by leveraging the best-in-class integrated data and
analytics platform to meet the rising demand for enhanced mental health
services and support. By partnering with and investing in NeuroFlow, Magellan
has the opportunity to drive further adoption of NeuroFlow’s behavioral health
integration tools and drive collaborative care initiatives with its customers
as well as its vast network of credentialed providers and health professionals
across the country.
NeuroFlow will use the Series B proceeds to scale its
operations and support its growth in data analytics, artificial intelligence,
and direct health record integrations. NeuroFlow’s contracted user base has
grown 10x to over 330,000 in support of almost 200 commercial health systems,
payers, accountable care organizations, independent medical groups, and federal
agencies to provide technology-enabled care solutions.
What You Should Know:
– Transformation Capital
Partners, L.P. (“Transformation Capital”) announced the launches of it’s
$500M growth equity fund, Transformation Capital Fund II, L.P.
– The new fund will focus on investing between $10 to $30M in
commercial-stage digital health companies and technology-enabled service
businesses that are improving the healthcare system.
– Led by Todd Cozzens, Dr. Jared Kesselheim and Mike Dixon, Transformation
Capital manages over $800 million across the investment funds it advises and
was founded on the premise that healthcare requires a highly
focused investment approach combining deep industry expertise and vast
– Transformation Capital sees enormous opportunity to attack
waste and drive efficiencies, leverage patient-specific information to deliver
data-driven, tailored care with better outcomes, and give the consumer what they
need to select and pay for healthcare more proactively.
– Transformation Capital portfolio companies include Kyruus, H1,
Olive, Datavant, RapidSOS, PlushCare, Panalgo, LetsGetChecked, Protenus,
PatientPop, PatientPing, Health Catalyst, etc.
The combination of Teladoc Health and Livongo creates a
global leader in consumer-centered virtual care. The combined company is
positioned to execute quantified opportunities to drive revenue synergies of
$100 million by the end of the second year following the close, reaching $500
million on a run-rate basis by 2025.
Price: $18.5B in value based on each share of Livongo
will be exchanged for 0.5920x shares of Teladoc Health plus cash consideration
of $11.33 for each Livongo share.
Siemens Healthineers Acquires Varian Medical
On August 2nd, Siemens Healthineers acquired
Varian Medical for $16.4B, with the deal expected to close in 2021. Varian is a
global specialist in the field of cancer care, providing solutions especially
in radiation oncology and related software, including technologies such as
artificial intelligence, machine learning and data analysis. In fiscal year 2019,
the company generated $3.2 billion in revenues with an adjusted operating
margin of about 17%. The company currently has about 10,000 employees
Price: $16.4 billion in an all-cash transaction.
Gainwell to Acquire HMS for $3.4B in Cash
Veritas Capital (“Veritas”)-backed Gainwell Technologies (“Gainwell”),
a leading provider of solutions that are vital to the administration and
operations of health and human services programs, today announced that they
have entered into a definitive agreement whereby Gainwell will acquire HMS, a technology, analytics and engagement
solutions provider helping organizations reduce costs and improve health
Price: $3.4 billion in cash.
Philips Acquires Remote Cardiac Monitoring BioTelemetry for $2.8B
Philips acquires BioTelemetry, a U.S. provider of remote
cardiac diagnostics and monitoring for $72.00 per share for an implied
enterprise value of $2.8 billion (approx. EUR 2.3 billion). With $439M in
revenue in 2019, BioTelemetry annually monitors over 1 million cardiac patients
remotely; its portfolio includes wearable heart monitors, AI-based data
analytics, and services.
Price: $2.8B ($72 per share), to be paid in cash upon
Hims & Hers Merges with Oaktree Acquisition Corp to Go Public on NYSE
Telehealth company Hims & Hers and Oaktree Acquisition Corp., a special purpose acquisition company (SPAC) merge to go public on the New York Stock Exchange (NYSE) under the symbol “HIMS.” The merger will enable further investment in growth and new product categories that will accelerate Hims & Hers’ plan to become the digital front door to the healthcare system
Price: The business combination values the combined
company at an enterprise value of approximately $1.6 billion and is expected to
deliver up to $280 million of cash to the combined company through the
contribution of up to $205 million of cash.
SPAC Merges with 2 Telehealth Companies to Form Public
Digital Health Company in $1.35B Deal
Blank check acquisition company GigCapital2 agreed to merge with Cloudbreak Health, LLC, a unified telemedicine and video medical interpretation solutions provider, and UpHealth Holdings, Inc., one of the largest national and international digital healthcare providers to form a combined digital health company.
Price: The merger deal is worth $1.35 billion, including
WellSky Acquires CarePort Health from Allscripts for
WellSky, global health, and community care technology company, announced today that it has entered into a definitive agreement with Allscripts to acquire CarePort Health (“CarePort”), a Boston, MA-based care coordination software company that connects acute and post-acute providers and payers.
Price: $1.35 billion represents a multiple of greater
than 13 times CarePort’s revenue over the trailing 12 months, and approximately
21 times CarePort’s non-GAAP Adjusted EBITDA over the trailing 12 months.
Waystar Acquires Medicare RCM Company eSolutions
On September 13th, revenue cycle management
provider Waystar acquires eSolutions, a provider of Medicare and Multi-Payer revenue
cycle management, workflow automation, and data analytics tools. The
acquisition creates the first unified healthcare payments platform with both
commercial and government payer connectivity, resulting in greater value for
Price: $1.3 billion valuation
Radiology Partners Acquires MEDNAX Radiology Solutions
Radiology Partners (RP), a radiology practice in the U.S., announced a definitive agreement to acquire MEDNAX Radiology Solutions, a division of MEDNAX, Inc. for an enterprise value of approximately $885 million. The acquisition is expected to add more than 800 radiologists to RP’s existing practice of 1,600 radiologists. MEDNAX Radiology Solutions consists of more than 300 onsite radiologists, who primarily serve patients in Connecticut, Florida, Nevada, Tennessee, and Texas, and more than 500 teleradiologists, who serve patients in all 50 states.
PointClickCare Acquires Collective Medical
PointClickCare Technologies, a leader in senior care technology with a network of more than 21,000 skilled nursing facilities, senior living communities, and home health agencies, today announced its intent to acquire Collective Medical, a Salt Lake City, a UT-based leading network-enabled platform for real-time cross-continuum care coordination for $650M. Together, PointClickCare and Collective Medical will provide diverse care teams across the continuum of acute, ambulatory, and post-acute care with point-of-care access to deep, real-time patient insights at any stage of a patient’s healthcare journey, enabling better decision making and improved clinical outcomes at a lower cost.
Teladoc Health Acquires Virtual Care Platform InTouch
Teladoc Health acquires InTouch Health, the leading provider of enterprise telehealth solutions for hospitals and health systems for $600M. The acquisition establishes Teladoc Health as the only virtual care provider covering the full range of acuity – from critical to chronic to everyday care – through a single solution across all sites of care including home, pharmacy, retail, physician office, ambulance, and more.
Price: $600M consisting of approximately $150 million
in cash and $450 million of Teladoc Health common stock.
AMN Healthcare Acquires VRI Provider Stratus Video
AMN Healthcare Services, Inc. acquires Stratus Video, a leading provider of video remote language interpretation services for the healthcare industry. The acquisition will help AMN Healthcare expand in the virtual workforce, patient care arena, and quality medical interpretation services delivered through a secure communications platform.
CarepathRx Acquires Pharmacy Operations of Chartwell from
CarepathRx, a leader in pharmacy and medication management
solutions for vulnerable and chronically ill patients, announced today a
partnership with UPMC’s Chartwell subsidiary that will expand patient access to
innovative specialty pharmacy and home infusion services. Under the $400M
landmark agreement, CarepathRx will acquire the
management services organization responsible for the operational and strategic
management of Chartwell while UPMC becomes a strategic investor in CarepathRx.
Cerner to Acquire Health Division of Kantar for $375M in
Cerner announces it will acquire Kantar Health, a leading
data, analytics, and real-world evidence and commercial research consultancy
serving the life science and health care industry.
This acquisition is expected to allow Cerner’s Learning
Health Network client consortium and health systems with more opportunities to
directly engage with life sciences for funded research studies. The acquisition
is expected to close during the first half of 2021.
Cerner Sells Off Parts of Healthcare IT Business in
Germany and Spain
Cerner sells off parts of healthcare IT business in Germany and Spain to Germany company CompuGroup Medical, reflecting the company-wide transformation focused on improved operating efficiencies, enhanced client focus, a refined growth strategy, and a sharpened approach to portfolio management.
Price: EUR 225 million ($247.5M USD)
CompuGroup Medical Acquires eMDs for $240M
CompuGroup Medical (CGM) acquires eMDs, Inc. (eMDs), a
leading provider of healthcare IT with a focus on doctors’ practices in the US,
reaching an attractive size in the biggest healthcare market worldwide. With
this acquisition, the US subsidiary of CGM significantly broadens its position
and will become the top 4 providers in the market for Ambulatory Information
Systems in the US.
Price: $240M (equal to approx. EUR 203 million)
Change Healthcare Buys Back Pharmacy Network
back pharmacy unit eRx Network
(“eRx”), a leading provider of comprehensive, innovative, and secure
data-driven solutions for pharmacies. eRx generated approximately $67M in
annual revenue for the twelve-month period ended February 29, 2020. The
transaction supports Change Healthcare’s commitment to focus on and invest in
core aspects of the business to fuel long-term growth and advance innovation.
Price: $212.9M plus cash on the balance sheet.
Walmart Acquires Medication Management Platform CareZone
Walmart acquires CareZone, a San Francisco, CA-based smartphone
service for managing chronic health conditions for reportedly $200M. By
working with a network of pharmacy partners, CareZone’s concierge services
assist consumers in getting their prescription medications organized and
delivered to their doorstep, making pharmacies more accessible to individuals
and families who may be homebound or reside in rural locations.
Verisk Acquires MSP Compliance Provider Franco Signor
Verisk, a data
analytics provider, announced today that it has acquired Franco Signor, a Medicare Secondary Payer
(MSP) service provider to America’s largest insurance carriers and employers.
As part of the acquisition, Franco Signor will become part of Verisk’s Claims
Partners business, a leading provider of MSP compliance and other analytic
claim services. Claims Partners and Franco Signor will be combining forces to
provide the single best resource for Medicare compliance.
Rubicon Technology Partners Acquires Central Logic
Private equity firm Rubicon Technology Partners acquires
Central Logic, a provider of patient orchestration and tools to accelerate
access to care for healthcare organizations. Rubicon will be aggressively driving Central Logic’s
growth with additional cash investments into the business, with a focus
on product innovation, sales expansion, delivery and customer support, and
the pursuit of acquisition opportunities.
Price: $110M – $125 million, according to sources
Oscar, the first
health insurance company built on a full stack technology platform raises $140M
in funding led by Tiger Global Management, LLC, with participation from
Dragoneer, Baillie Gifford, Coatue, Founders Fund, Khosla, Lakestar and
Reinvent. On 12/21, the company confidentially filed for an initial public
offering (IPO). The size and price range for the proposed offering have not yet
Babylon Health Raises $100M from VNV Global
Babylon Health raises
$100M in a convertible loan in a deal led by the Swedish listed fund VNV
Global. Babylon delivers full access to healthcare, including personalized
health assessments, treatment advice, and face-to-face appointments with a
doctor 24/7. With the Babylon app, patients can talk to a GP within minutes via
phone or video call, ask simple medical questions via their text service and
monitor their health with their comprehensive tracking system.
nference Raises $60M Series C to Expand Augmented
Intelligence for Life Sciences
synthesizes the world’s biomedical knowledge raises $60 million in Series C
funding round led by Matrix Capital Management, along with Matrix Partners, Mayo
Clinic Ventures and NTTVC. nferXTM, the company’s powerful, comprehensive
software platform, makes possible the conversion of a vast array of biomedical
knowledge into computable data, resulting in answers to complex questions about
disease biology and treatment outcomes. The platform supports a diverse set of
applications across multiple disciplines in the life sciences ecosystem,
bringing relevant, actionable knowledge to scientists, researchers and
clinicians that in turn inspire innovations in diagnostic tools and treatments.
Curai Health Secures $27.5M for Virtual Primary Care
Health, a virtual care company using AI to make high-touch, lower-cost
primary care available to everyone raises $27.5 million in Series B funding led
by Morningside Ventures. The round, which was joined by existing investors
General Catalyst and Khosla Ventures, brings its total funding to approximately
Curai Health provides chat-based primary care that centers around patients is built for clinicians and can slash the costs of care. Blending the best in high-touch clinical care, sophisticated artificial intelligence (AI), and the most robust clinical data sources, Curai Health is a learning healthcare system that creates a sustainable and scalable primary care model that can meet the demands of an exploding global population.
Diameter Health Closes $18M Series B to Accelerate Vision
to Improve Health Data Interoperability
Diameter Health, a provider of health data interoperability raises $18 million in a Series B funding round led by managed care organization Centene Corporation, with participation from existing investors Optum Ventures, LRVHealth, Connecticut Innovations, and Activate Venture Partners. This brings Diameter Health’s total funding to $30 million.
Modern Health Raises $51M to Expand Mental Health &
the mental health and wellness platform supporting 190+ enterprises globally,
today announced a $51 million Series C investment round led by Battery
Ventures. Other participants in the round include Felicis Ventures and existing
investors Kleiner Perkins, Founders Fund, 01 Advisors, Afore Capital, and Okta’s
Frederic Kerrest. The latest funding comes less than a year after Modern Health
announced its Series B, bringing the company’s total funding to over $95
million and current valuation between $500M and $1B.
As an employer-focused solution offering a fully integrated
mental health platform, Modern Health’s evidence-based approach provides
employees access to mental health care for all levels of need, utilizing
therapists, coaches, and digital content to deliver support via one
comprehensive, consumer-friendly app.
LifeRaft Launches to Build a Reliable Health Expense
Safety Net Designed for Real Life
LifeRaft, a new insuretech company that makes simple, flexible, and cost-effective supplemental health insurance products, came out of stealth mode and launched its platform to offer people supplemental health options and solutions designed for real life. In addition to launching the LifeRaft platform, the company also announced that it has secured $3.5 million in seed funding co-led by Costanoa Ventures and XYZ Venture Capital. Funds will be used to further develop product offerings, expand the reach, and grow the LifeRaft team. LifeRaft is building products that sit alongside a subscriber’s traditional health plan to help policyholders see the doctors they need, access the most appropriate treatments, and make medical care more affordable.
SomaLogic Adds $81M to Series A Financing Totaling $214M
SomaLogic, Inc., a provider of proteomic discovery and applications transforming biomedical discovery and clinical diagnostics has added $81M to its current funding round with investments from a number of additional investors, for a total Series A raise of $214M. The funds raised in this round will facilitate improving, expanding, and commercializing SomaLogic’s world-leading proteomic products in both the clinical and life science markets.
What You Should Know:
– Verily, a subsidiary of
Alphabet focused on life sciences and healthcare announced it has raised $700M
from current investors, including Alphabet, Silver Lake, Temasek, Ontario Teachers’ Pension Plan and others.
– The company plans to use the capital to support rapid
expansion of some of Verily’s leading commercial businesses including Baseline, an end-to-end ecosystem
designed to make clinical research more efficient; and Verily Health Platforms,
which supports population health, clinical care delivery and chronic disease
management through programs like Healthy
at Work, Onduo and Coefficient.
– In addition, the company plans to expand several of its
life sciences programs across surgery, pathology and immunology.
– Verily has seen accelerated growth and commercial interest
in 2020, spurred by its significant contributions to public health efforts to
combat the COVID-19
– “We’re humbled and excited about the opportunity to
expand the scope and rapidly scale our products and services. With this new
round of funding from our largest investors, they are strengthening their
commitment to help expedite our original vision,” said Andrew Conrad, CEO and
founder at Verily. “2021 will be a year of significant and focused growth for
Verily’s operations as we continue to drive innovation in our core programs,
launching more studies and study tools on Baseline to support decentralized
research, and expanding our Health Platforms product offerings and services for
employers, providers and patients.”
What You Should Know:
– H1, the largest database of information on every doctor
in the world raises $58M in Series B funding, just six months after raising its
Series A round during the pandemic.
– H1 is the largest database in the world connecting that
provides comprehensive in-depth profiles of more than 9 million healthcare
professionals and 16,000 institutions in 70-plus countries, all of which are
kept up-to-date weekly.
H1, a global
platform for the healthcare ecosystem, announced today that it has closed a $58
million Series B round of funding co-led by IVP and Menlo Ventures, which led
the Series A round in April 2020. Transformation Capital, Lux Capital, Lead
Edge Capital, Novartis dRx and YC also participated.
Over 9 Million Healthcare Professional Profiles
Co-founded by Ariel Katz and Ian Sax in 2017, H1 is a developer of a healthcare data analytics platform intended to help companies make smarter scientific decisions. H1 has created the largest healthcare platform to forge connections in the healthcare ecosystem. The H1 team has taken a unique approach to building the platform that combines AI, human-powered engineering, third-party data sources, and government partnerships, to create the largest platform of healthcare professionals, currently spanning over 9 million healthcare professions around the globe.
The company specializes in providing real-time data to support the end-to-end therapeutic development process from fundraising to product development to product launch, thereby providing the healthcare industry, organizations, and professionals with on-demand, live insights from across the data universe to accelerate the discovery and development of therapies to fight diseases.
H1 has enjoyed tremendous growth in 2020, surpassing
projections and proving the need for its platform of doctors is stronger than
ever. Following its Series A announcement in April 2020 of $12.9 million, the
company has grown from approximately 100 employees globally to nearly 250 and
anticipates expanding its headcount significantly over the next year, including
further expansion into Europe and Asia.
With over 50+ customers to date and growing rapidly, H1 is
slowly becoming the standard that companies think about when they want to find
the right Key Opinion Leading Doctors to collaborate with for Clinical Trial
Activity, Medical Activity, and Educational Activity.
The platform has been a unique and powerful resource for
global pharma companies, including those working on COVID-19 vaccines and
therapeutics. In fact, 13 of the top 20 pharmaceutical companies are currently
using the platform for research and insights.
“We have created a platform for the healthcare ecosystem to connect in the same way Linkedin connected professional workers in the early 2000’s. There hasn’t been a global platform like H1 before that has connected industry to the right doctors the way H1 does,” said H1 co-founder and CEO Ariel Katz. “This next round of funding, with our excellent investment group, including Menlo who has been a great partner for us, will help us continue to become the largest healthcare professional platform and ultimately create a healthier future.”
What You Should Know:
– Cityblock Health, a transformative, value-based healthcare provider focused on improving healthcare outcomes for marginalized communities, today announced a $160M Series C round, bringing its total raised to $300M.
– Cityblock is a care delivery trailblazer working to right the injustices of a healthcare system that cycles vulnerable communities through frequent ER visits and hospital stays. Its tech-enabled model delivers primary care, behavioral care, and social services, virtually and in-person, to the Medicaid and lower-income Medicare beneficiary communities.
– Cityblock provides social services that address core
aspects of poverty in order to improve health outcomes, including access to
nutritious food and support to safely care for oneself.
Health, a Brooklyn, NY-based healthcare provider for lower-income
communities, announced today the completion of a $160 million Series C funding
round and a valuation of over $1 billion. New Cityblock investor General Catalyst
led the round, with participation from crossover investor Wellington Management
and support from major existing investors, including Kinnevik AB, Maverick
Ventures, Thrive Capital, Redpoint Ventures, and more. The investment round
brings Cityblock’s total equity funding to $300 million, as they look to grow
their footprint to democratize access to community-based integrated care in a
more than $1.3 trillion market.
Care That Meets You Where You Are
Spun out of Sidewalk Labs, an Alphabet Company in 2017 and anchored in a first partnership with EmblemHealth, Cityblock is a transformative, value-based healthcare provider focused on improving outcomes for Medicaid and lower-income Medicare beneficiaries. The company provides medical care (both primary care and complex specialty services), behavioral health, and social services to its members virtually, in their homes, in the community, and in its neighborhood hubs. Their model reflects an underlying philosophy that improving health outcomes and minimizing systemic healthcare inequities requires fundamentals that address the root effects of poverty, like having access to nutritious food or the ability to safely care for yourself and others.
Value-Based Care Model
Cityblock leverages a value-based model, instead of a
fee-for-service basis, like most healthcare providers. Cityblock splits the
cost savings that come from better outcomes with the healthcare payer. Cityblock’s
financial structure squarely aligns the health needs of its members to continuously
deliver patient-centric care.
Cityblock is powered by Commons a groundbreaking care delivery platform that brings together distributed community-based care teams, care delivery workflows, data feeds, and multimodal member interactions. It allows social workers, pharmacists, doctors, paramedics, and our virtual care teams to all come together on the same page in real-time. With each new market we enter, our technology reinforces our care model, allowing us to serve more members while ensuring consistently high quality, empathetic, and effective care.
Integrated Care Team
Cityblock’s integrated care teams include doctors, nurses,
advanced practice clinicians, behavioral health specialists, licensed clinical
social workers, and community health partners, and leverage close partnerships
with existing healthcare providers and community-based social services
Today, Cityblock provides care to 70,000 members in Connecticut,
New York, Massachusetts, and Washington D.C., with high member engagement and
NPS scores of high 80s to 90s across its markets. Over the past year, Cityblock
members have seen reductions in in-patient hospital admission rates and
improvements in quality outcomes, keeping people healthier and driving down
costs across the board, while more than doubling membership and revenue,
The Impact of COVID Has Magnified Health Disparities
According to Cityblock, the COVID-19 pandemic has
significantly magnified health disparities highlighting three fundamental
– Inequity of
America’s social infrastructure, including the legacy of systemic racism, has
created unacceptably disparate health outcomes
– Healthcare’s volume-based, fee-for-service payment model contributes
poor outcomes, especially for marginalized communities
– The models that
have to-date addressed key components of these challenges have not successfully
Story of Cityblock Member Sonia
The story of Sonia, a Cityblock member, is featured in the blog post announcing the raise. Counted out and considered
a ‘nuisance’ by the healthcare system, Sonia was visiting the emergency room
several times a week for care and services, resulting in poor outcomes for the
health system and for herself. Cityblock enrolled Sonia in their high-risk
short-term housing program, placing her into a hotel during the peak of her
community’s Covid-19’s outbreak. As her trust in Cityblock grew, Sonia worked
with Cityblock and its community partners to secure permanent housing. Over the
course of two years, Sonia saw a 21% reduction in hospital use and a 24%
reduction in monthly costs, and has had zero ER visits since April 2020.
“The devastating impact of COVID-19 has been a painful
reminder of the vulnerability of lower-income communities and communities of
color,” said Iyah Romm, Cityblock Health co-founder and CEO. “We cannot turn a
blind eye to a healthcare system that cycles vulnerable communities through
frequent ER visits and hospital stays. We believe that new models of care
delivery, rooted in preventative care and augmented with social services, are
one major path forward to righting the injustices of our healthcare system.
This starts with listening to our members, extends through changing payment
models to create sustainability for primary care providers and building
technology to democratize access to the care models that we are building.”
What You Should Know:
– Elation Health, which provides an easy-to-use and
affordable clinical technology platform for more than 7 million independent primary
care clinicians serving 14M+ patients – including an EHR raises $40M in Series
C funding from Al Gore’s sustainable investment firm, Generation Investment
– Elation’s API-enabled platform also allows
organizations to transform the patient and provider experience and implement
their own models of data-driven, value-based care.
– Company will surpass a milestone this year of
delivering more than 20 million in-office and virtual visits through their
Health, a clinical-first technology company powering the future of
independent primary care, today announced a Series C financing round of $40
million led by Al Gore’s Generation Investment
Management, a firm that invests in sustainable businesses accelerating the
transition to a more healthy, fair, safe, and low-carbon society. The round
also included participation from existing investors, including Threshold Ventures and Kapor Capital.
Clinical-First Commitment to Independent Primary Care
Independent primary care is one of the few areas in healthcare where upfront investment leads to significant savings in the long term. For every dollar spent on primary care, studies suggest that as much as $13 in downstream healthcare costs are avoided. Increased spending on primary care is also associated with fewer emergency department visits and reduced total hospitalizations and specialty interventions for chronic conditions such as diabetes, high blood pressure, and congestive heart failure
Elation Health was founded in 2010 after siblings Kyna and
Conan Fong struggled to help their father transition his solo primary care
practice from paper charts to a digital system. Born from that experience,
today Elation Health powers the largest network for independent primary care,
with 14,000 independent clinicians caring for seven million patients. The
company offers an EHR
solution, enterprise APIs, revenue cycle services, patient engagement app, and
access to interoperability partners.
The company surpassed a milestone this year of delivering more than 20 million in-office and virtual visits through its provider network. In addition to serving small practices, Elation has partnered with primary care innovators such as Crossover Health and Cityblock Health to provide the underlying clinical platform for technology-enabled, team-based care.
Helping Intendent Practices Shift to Virtual Care Amid The
In 2020, Elation Health’s customer base of independent
practices has faced significant business challenges as primary care shifts to
virtual settings and the pace of insurance and government policy change has
accelerated. The company has responded by expanding its role as a critical
technology partner — including adding HIPAA-compliant telehealth to its core
offering, deepening support for Medicare and Medicaid quality programs, and
delivering new patient engagement capabilities for patients to schedule
appointments and interact with practices. Elation’s API-enabled platform also
allows organizations to transform the patient and provider experience and
implement their own models of data-driven, value-based care.
In the year ahead, Elation Health will continue to invest in
its core platform, while adding new capabilities to support business operations
for independent primary care. The company has plans to develop solutions in
billing and payment collection, patient population management, interoperability,
and quality reporting — ensuring practices have the tools to drive high-quality
patient outcomes and business success.
What You Should Know:
raises $130 million in Series D Funding to strengthen its machine learning platform
to continue helping hospitals achieve operational excellence during a time
where they are facing mounting financial pressures due to COVID-19.
– LeanTaaS provides software solutions that combine lean
principles, predictive analytics, and machine learning to transform hospital
and infusion center operations to improve operational efficiencies, increase
access, and reduce costs.
– LeanTaaS’ solutions have now been deployed in more than
300 hospitals across the U.S., including five of the 10 largest health networks
and 12 of the top 20 hospitals in the U.S.
LeanTaaS, Inc., a
Silicon Valley software innovator that increases patient access and transforms
operational performance for healthcare providers, today announced a $130
million Series D funding round led by
Insight Partners with participation from Goldman Sachs. With this
investment, LeanTaaS has raised more than $250 million in aggregate, including
more than $150 million from Insight Partners. As part of the transaction,
Insight Partners’ Jeff Horing and Jon Rosenbaum and Goldman Sachs’ Antoine
Munfa will join LeanTaaS’ Board of Directors.
Lean + Predictive Analytics = Operational Excellence
Healthcare reform, an aging population, and a higher
incidence of chronic disease has caused the demand for healthcare services to
escalate quickly. At the same time, pressure from payers to eliminate waste
requires that healthcare providers do more with less to meet this skyrocketing
demand with the resources in which they have already invested. And this
situation is only going to get worse.
As more healthcare data gets digitized, the opportunity exists to leverage that data to help providers meet these challenges and more efficiently match supply and demand. Founded in 2010, LeanTaaS believes hospitals should use objective data and predictive analytics – not intuition and “tribal rules”– to better match resource supply with demand and to amplify the business impact of investments they have already made in EHR, BI, and Lean/Six Sigma.
Better Healthcare Through Math
LeanTaaS develops software that increases patient access to
medical care by optimizing how health systems use expensive, constrained
resources like infusion chairs, operating rooms, and inpatient beds. More than
100 health systems and 300 hospitals – including 5 of the 10 largest systems,
12 of US News and World Report’s top 20 hospitals. These hospitals use the iQueue
platform to optimize capacity utilization in infusion centers, operating rooms,
and inpatient beds. iQueue for
Infusion Centers is used by 7,500+ chairs across 300+ infusion centers
including 70 percent of the National
Comprehensive Cancer Network and more than 50 percent of National Cancer Institute hospitals. iQueue for
Operating Rooms is used by more than 1,750 ORs across 34 health systems to
perform more surgical cases during business hours, increase competitiveness in
the marketplace, and improve the patient experience.
The funds will be used to invest in building out the existing suite of products (iQueue for Operating Rooms, iQueue for Infusion Centers, and iQueue for Inpatient Beds) as well as scaling the engineering, product, and go to market teams, and expanding the iQueue platform to include new products.
“LeanTaaS is uniquely positioned to help hospitals and health systems across the country face the mounting operational and financial pressures exacerbated by the coronavirus. This funding will allow us to continue to grow and expand our impact while helping healthcare organizations deliver better care at a lower cost,” said Mohan Giridharadas, founder and CEO of LeanTaaS. “Our company momentum over the past several years – including greater than 50% revenue growth in 2020 and negative churn despite a difficult macro environment – reflects the increasing demand for scalable predictive analytics solutions that optimize how health systems increase operational utilization and efficiency. It also highlights how we’ve been able to develop and maintain deep partnerships with 100+ health systems and 300+ hospitals in order to keep them resilient and agile in the face of uncertain demand and supply conditions.”
Chief Marketing Officer Appointment
Concurrent with the funding, LeanTaaS announced that Niloy Sanyal, the former CMO at Omnicell and GE Digital, would be joining as its new Chief Marketing Officer. Also, Sanjeev Agrawal has been designated as LeanTaaS’ Chief Operating Officer in addition to his current role as the President. “We are excited to welcome Niloy to LeanTaaS. His breadth and depth of experience will help us accelerate our growth as the industry evolves to a more data-driven way of making decisions” said Agrawal.
What You Should Know:
– Virtual maternity care platform Babyscripts announced a
new round of investments from Banner Health, CU Healthcare Innovation Fund, The
Froedtert & Medical College of Wisconsin Health Network, and WellSpan
– Using internet-connected devices for remote monitoring,
Babyscripts offers risk-specific experiences to allow providers to manage up to
90% of pregnancies virtually, allowing doctors to detect risk more quickly and
automate elements of care.
the leading virtual care
platform for managing obstetrics, today announced a new round of
investments through their Strategic Partners Program,
a unique investment bloc composed of health systems interested in
forwarding Babyscripts’ cutting-edge digital solutions for pregnant
populations. Partners include Phoenix-based Banner Health, one of the largest
nonprofit health care systems in the country; the CU Healthcare Innovation Fund, located on
the University of Colorado Anschutz Medical Campus in Aurora, Colorado; the Froedtert & the Medical College of
Wisconsin health network, an integrated health care system based in
Wisconsin; and WellSpan Health, an
integrated health system serving central Pennsylvania and northern
This investment round is structured to leverage the input
and support of clinical and health system partners, ensuring that Babyscripts’
product development and future roadmap aligns with customer needs.
Babyscripts has spent the last six years building a
clinically-validated, virtual care platform to allow OBGYNs to deliver a new
model of prenatal care. Using internet-connected devices for remote monitoring,
Babyscripts offers risk-specific experiences to allow providers to manage up to
90% of pregnancies virtually, allowing doctors to detect risk more quickly and
automate elements of care.
3-Tier Approach Virtual Maternity Care
Babyscripts’ three-tiered approach to virtual maternity care
allows providers to deliver risk-specific care to pregnant mothers at any time,
in any place, through a mobile app and internet-connected monitoring devices:
Maternal Digital Education: Virtually connect with expectant and new mothers between visits with a custom mobile app.
Maternal Health Monitoring: Virtual management of
pregnant patients through remote monitoring for blood pressure, weight, blood
sugar, social determinants of health (SDOH)
Maternal Population Health: Improve patient/member
care through a unique collaboration between the care team and the payer.
The solution is powered by a robust set of vetted user
experiences, integrations, workflows, and best practices.
“From the beginning, we’ve set ourselves apart from other tech companies by partnering with physicians to make sure that we’re developing solutions that will actually be useful and improve outcomes, not just look and feel ‘cutting-edge’,” said Juan Pablo Segura, co-founder and President of Babyscripts. “This investment is validation that health systems see the value of our solution — and they’re willing to put their money on it.
What You Should Know:
– Lightspeed Venture Partners, the VC behind Nest and GrubHub, is leading a $10 million round for Freespira, an FDA-cleared digital therapeutic proven to significantly reduce or eliminate panic attacks and PTSD symptoms by training users to normalize respiratory irregularities.
– In 28 days, Freespira can reduce or eliminate panic
attacks and PTSD symptoms from home with just a tablet, sensor, and custom app.
There’s no medicine with possible side effects and no need to see a doctor or
therapist in person.
Palo Alto Health Sciences, Inc.), a Kirkland, WA-based maker of the first
FDA-cleared digital therapeutic that significantly reduces or eliminates
symptoms of panic attacks, panic disorder and post-traumatic stress disorder
(PTSD) in only 28 days, announced it has completed a $10 million capital raise led
by Lightspeed Venture Partners. Joining
the financing round, the largest in the company’s history, were previous
investors Aphelion Capital, Medvest Capital, and Freespira Chairman,
Free from Panic Attacks & PTSD in 28 Days
Founded in 2013, Freespira® is the only FDA-cleared digital therapeutic proven
to significantly reduce or eliminate Panic Disorder and PTSD symptoms by
training users to normalize respiratory irregularities in just 28 days. This
4-week medication-free program can be done from the comfort of your home for 17
minutes, twice daily. Treatment is authorized and completed under the
supervision of a licensed healthcare provider and is clinically proven to
reduce or eliminate panic attacks and other symptoms of panic disorder. Freespira
uses a custom sensor to train patients to stabilize their respiration rate and
exhaled carbon dioxide levels, thereby reducing or eliminating panic attacks
and PTSD symptoms.
Recent Peer-Reviewed Studies
Numerous peer-reviewed studies have demonstrated the
clinical effectiveness and cost savings of the Freespira solution, including:
– A clinical trial conducted at the VA Palo Alto Health Care
System in Palo Alto, Calif. demonstrated the efficacy of Freespira for veterans
and non-veterans suffering from PTSD. Significant reductions in measures of
PTSD severity were achieved by 85% of subjects post-treatment, with half of
subjects reporting remission scores six months post-treatment. Patient
satisfaction was 84% at six months post-treatment, and mean patient adherence
to the treatment protocol was 77%.
– A large multi-center trial conducted by David Tolin, PhD,
Director of the Anxiety Disorders Center at The Institute of Living, and Adjunct
Professor of Psychiatry at Yale University School of Medicine, found that
Freespira produced a clinically significant reduction in panic symptoms 12
months post-treatment in 82% of subjects, with 84% adherence and 88% patient
– A study led by Alicia Kaplan, MD at the Allegheny Health
Network in Pittsburgh found that use of Freespira not only resulted in 91% of
patients reporting significant reduction in symptoms at 12-months but also
significant cost savings for the patients’ insurance provider, Highmark Blue
Cross Blue Shield. These included a 65% reduction in emergency department
costs; a 68% reduction in pharmacy costs; and a 35% reduction in total medical
costs for treatment of the study subjects.
“We’re honored that Lightspeed, one of Silicon Valley’s premier venture firms, has joined our existing investors to help speed the commercialization of Freespira to benefit the millions of people who suffer from panic attacks and PTSD, including veterans, first responders, and increasingly, frontline healthcare workers,” said Dean Sawyer, Chief Executive Officer of Freespira. “Now that we have accumulated overwhelming evidence of the clinical and cost effectiveness of Freespira and achieved FDA clearance for its use treating both panic disorder and PTSD, we believe health plans and employers across the country will support the use of Freespira for their members and employees.”
What You Should Know:
– San Francisco-based digital health startup Pair Team
emerges out of stealth with $2.7M in seed funding backed by Kleiner Perkins,
Craft Ventures, & YC.
– Pair Team provides both a remote team and AI that automates workflows, provides infrastructure & improves medical practices — efficiencies and billing as you’d expect, but all driving toward value-based, quality patient care.
– Pair’s wrap-around technology tripled the rate of annual wellness visits and increased revenue by 15% for clinics in 2020.
Pair Team (“Pair”) announced today it has
emerged out of stealth and has raised $2.7 million in seed funding backed by Kleiner Perkins, Craft Ventures, and YCombinator, along with other prominent
funds. Pair is an end-to-end operations platform for value-based primary care,
backed by Pair’s own care team. For patients, Pair provides a digital front door
and helps them navigate healthcare.
Automate Primary Care Operations Infrastructure
Founded in 2019 by Neil Batlivala and Cassie Choi, RN after experiencing how critical a high functioning administrative team is to provide high-quality primary care by building out operations together at leading tech-enabled practices of Forward and Circle Medical. The majority of healthcare is local and fragmented, and no solutions were built to enable existing clinics. Pair came out of that need and provides a simple yet comprehensive solution that covers the front, mid, and back-office. Their automation, along with a human-in-the-loop approach provides end-to-end operations of patient outreach, scheduling, e-forms, care gap reports, record requests, referrals, lab coordination, etc., to offload the traditional job functions of the front desk and medical assistants.
“Primary care is systematically and chronically under-resourced. Pair ensures patients receive the very best practices in health care — from annual checkups, follow-ups after hospital discharge, and preventative care screenings,” commented Neil Batlivala, CEO and co-founder of Pair Team. “We not only monitor patient data, but we go further to operationalize it with automation and our care team.”
Pair provides a revenue-sharing model to the share cost of operations with primary care providers. The platform monitors health plan and system data to trigger automated workflows that engage patients to schedule clinically impactful visits, surface care recommendations to clinicians, and manage follow-up care coordination. Their bolt-on model allows them to work as an extension of your care team within existing processes and accelerate quality programs in days, not months. For practices, this drastically improves care quality and visit efficiency. For plans, this aligns day-to-day operations with a total cost of care.
Helping Medicaid Populations Navigate Their Healthcare
Medicaid and Medicare is struggling in an unprecedented way during COVID — many workers are losing access to healthcare through their employer and COVID job loss. During the first week of open enrollment, last month nearly 820,000 people selected plans on HealthCare.gov 2020, according to the Centers for Medicare & Medicaid Services (CMS). Federal Medicaid outlays increased more rapidly through 2nd half FFY 2020, up 22.5% as compared to prior year at 8.7% growth. So the number of patients coming onto the system is at unprecedented levels.
Pair helps Medicaid populations navigate their healthcare with follow-ups, preventive cancer screening, and those recommendations on current (and ever-changing) Medicaid requirements. The company starts with existing processes and accelerates quality programs in days, not months.
Despite COVID and patient’s avoidance of medical offices and care, Pair’s wrap-around operations technology and care team tripled the rate of preventative care visits and are on track to increase clinical revenue by 15% by end of the year through quality incentives alone. To date, Pair manages care for thousands of Medicaid patients in southern California and has closed hundreds of care gaps with their remote care team.
What You Should Know:
– Pear Therapeutics today announced that it has
successfully closed an $80 million Series D financing led by SoftBank Vision
– Pear is the
leader in prescription digital therapeutics and the first company to receive
FDA authorization for a prescription digital therapeutic (PDT) to treat
– Pear currently has three FDA authorized therapies, reSET, reSET-O and Somryst, for substance use disorder, opioid use disorder, and chronic insomnia, respectively.
Inc., (“Pear” or the “Company”) today announced that it has successfully
closed an $80 million Series D financing led by SoftBank Vision Fund 21 with
participation from existing investors including Temasek, 5AM Ventures,
Arboretum Ventures, JAZZ Venture Partners, Novartis, CrimsoNox, and EDBI, and
new investors, Forth Management, Pilot House, Sarissa Capital, Shanda Group,
and QUAD Investment Management.
What are PDTs?
PDTs are a new therapeutic class that uses software to treat
disease. Just like traditional medicines, prescription digital therapeutics are
prescribed by a physician and backed by clinical data that has been validated
by the FDA. As a new method of care, they offer patients a wide variety of
benefits, including: increased access to therapies, improved engagement and
adherence compared to face-to-face therapies.
Pear’s FDA Authorized Products
Pear’s products reSET®
and reSET-O® for the treatment
of substance use disorder and opioid use disorder, respectively, are the first
two PDTs to receive market authorization to treat disease from FDA. Pear
recently launched Somryst,
for the treatment of chronic insomnia, its third FDA-authorized PDT and the
third PDT to receive market authorization from FDA. Pear also recently launched
its end-to-end virtual care experience combining virtual doctor visit(s) via
telemedicine provider with PearConnect, the industry’s first patient service
center for PDTs.
The Company’s three FDA-authorized products address large
market opportunities with more than 20 million patients suffering from
substance and opioid use disorders and more than 30 million from chronic
insomnia, in the U.S. alone. These diseases are on the rise as the pandemic has
exacerbated the country’s mental health crises.
Pear plans to use the latest round of funding to accelerate
reimbursement coverage for its three commercial products, creating the first
market access pathway in the PDT industry. The Company collaborates with
innovators to build a broad and deep pipeline that has the potential to
redefine standard of care in a range of therapeutic areas, including specialty
psychiatry, specialty neurology, and a host of other non-CNS diseases. Pear has
built the first scalable platform infrastructure to discover, develop, and
deliver PDTs to patients.
“Pear is pleased to welcome our new investors and our new board members. SoftBank Investment Advisers represents an ideal partner to support Pear as we build the digital therapeutics industry,” said Corey McCann, M.D., Ph.D., President and CEO of Pear Therapeutics. “This oversubscribed round of funding will allow us to continue to invest in the launches of our three commercial products to accelerate revenue growth, which we intend to reinvest in our robust pipeline and platform.”
What You Should Know:
– Ro announced it has acquired Workpath, a technology
platform that powers on-demand, in-home healthcare and diagnostics services
– Through this acquisition, Ro’s platform will now
uniquely bring together a patient’s doctor, pharmacy, and
diagnostics/lab–offering a personalized, end-to-end experience with no
– Ro is also announcing a partnership with Quest
Diagnostics, which operates more than 2,200 locations nationwide, to process
its lab tests.
Ro, the healthcare technology company, today announced it has acquired Workpath, a software platform that enables healthcare companies to offer on-demand, in-home care, and diagnostic services with a simple API. The acquisition will enable Ro to seamlessly integrate virtual and in-person care on its own platform and offer these in-home capabilities to other healthcare companies. The ability to send healthcare professionals to, and conduct diagnostic tests in, a patient’s home significantly expands the scope of Ro’s vertically-integrated platform and advances the company’s strategy of becoming a patient’s first call for all of their healthcare needs.
End-to-End In-Home Care Solution
Founded in 2015, Workpath is a technology platform that powers on-demand, in-home healthcare services nationwide. Workpath’s API enables healthcare companies to dispatch phlebotomists and other providers to perform services ranging from blood draws to vaccinations, all from the comfort of a patient’s home. The company’s full-service platform includes scheduling and dispatch software, a nationwide network of healthcare professionals, diagnostic processing and reporting, and more. Workpath is available to 95% of patients across the country and facilitates in-home healthcare services for clinical trial operators, Fortune 100 companies, and the nation’s largest diagnostic laboratories.
Acquisition Creates A New Paradigm for
As part of the acquisition, Workpath will
continue to operate independently as an autonomous entity. Workpath and its API
will continue to be available to other healthcare companies, enabling them to
dispatch healthcare professionals to perform services ranging from blood draws
to vaccinations and other primary care services, all from the comfort of a
patient’s home. The company’s full-service platform includes scheduling and
dispatch software, a nationwide network of healthcare providers, diagnostic
processing and reporting, and more. Ro’s offering of Workpath’s platform will
position the combined company as an integral part of the healthcare industry’s
transition to connect the best of virtual and in-person care.
Enabling End-to-End Care
Ro-affiliated providers will leverage Workpath’s
API to order in-home care or diagnostic services for patients, greatly
expanding the scope of conditions that can be treated or managed through Ro’s
platform. In doing so, Ro will seamlessly connect a patient’s doctor, pharmacy,
and lab on its vertically-integrated platform, enabling end-to-end care from
diagnosis to the delivery of medication to ongoing care. Given that seven of
every ten healthcare decisions require blood work, Ro will start by offering in-home
phlebotomy (blood test) services with results directly delivered through Ro’s
Zachariah Reitano, Co-Founder and CEO of Ro, said: “Ten years from now, more healthcare services will be delivered online or in-home than in every hospital, doctors office, or pharmacy combined, and this acquisition will help accelerate that change. The powerful new platform we’re creating enables Ro, and countless other healthcare companies, to deliver care whenever and wherever patients need it. We look forward to welcoming Workpath to the Ro family and together setting a new standard for vertically integrated healthcare delivery.”
Financial details of the acquisition were not disclosed.
Among the areas of interest for companies presenting at Pitch Perfect at INVEST Precision Medicine are clinical stroke detection, making medical research more inclusive, using technology to accelerate the pace of clinical trials, developing more patient friendly drug delivery systems for reconstitutable drugs, and more.
What You Should Know:
– Segmed emerges out of stealth and has
secured $2M in seed funding to empower medical AI efforts through easy access
to high-quality, structured and anonymized training data sets.
– The healthcare industry is amassing data at an unprecedented rate but unless this data is standardized, labeled, and curated for use by patients and clinicians, it is not beneficial.
– Segmed simplifies the process by
enabling AI developers to achieve faster development times, medical experts to
contribute expertise, and data partners to enable a passive revenue stream by
monetizing medical data.
Segmed, a Stanford,
CA-based cloud-based platform that curates medical data by
anonymizing, standardizing and labeling, to accelerate medical AI research,
announced it has closed $2 million dollars in seed funding
led by Blumberg Capital with
participation from Nina Capital and other angel investors.
Advance Dataset Sharing for Medical AI Development
The healthcare industry is generating data at an unprecedented rate but unless this data is standardized, labeled, and curated for use by patients, clinicians, and researchers, it is of little use. Proper sourcing and preparation of data with precise, high-quality labels are a costly, error prone, and lengthy process. Segmed’s solution automates and streamlines the process and provides valuable, high-quality training datasets for AI models.
Monetize Your Medical Data
The solution shortens time to market for AI developers
and generates new revenue streams for hospitals by monetizing medical data
securely and anonymously. The company maintains strict HIPAA compliance
and only uses and shares data that is fully anonymized, ensuring that no
personal information is ever exposed.
“We aim to aggregate and leverage larger and more representative datasets for use in medical AI to ultimately deliver better healthcare around the world,” said Cailin Hardell, co-founder and CEO, Segmed. “Medical AI has the potential to improve diagnostics, predictive and preventative medicine for quality patient care while reducing cost to address underserved populations around the world. Segmed helps ensure that the broadest datasets are available to medical AI application developers and clinicians to deliver better products and services that can best serve the most patients.”
What You Should Know:
– With $4.5 million in funding from
Kleiner Perkins and Define Ventures, and backed by Redesign Health, MedArrive
is poised to bridge the virtual care gap and make affordable at-home care the
– Co-founded by the former head of Uber Health, MedArrive enables healthcare providers to seamlessly extend care services into the home, unlocking access to high-quality healthcare for more people at a fraction of the cost.
– MedArrive’s fully integrated care management platform allows providers and payors to bridge the virtual care gap by marrying physician-led telemedicine with hands-on care from EMS professionals.
MedArrive, a new health IT startup has emerged from stealth with the official launch of a new care management platform that enables healthcare providers and payors to extend services into the home, scaling access to high-quality healthcare and meaningfully reducing costs for providers and their patients. Co-founded by Dan Trigub (former head of Uber Health) and Inna Plumb, MedArrive bridges the virtual care gap by integrating physician-led telemedicine with hands-on care from a network of trusted EMS professionals, improving patient outcomes while empowering an underutilized segment of healthcare workers.
Backed by healthcare innovation platform and venture studio Redesign Health, MedArrive has
raised $4.5 million in seed funding, co-led by Kleiner Perkins and Define Ventures. As part of the seed funding,
Annie Case, Principal at Kleiner Perkins, and Lynne Chou O’Keefe, Founder and
Managing Partner at Define Ventures, will both join the MedArrive Board
In-Person, At Home, On-Demand
MedArrive taps into a capable workforce of EMS professionals (e.g., EMTs and paramedics) so they can leverage the full scope of their training, earn supplemental income, and diversify their day-to-day responsibilities. At the same time, patients using MedArrive are able to access trusted medical expertise from the safety of their homes and within their existing health systems, ultimately resulting in better patient outcomes, a better-utilized healthcare workforce, and significant cost savings for patients and providers alike.
More Than 20k Trusted EMTs & Paramedics Nationwide
Today, MedArrive partners can tap into a dense network of more than 20k trusted EMTs and paramedics ready to be deployed across the country, with equal representation in rural and urban markets. This will be particularly critical for our partners looking to distribute flu vaccines and, when available, a COVID-19 vaccine without overwhelming health systems. Additional services include chronic condition management, transitional care, readmission prevention, urgent care, palliative care, and more. MedArrive provides the most extensive coverage for providers and payors looking to expand their impact and scale care into the home to meet the diverse needs of their patients.
This injection of capital will enable MedArrive to continue
building their innovative platform, growing their team of industry experts, and
driving the expansion of key healthcare provider partnerships across the
country. With an initial focus on the Florida market, the team expects to
expand quickly and effectively over the coming months.
“Now more than ever, as we continue battling a global pandemic, patients deserve healthcare that is accessible, affordable, and safe,” said Dan Trigub, co-founder and CEO of MedArrive. “The current pandemic has placed additional stress on our already flawed health system – patients are avoiding clinics, delaying preventative and critical care, and facing financial strain. By working alongside communities of EMS professionals, providers, and payors to bring high quality care into the home at a fraction of the cost of alternatives, MedArrive’s integrated solution is putting patients back at the center of care.”
What You Should Know:
– OTV (formerly Olive Tree
Ventures), Israel’s ‘digital health first’ venture capital firm closes $170
million venture fund to support innovative digital health companies worldwide.
– OTV also announced today a new China
office and the appointment of Jose Antonio Urrutia Rivas as Head of Asia
OTV (formerly Olive Tree Ventures), Israel’s ‘digital health first’ venture capital firm, today announced the closing of a fund with a total value of $170M. OTV is the only venture capital fund in Israel whose primary focus is digital health, specializing in supporting their portfolio companies reach maturity, refine execution, tackle regulatory hurdles, and ensure a global imprint on validated products.
“OTV’s goal for the upcoming period is to harness our expertise in facilitating the growth of digital health companies, and, with laser sharp focus, identify the market leaders of tomorrow,” said Alejandro Weinstein, General Partner, OTV. “Digital health technology is increasingly important for strained healthcare systems seeking to provide accessible and affordable treatment, especially to traditionally under-served populations. The Covid-19 pandemic elucidated the importance of digital products to the global healthcare ecosystem, but industry pain points predated the current crisis and clear solutions will be needed in the years to come.”
Background & Investment Thesis
Digital health technology is a young yet high growth vertical, with a market that has grown 150% since 2017 and is expected to be a $540 billion dollar industry by 2025.OTV was founded in 2015 by General Partners Mayer Gniwisch, Amir Lahat and Alejandro Weinstein with the mission of finding entrepreneurs with the most innovative, disruptive ideas in the digital health arena, that improve and save lives, and enable them to build successful, impactful companies.
to forming the VC firm, the team founded 7 successful companies that generated
over $4B in gains. Together with Partner Manor Zemer, the OTV leadership
team is comprised of investors with a wide range of backgrounds, encompassing
healthcare, technology, private equity and financial services, and with
experience in the US, LATAM, Israeli and Asian markets.
the course of the past five years, OTV has prioritized investment in
digital health companies that develop cutting-edge solutions to today’s most
pressing healthcare problems. OTV’s portfolio includes some of the world’s
highest-profile digital health leaders, including TytoCare, Lemonaid Health, Emedgene, Scopio and Donisi Health.
China Office & Head of Asia Pacific Appointment
OTV also announced today the appointment of Jose
Antonio Urrutia Rivas as Head of Asia Pacific. Jose is a graduate of the China
Europe International Business School in Shanghai’s MBA program, and previously
worked at LarrainVial as the Asian Market developer. Equipped with a wealth of
experience in the region, Jose will manage OTV’s new Asia Pacific office,
based in China. The new office will complement existing branches in New York,
Tel Aviv and Montreal, and will offer portfolio companies the opportunity to expand
in a region where the digital health field is robust and well-developed.
“I am excited to lead OTV’s expansion into the Asia-Pacific region, which plays a vital role in the global digital health economy,” said Jose Antonio Urrutia Rivas, Head of Asia Pacific, OTV. “OTV provides a unique connection between West and East, linking portfolio companies to Israel, North America and Asia and enhancing cooperation between these different markets. I am thrilled to have the opportunity to work with the OTV team, whose investment experience in a wide range of fields makes them perfectly placed to develop and implement winning growth strategies for best in class digital health companies..”
What You Should Know:
– Virta just
closed a $65 Series D round, to scale its virtual clinic and approach to
reversing chronic metabolic conditions (T2D, prediabetes, and obesity) to the
– The financing, led by Sequoia Capital Global Equities,
also hurdles Virta well into unicorn territory ($1.1B+ valuation), recognizing
pre-pandemic growth that has accelerated during the COVID era.
Virta Health, a
San Francisco, CA-based company delivering the first clinically-proven
treatment to safely and sustainably reverse type 2 diabetes
(T2D) today announced that it has raised $65 million in Series D funding.
Led by Sequoia
Capital Global Equities, the financing will support the growing demand for Virta’s
reversal treatments for type 2 diabetes and other chronic metabolic conditions.
Alongside Sequoia Capital Global Equities, Caffeinated Capital participated in
the round, which brings total funding to more than $230M and makes Virta Health
the latest digital health startup to reach unicorn status at $1.1 billion
Impact of Diabetes
Type 2 diabetes is one of the most expensive
chronic illnesses in America. Nearly
half of U.S. adults have either diabetes or pre-diabetes, and the
epidemic is still
growing. This also comes at a time when diabetes reversal is super
critical, as T2D + uncontrolled blood sugar prove the biggest risk factors for
negative outcomes & death from COVID-19. Enterprises, health plans, and
consumers all understand the urgent need to mitigate this risk, & demand
for Virta’s 100% virtual treatment–that helps patients restore blood
sugar levels w/o medications–has been booming.
Founded in 2014 with the goal of reversing diabetes in
100 million people by 2025, Virta is the first clinically-proven treatment to
safely and sustainably reverse type 2 diabetes. The
clinically-proven Virta Treatment reverses type 2 diabetes and significantly
improves several chronic comorbidities, taking direct aim at these skyrocketing
healthcare costs and nearly one-third of the more than $3 trillion in annual
U.S. healthcare spend.
Virta patients experience sustained blood sugar improvement
in conjunction with medication de-prescription, including 94% of patients
reducing or fully eliminating insulin use. Virta’s weight loss results exceed
the goals of the National Diabetes Prevention Program and the FDA benchmark for
weight loss drugs by nearly 150%. Patients like Rhonda, who lost 50 pounds and reversed her diabetes, and Jim, who eliminated all insulin prescriptions after just four
months, demonstrate the life-changing results experienced by Virta patients
Virta’s approach—to restore metabolic health and eliminate
the need for costly medications like insulin—has led to over 150%
year-over-year growth while attracting more than 100 large payers from all
parts of industry and government. The funding will be used to accelerate the
company’s investments in growth and scale its provider-led virtual care
delivery platform, Continuous Remote Care, which is the backbone for Virta’s
transformative reversal therapies. Additionally, Virta will expand research and
development of evidence-based, non-pharmaceutical therapies for other complex
and costly metabolic conditions.
“The option for disease reversal should be available to
every person living with a chronic metabolic condition,” said Sami Inkinen,
Virta Health co-founder and CEO. “This funding round is an important step
forward in making this a reality and giving people the opportunity to regain
their health, wherever they are on their metabolic journey.”
What You Should Know:
– AI workforce management for healthcare provider Olive lands an additional $225.5M in funding, bringing the company’s valuation to $1.5B.
– This latest funding round will enable
Olive to accelerate product development, and the company plans to announce more
capabilities in 2021 to support the entire healthcare ecosystem.
the company creating the AI workforce for healthcare, today
announced an additional $225.5M in financing led by Tiger Global and joined by
existing investors General Catalyst, Drive Capital and Silicon Valley Bank
along with new investors GV, Sequoia Capital Global Equities, Dragoneer
Investment Group and Transformation Capital Partners. Olive has now secured
$385 million in financing in the last nine months and $448 million since the
company’s founding in 2012. This new round brings the company’s valuation to
AI‑Powered Digital Employee
Built Specifically For Healthcare
Founded in 2012, Olive builds artificial intelligence and RPA
solutions that empower healthcare organizations to improve efficiency and
patient care while reducing costly administrative errors. Olive is the only
healthcare-specific artificial intelligence solution sold as a service – that
means one annual price and an all-in-one approach to hiring a digital employee.
Working alongside healthcare employees, Olive is trained to
think cognitively and make complex decisions faster, and more accurately than
human employees. She never misses a day of work. She never makes unprogrammed
mistakes. And every Olive learns collectively, like a network, so that
healthcare organizations never have to solve the same problem twice.
Olive Core Offerings
Olive’s three capabilities work together to scope, build, and
optimize workflows that directly impact your organization’s most meaningful
Olive to identify and implement high-value automation, so organizations can
confidently prioritize top processes for automation and accelerate time to
Enables issue prediction, prevention, and resolution to drive Olive’s continued
success, utilizing data and quality alerts to track Olive’s progress and
address potential issues 72 hours in advance.
Deep Purple: Gathers
this contextual information, allowing Olive to find new connections and
opportunities to improve her work.
Throughout 2020, Olive has cemented itself as critical to the
infrastructure of over 600 U.S. hospitals, including 22 percent of the top 100
health systems in the country. Olive’s disruptive innovation will continue to
intensely focus on addressing healthcare’s most burdensome issues as the
industry copes with more demands than ever. According to “The State of AI
in 2020,” a recent study released by McKinsey, COVID-19 has driven AI
investment in healthcare faster than in any other industry. Since its $106 million
in Series F financing mid-September, the company has announced Olive Helps,
support of Tufts Medical Center’s COVID-19 testing and an expanded leadership
team, including the formation of the Cybernetics division.
This latest funding
round will enable Olive to accelerate product development, and the company
plans to announce more capabilities in 2021 to support the entire healthcare
ecosystem. To help with this expansion, Olive has bolstered its executive team
with two new hires:
– Ali Byrd joins
as Chief Financial Officer, bringing nearly 25 years of software industry
experience as an operator, advisor and investor charged with strategic and
financial decision-making to support and extend Olive’s market leading growth
– Shoshana Deutschkron joins as Chief Marketing Officer, bringing more than two
decades of experience in technology marketing and leading the charge to raise
awareness of Olive’s disruptive efforts aimed at fixing the broken healthcare
“For every dollar Olive makes, healthcare saves five. That amounts to pretty incredible cost savings throughout the industry, and it’s helped us become an indispensable part of hospitals’ recovery plan during the pandemic,” said Sean Lane, CEO of Olive. “In the year ahead, we’re setting our sights on the big picture — investing in R&D to bring more solutions to hospitals and health systems that not only disrupt the industry, but also help to fix a broken system at a critical time for humanity.”
What You Should Know:
– Proscia secures $23M in Series B
funding led by Scale Venture Partners for its AI-enabled digital pathology
– Proscia will use the funding to expand its AI application portfolio, boost commercial expansion, and advance its regulatory strategy to secure FDA approval.
Proscia, a Philadelphia-based provider of digital and
computational pathology solutions, today announced it has secured $23M in
Series B funding led by Scale
Venture Partners, with participation from Hitachi Ventures, the strategic
corporate venture capital arm of Hitachi,
Ltd., bringing its funding total to $35 million.
Importance of Pathology
Pathology is at the center of cancer
diagnosis and guides a patient’s entire cancer journey, yet pathologists and
their ability to diagnose cancer are largely dependent on the microscope that
has been in place for 150 years. The limitations of the microscope and the
subjectivity involved in assessing tumors contribute to diagnostic error,
resulting in negative patient outcomes and economic burden to the healthcare
Creating tools to find data — and fight
Founded in 2014 by a team of clinicians at Johns Hopkins and
the University of Pittsburgh, Proscia is a software company that is changing
the way the world practices pathology to transform cancer research and diagnosis.
With its Concentriq®
software platform, Proscia is accelerating the transformation to digital
pathology, which centers around high-resolution images of tissue biopsies, as
the new standard of care. Concentriq combines enterprise scalability with
powerful AI applications to help laboratories, health systems, and life
sciences companies unlock new insights, accelerate breakthroughs, and improve
Since closing its Series A round in 2018, Proscia has
amassed a customer base of laboratory titans and digital pathology pioneers as
well as 10 of the top 20 pharmaceutical companies. This includes Johns Hopkins
School of Medicine and the Joint Pathology Center (JPC), the premiere pathology
reference center for the U.S. government. JPC selected
Concentriq to drive a complete modernization of its pathology practice and
digitize the world’s largest human tissue repository of over 55 million slides,
unleashing a transformative wave of biomedical research. Proscia also recently
established a Computational
Pathology Center of Excellence with University Medical Center (UMC)
Utrecht, one of the first organizations in the world to implement digital
pathology. As part of this collaboration, UMC Utrecht will deploy Proscia’s AI
applications into its high-throughput workflows leveraging Concentriq.
COVID-19 Drives Growing Adoption of Digital Pathology
Proscia’s commercial traction comes amid a surge in digital
pathology adoption. Laboratories have increasingly shifted to digital to
overcome the manual and subjective nature of the traditional standard of care
and keep pace with the rising cancer burden. In the U.S. alone, pathologists
have faced a 42% rise in diagnostic workload over the last decade, a challenge
that will continue to intensify as the total number of cancer cases is
projected to increase by 55% by 2030. Recently, laboratories have been implementing
digital pathology to maintain operations during the COVID-19 pandemic, as
digitization is the only means by which they can continue to serve patients.
The infusion of capital will enable Proscia to continue to
meet growing demand for digital pathology across research and diagnostics. The
company will use the funds to accelerate commercial expansion, ramping up its
global sales, marketing, and support teams. Proscia will also further drive
pathology’s data-driven future by expanding its data assets and AI application
portfolio, building off of the initial success of its DermAI™ application. The
investment will additionally advance Proscia’s regulatory strategy to secure
FDA clearance, drawing on the foundation that the company has established with
its CE Mark and MDSAP certification.
“We are excited for this next milestone in our journey,”
said David West, CEO of Proscia. “Over the past few years, we have battle
tested Concentriq at leading organizations and demonstrated the unprecedented
potential of AI. In welcoming Scale Venture Partners and Hitachi Ventures to
the Proscia team, we are better positioned than ever before to drive a
transformation that will impact millions of cancer patients and their
What You Should Know:
– M12, Microsoft’s venture fund invests
in Andor Health’s AI-driven virtual health platform.
– The funds will be used for accelerating
sales and marketing by expanding into new markets beyond the U.S. Additionally, the funds will be leveraged for
investing in enhanced R&D engineering.
Andor Health, the company that harnesses machine and human intelligence to change the way care teams connect and collaborate, announced a successful Series A fundraise led by M12, Microsoft’s venture fund. M12’s investment in Andor Health comes as the company has shown quick growth and success with ThinkAndor its artificial intelligence and machine learning-powered virtual health platform.
Real-Time Care Collaboration
Over the last decade, data stored in electronic medical record (EMR) systems has grown by over 200%. As a result, physicians and nurses spend too much of their time staring at screens and searching for information – than caring for patients. Burdened by information overload and alert fatigue, it’s no wonder clinician stress and burnout are such a widespread problem.
Founded in 2018, Andor Health provides clinicians a better way of accessing real-time actionable intelligence – when and where they need it to make more efficient treatment decisions for patients. Andor Health’s ThinkAndor uses AI and machine learning to help configure the pre-and post-visit patient experience, while the AI virtual assistant delivers relevant clinical content from the electronic health record (EHR) in the virtual health session. ThinkAndor improves the delivery of virtual care in a number of unique ways, including:
-Securely bringing patient and clinical
context from source systems, like the EHR, directly into virtual visits
-Enabling natural language processing for
voice dictated notes and recommending tasks to be pushed into the EHR
-AI/Bot driven configuration of virtual
-Managing and configuring a virtual
-Enabling post-visit triggers and
notifications to clinicians and care team members.
“I am proud that Andor chose M12 to lead their Series A round. Their ML-powered virtual patient care platform is already demonstrating positive ROI for their customers, mitigating appointment drop-off and saving physicians time during patient encounters,” said Microsoft Corporate Vice President and Global Head of M12, Nagraj Kashyap. “While the global pandemic has accelerated the pace of change, virtual health interactions and transactions are here to stay. Andor Health’s capabilities are critical in the new normal.”
M12, Microsoft’s venture fund, invests in enterprise software companies primarily in the
Series A through C funding stages with a focus on applied AI, business
applications, infrastructure, security, and vanguard technologies. As part of
its value-add to portfolio companies, M12 offers unique access to strategic
go-to-market resources and relationships globally. M12 has offices in San
Francisco, Seattle, London, Tel Aviv, and Bengaluru.
What You Should Know:
– The company originally filed
an IPO to raise $30 million by offering 5 million shares at a price range of $5
to $7 last month to list on the Nasdaq under the symbol GMVD.
– The recent withdrawal marks the company’s second
attempt to go public in the US, previously filing in May 2019 and withdrawing
the following August. The company was also previously listed on the ASX (GMV)
but recently delisted its shares.
– G Medical Innovations is an early commercial-stage healthcare company developing app-based connected medical devices for vital signs monitoring. The company’s current product offerings include Prizma medical device, a clinical-grade device used to transform smartphones into medical monitoring devices, and Extended Holter Patch System, a multi-channel patient-worn biosensor that captures electrocardiogram data continuously for up to 14 days.
– The company reported $5M in revenue for the 12 months
ended June 30, 2020.
What You Should Know:
– WELL Health raises $45M in Series C funding to
transform patient communication for healthcare providers, payers, and ACOs.
– WELL Health enables conversations between patients and
healthcare organizations through secure, multilingual messaging in the
patient’s preferred communications channel: texting, email, telephone, and live
Well Health Inc., a Santa
Barbara, CA-based provider of patient communications, today announced a $45
million Series C funding round led by Lead Edge Capital, bringing
total funds raised to $75 million since its founding in 2015. Additional
participants include Martin Ventures, the
healthcare-focused venture capital firm founded by executive, investor, and
entrepreneur, Charlie Martin, and existing investors Jackson Square Ventures, Health Velocity Capital, Summation Health Ventures, Structure Capital and Freestyle Capital. This is
the first investment publicly announced by WELL Health and follows more than
100 percent cumulative annual growth every year since its founding.
Improving Patient Conversations for A Better Healthcare Experience
Healthcare providers, payers and ACOs are under tremendous
pressure to innovate their patient-engagement methods. Founded in 2015, WELL
Health’s intelligent communications hub is the only two-way digital health
solution engaging patients throughout their entire care experience from patient
acquisition to service delivery and ultimately at their homes. WELL Health
enables conversations between patients and healthcare organizations through
secure, multilingual messaging in the patient’s preferred communications
channel: texting, email, telephone, and live chat. By unifying and automating
patient interactions across an organization, WELL Health’s technology enables
greater efficiency, improved patient experience, better coordination among
provider staff, and stronger patient loyalty.
Dana Gelb Safran, Sc.D. Joins WELL Health
WELL Health also announced that industry veteran Dana Gelb
Safran, Sc.D. has joined as Senior Vice President, Value Based Care and
Population Health. In her new role as SVP, Value Based Care and Population
Health, Dr. Safran will expand WELL’s uses to improve healthcare quality,
outcomes and affordability through partnerships with payers and Accountable
Care Organization (ACO) providers.
This Series C news follows a recently announced collaboration between WELL and Cerner Corporation, an electronic health records (EHR) leader, making WELL Health the patient-communication solution for Cerner’s customers. With solutions for health systems, provider practices, home health organizations, federally qualified health centers (FQHCs) and other provider organizations, WELL Health’s intelligent communications hub integrates with all major EHRs and patient payment platforms safely and securely.
“WELL delivers what patients expect today – the ability to engage with their healthcare provider as easily as they’d text a friend,” said Guillaume de Zwirek, CEO and founder, Well Health Inc. “Although the pandemic fueled the adoption of digital health by many healthcare providers, patients today expect real-time, personalized communication, an expectation that will never fade. This year alone, WELL technology will enable 200k+ healthcare providers to send more than 1 billion messages with 30+ million patients.”
What You Should
$91 million in new funding to accelerate the life sciences industry’s shift to
digital and decentralized clinical trials, bringing Medable’s total capital
raised to more than $136M.
– Medable has played a pivotal role in enabling clinical trials during the COVID-19 pandemic, facilitating the continuation of existing research via remote care as well as accelerating the development of vaccines and therapeutics for COVID-19.
Medable, Inc., a
Palo Alto, CA-based global platform for decentralized clinical trials, announced
it has raised $91M in Series C funding led by Sapphire Ventures, with participation
from existing investors GSR
Ventures, PPD, Inc. and Streamlined Ventures.
Global Decentralized Clinical Trial Platform
Founded in 2015 by Dr. Michelle Longmire and Tim Smith, Medable’s
flexible and modular software platform enables clinical leaders to shift from
clinic-centric to patient-centric research strategies. The platform provides a
unified experience for patients and clinicians, enabling recruitment, remote
screening, electronic consent, clinical outcomes assessment (eCOA), eSource,
telemedicine, and connected devices.
COVID-19 Pandemic Underscores Importance of Decentralized
Medable has played a pivotal role in enabling clinical trials during the COVID-19 pandemic, facilitating the continuation of existing research via remote care as well as accelerating the development of vaccines and therapeutics for COVID-19.
“The pandemic has made the world aware of the importance of clinical drug development,” said Dr. Michelle Longmire, CEO and co-founder of Medable. “We need transformative technologies that break down critical barriers to improve patient access, experience and outcomes. This new funding will enable Medable to continue our aggressive pursuit of new technologies that improve clinical trials to benefit all patients.”
Medable’s revenue grew revenues by more than 500% in 2020 as
the company has seen rapid eCOA adoption, driving the field forward with
enhancements including connected devices and telemedicine. The COVID-19
pandemic has driven demand for remote clinical trial technologies, and Medable
is enabling complex research protocols to be conducted remotely through its
platform. By minimizing the need for in-person site visits, Medable customers
have achieved unprecedented results – including 3X faster enrollment and over
90 percent retention rates.
What You Should Know:
– Microsoft launches a dedicated HealthTech Startup Program and partners with startup incubator Social Alpha to accelerate the growth of healthtech startups in India.
– Selected startups into the program will benefit from
focused healthcare industry teams, co-innovation and collaboration, and
Microsoft AI for healthcare.
Today, Microsoft has announced the launch of a
startup program to drive healthcare innovation in India. India faces an
increasing number of healthcare challenges with a lack of infrastructure,
uneven doctor to patient ratio, and an increase in demand for healthcare
services. The program is designed
to help startups
scale with advanced technology and joint go-to-market support.
Startup Program Approach
Spread across three tiers,
the program offers a range of benefits:
– All startups: Qualified Seed to Series C startups can boost
their business with Azure benefits (including free credits), unlimited
technical support and go-to-market resources with support for Azure Marketplace
startups: Startups with
enterprise-ready solutions can scale quickly with joint go-to-market
strategies, technical support and new sales opportunities with Microsoft’s
– Co-build startups: Startups that are looking to create healthcare solutions have access to Microsoft Cloud for Healthcare, the first industry-specific cloud that brings together trusted and integrated capabilities to enrich patient engagement and connects teams for improved collaboration, decision-making, and operational efficiencies
Being forced by the global pandemic to rethink how healthcare services across the world operate, startups in this industry are reimagining solutions for some of the most pressing healthcare challenges. Technology innovation with advanced data and analytics capabilities is a critical enabler as we build trusted and reliable solutions at scale. The Microsoft for Healthtech Startups program deepens our focus on specific industries and is aimed to accelerate the growth journeys of startups with the best tech enablement and business resources,” said Sangeeta Bavi, Director – Startup Ecosystem, Microsoft India.
Partnership with Startup Incubator Social Alpha
In addition to the healthtech program launch, Microsoft is also collaborating with startup incubator Social Alpha to accelerate the growth of participating startups. To date, Social Alpha has supported over 20 healthtech startups working across devices, diagnostics, treatment, access and quality/UX.
The collaboration with Social Alpha will provide healthtech
startups programmatic support through product innovation labs, sandbox pilots
and structured incubation initiatives that offer knowledge services, bootcamps
and masterclass sessions with mentors as well as tech and industry experts.
As the startups accelerate, they receive access to
go-to-market resources, ecosystem networking, angel networks and investor
forums. Social Alpha supports entrepreneurs and innovators that enable social,
economic and environmental change through their ‘lab to market’ journey by
building access to technology and business incubation initiatives.
What You Should Know:
– Today, K Health,
the data-driven digital primary care system with 4 million users (+ Anthem
partner), announced a first-of-its-kind collaboration with Mayo Clinic’s Clinic
Data Analytics Platform.
– In addition, K Health raised $42M Series D funding from investors like Valor Equity Partners who bring a wealth of artificial intelligence expertise (investors in Dataminr, SpaceX, Tesla), and Jay-Z’s fund Marcy Venture Partners.
the data-driven digital primary care system, announces today it raised $42M in
Series D funding, led by Valor Equity Partners. Additional investors include
Marcy Venture Partners, Atreides Management, PICO Venture Partners as well as
existing investors 14W and Max Ventures. Valor Equity Partners’ Founder and CEO
Antonio Gracias, who sits on the boards of SpaceX and Tesla, will join K Health’s
board as an observer.
To date, more than one million new people have turned to K
Health for their Primary Care and Mental Health needs since the onset of the
COVID-19 pandemic. K Health makes it possible for people to receive
comprehensive medical insights and immediate care from the comfort of their
homes. K Health is able to connect people to its fleet of certified doctors,
for both acute illnesses or chronic conditions, within minutes, at remarkably
affordable prices, regardless of insurance status.
Mayo Clinic Partnership Details
In addition the round of funding, K Health announced a
collaboration with Mayo
Clinic through the Mayo Clinic Platform. The joint work focuses on
improving and accelerating the deployment of virtual care models to improve
patient-centric care. This partnership includes providing clinical
decision support tools for Mayo Clinic patients and doctors and helping
patients receive autonomous care. This relationship advances the current K
acute model, but more substantially allows for the creation of numerous chronic
and continuous care model products.
The collaboration with Mayo Clinic aims to enhance clinical
decision support tools. Data insights from Mayo’s Clinical Data Analytics
Platform will validate K Health algorithms through a federated learning model
that facilitates machine learning without transferring data. The data insights
will boost “like me” cohort models, giving K’s datasets a vastly larger pool of
knowledge to incorporate. This relationship advances the current K acute model,
but more substantially, it allows for creating numerous chronic and continuous
care model products.
“Mayo’s powerful medical insights will allow us to continue to offer remote and intelligent primary and chronic care at a cost dramatically lower than what most can access today,” said Ran Shaul, Co-Founder and Chief Product Officer at K Health. “By collaborating with Mayo Clinic, one of the world’s most respected medical institutions, we are further improving our diagnostic accuracy and reach.”
What You Should Know:
– Upfront Healthcare has raised $11.5 million in its Series B with new investor Baird Capital co-leading the round with existing investor LRVHealth (venture capital arm for 22 health systems, payers, and vendors).
– Upfront’s Enterprise Care Traffic Control Platform is
the multi-channel patient communication hub that activates every patient to get
the care they need at the appropriate clinical service throughout their care
Upfront Healthcare, a leading omnichannel communication, and patient engagement platform raised $11.5 million in a Series B funding round, led by new investor Baird Capital and co-led by existing investor LRVHealth, along with participation from Series A investors Echo Health Ventures, Nashville Capital Network, and Hyde Park Venture Partners. Upfront has received $21.5 million in financing to date.
Automated Patient Navigation and Engagement
Founded in 2016, Upfront has built a foundational platform designed to grow with health system clients and their ever-changing needs. Upfront provides extensible patient solutions that continuously guide and motivate all patients to complete necessary care at the most appropriate site or with the most applicable service. Upfront engages patients across multiple channels, presenting personalized, curated content, and culturally relevant information. Under the hood, Upfront is powered by a library of data connectors, integrated machine learning capabilities, and an enterprise orchestration engine.
Upfront’s automated patient navigation and engagement platform use advanced analytics, strategic prioritization, and effective engagement to convert actions without adding care managers, access managers, or administrative staff. Upfront’s unique approach to patient engagement eliminates the cumbersome App download process and does not require patients to remember a username and password. This approach removes barriers to adoption and delivers a convenient and easy to use experience. The company’s dynamic, responsively designed microsites are secure, HIPAA compliant, and compatible with any device.
COVID-19 Pandemic Underscores Need for Care Traffic
Patient confusion, frustration, and distrust peaked over the last twelve months with the expansion of health system sites of care and services and the COVID-19 pandemic. As a result, the demand for Care Traffic Control solutions that can transform a fragmented collection of services into a coherent, well-designed ecosystem drove rapid growth, doubling Upfront’s revenue year over year.
In addition, health systems accelerated their digital health
strategies to engage patients and regain trust, increasing the adoption of
Upfront at existing clients more than 10x. The additional funds will support
the implementation of these evolving health system and patient needs,
accelerate the product roadmap, and expand sales and marketing.
“We set out more than four years ago to help patients navigate the complexities of the healthcare system by delivering a cohesive and frictionless experience, and we have made great progress toward that goal,” said Albert, Upfront’s CEO. “We are excited to partner with leading investor Baird Capital and eager to work together to continue to invest in our platform to make a larger impact for patients and providers.”
What You Should Know:
– COTA, Inc., a healthcare technology company that uses
real-world data to bring clarity to cancer care, has secured $34M in funding.
– Access to over one million patient data records and additional
funding support enhanced real-world data and analytics services in oncology.
COTA, Inc., a Boston, MA-based healthcare technology company that uses real-world data to bring clarity to cancer care, today announced it has raised $34 million in Series D funding led by Baptist Health South Florida and ONC Capital with participation from EW Healthcare, Horizon BCBS and other existing investors. This also includes a $20M investment from Varian, who negotiated an option to acquire COTA at a later date.
Bringing Clarity to Cancer
COTA was founded in 2011 by a team of doctors, engineers,
and data scientists to create clarity from fragmented and often-inaccessible
real-world data. The company organizes fragmented, often hidden data from the
real world to provide clarity in cancer care. Combining clinical expertise in
cancer with proprietary technology and advanced analytics, COTA’s platform
helps inform decisions and action in oncology. COTA partners with
providers, payers, and life science companies to ensure that everyone touched
by cancer has a clear path to the right care.
COTA offerings include:
Providers: Curate EHR data that can be
used to drive research and standardization in order to improve patient outcomes
while also reducing costs at your institution.
Payers: Make clinical sense of claims data, providing
insight into performance and related outcomes across sites in order to support
value-based payment models.
Life Sciences: Deeplycurated real-world data accelerates drug development informing the decisions and actions that will deliver the best drugs to patients faster and at a lower cost.
The company will use the latest round of funding to expand
its data access by over 300%, which now well exceeds one million oncology
patient records. This growth will support the company’s commitment to
accelerating the use of real-world data to improve patient outcomes and
increase efficiency in oncology drug development. data helps life science
partners answer key research questions, and in 2020 alone, COTA is projected to
double its life science customers, growing from 8 to 16.
“COTA is proud to receive this validation from leading institutions across the oncology ecosystem.” said Michael Doyle, President and CEO of COTA. “The additional capital combined with our increased data access positions COTA for tremendous growth and enables us to drive innovation in oncology using real-world data. Our high-quality data and technology solutions will improve how cancer is treated and provide much needed clarity to patients as they navigate their cancer journey.”
What You Should Know:
– Buoy Health raises $37.5 million in Series C funding to
expand it’s AI-powered healthcare navigation platform, bringing its total raised
to date at $66.5M.
– Buoy will use the proceeds to further build out its IP with respect to artificial intelligence and other technologies, as well as grow the Buoy team.
Buoy Health, a
Boston, MA-based AI-powered
healthcare navigation platform, today announced the completion of a $37.5
million Series C funding round. Cigna Ventures and Humana led the funding round
and were joined by Optum Ventures,
WR Hambrecht + Co, and Trustbridge Partners. To date,
Buoy has raised $66.5 million.
AI-Powered Healthcare Navigation
Today, hospitals and insurance companies are increasingly
investing in digital health innovations like Buoy to solve problems related to
accessing the healthcare system and helping patients to get to the right care
setting on the first attempt. By
addressing the problem that happens when people attempt to search their
Founded in 2014 by a team of doctors and computer scientists working at the
Harvard Innovation Laboratory, Buoy Health uses AI technology to provide
personalized clinical support the moment an individual has a health concern. Buoy
navigates people through the healthcare system intelligently, delivering triage
at scale, and connecting them with the right care endpoints at the right time
based on self-reported symptoms.
Buoy will use the proceeds to further build out its IP with respect to artificial intelligence and other technologies, as well as grow the Buoy team. The fundraise will advance Buoy’s clinical and insurance-based navigation capabilities to help move the individual to a more consumer-friendly healthcare journey.
As of the Series C close, Buoy has helped nearly one million
Americans assess symptoms and locate the best places for them to seek care in
their community during the COVID-19 pandemic. As one of the first digital
health companies in the U.S. to respond to the pandemic, Buoy was an early
leader in connecting individuals to care at the right time, saving more than
29,764 medical professionals’ hours, or 1,240 days.
Buoy also launched Back With Care, an employer platform that
provides health resource navigation, risk assessment and personalized guidance
for the transition back into the workplace for employers and employees across
the country. With numerous tech companies and large healthcare organizations launching
consumer-centric offerings to tackle this issue, Buoy remains committed to
humanizing the healthcare journey and assessing the COVID-19 risk in connection
with getting back to physical offices.
“We are honored by the continued support and commitment in Buoy from many of the industry’s most influential insurers and are proud to be working with a group of investors that truly believe in our mission to make healthcare more personalized and convenient,” said Andrew Le, MD, CEO and co-founder of Buoy Health.
Le continued, “Buoy was founded on the idea that turning to the internet for answers when you are sick can be overwhelming, confusing, and inefficient. I’m proud of the work we’ve done to help more than 9 million individuals make more informed decisions for their health, and the tools we have built to help consumers and employers navigate COVID-19. From the moment an individual has questions about their health, to ensuring they get the support they need as they seek care, Buoy will serve as the sidewalk to every possible front door of care, navigating the individual through their healthcare journey.”
What You Should Know:
– Israeli-based Peregrine Ventures launches a new $300 million venture capital fund named Peregrine Growth to focus on late-stage life science companies.
– Peregrine Growth will invest $20 to $30 million per funding round, with a strong emphasis on companies that are on the verge of an IPO or M&A.
Peregrine Ventures, one of Israel’s premier venture capital firms focused on the life sciences, today announced the launch of a new growth fund, Peregrine Growth, focused on late-stage life science companies. Peregrine closed $101 million of the planned $300 million fund, with the participation of leading Israeli institutional investors and is currently aiming to raise additional funds from institutional investors and family offices worldwide.
Peregrine Growth Fund Investment Thesis
Peregrine Growth will invest $20 to $30 million per funding round, with a strong emphasis on companies that are on the verge of an IPO or M&A. Peregrine invests in sectors such as medical devices, pharma, and digital health. Peregrine Growth is Peregrine Ventures’ fifth fund, and first growth fund, and follows Peregrine IV, which closed in December 2019 after raising $115 million. The performance of Peregrine’s portfolio places the firm in the upper quartile of IRR results for all venture capital firms in global benchmarks.
“We’re very excited to launch this new fund and believe that late stage life science companies present an excellent investment opportunity,” said Eyal Lifschitz, managing partner and co-founder at Peregrine Ventures. “This new fund focusses Peregrine’s nearly 20 years’ experience in life science investing at all stages, on companies that are at an incredibly exciting time: on the cusp of an IPO or M&A. Our deep familiarity with the life science industry and close ties with strategic partners, allow us to know which late stage company to support and the exact timing of the investment that will yield the best returns for our partners.”
Portfolio Companies & Successful Exits to Date
Peregrine’s portfolio companies completed exits totaling
more than $2 billion to date, among them Valtech and Neovasc, among the largest
exits in the field of medical devices in Israel’s history. Additionally,
Peregrine’s portfolio includes mature growth companies worth hundreds of
millions of dollars. The fund has invested in and helped develop numerous
successful companies in the medtech field, including medical devices, biotech,
pharma, esthetics, and digital health, such as Memic, CartiHeal, Cordio and
A number of Peregrine’s current portfolio companies have
pivoted to use their technologies to combat the coronavirus. Among them, Cordio’s noninvasive
technology is able to remotely monitor and diagnose the status of COVID-19
patients based on the analysis of their speech pattern sampled with the use of
a cellular application.
Peregrine was founded in 2001 by serial entrepreneurs Eyal
Lifschitz and Boaz Lifschitz. In the 1990s, the two brothers had co-founded the
biomedical device companies Visioncare Ophthalmic Technologies and BioControl,
and also led the business development efforts of companies such as PharmaSys
(acquired by Elan Corp. NYSE:ELN) and ECR (acquired by AVX Corp. NYSE:AVX).
After the establishment of Peregrine, the co-founders were joined by partners
Tamir Tal Lior Shahory, David Eldar and Tal Carasso. The firm has become a
prominent investor in Israel’s medical, life science and biotech sectors with a
specific focus on medical devices.
What You Should Know:
– Cardiopulmonary digital health company Eko raises $65M
in Series C funding to close the gap between virtual and in-person heart and
– The latest round of funding will enable Eko to expand
in-clinic use of its platform of telehealth and AI algorithms for disease
screening and to launch a monitoring program for cardiopulmonary patients at
today announced $65 million in Series C funding led by Highland Capital
Partners and Questa Capital, with participation from Artis Ventures, DigiTx
Partners, NTTVC, 3M Ventures, and other new and existing investors. The new
funding will be used to expand in-clinic use of the company’s platform of telehealth
algorithms for disease screening, and to launch a monitoring program for
cardiopulmonary patients at home.
Eko was founded in 2013 to improve heart and lung care for
patients through advanced sensors, digital technology, and novel AI algorithms.
The company reinvented the stethoscope and introduced the first combined
handheld digital stethoscope and electrocardiogram (ECG). Eko’s FDA-cleared AI
analysis algorithms help detect heart rhythm abnormalities and structural heart
disease. Eko seeks to make AI analysis the standard for every physical exam. The
company recently launched Eko AI and Eko Telehealth to combat the needs of the COVID-19
Eko Telehealth delivers:
– AI-powered and FDA-cleared identification of heart murmurs
and atrial fibrillation (AFib), assisting providers in the detection and
monitoring of heart disease during virtual visits
– Lung and heart sound live-streaming for a thorough virtual
– Single-lead ECG live-streaming, enabling providers to
assess for rhythm abnormalities
– Embedded HIPAA-compliant video conferencing, or can work
alongside the video conferencing platform a health system has in place
Symptoms of valvular heart disease and AFib often go
undiagnosed during routine physical exams. With the development of Eko’s AI
screening algorithms, clinicians are able to harness state-of-the-art machine
learning to detect heart disease at the earliest point of care regardless if
the patient visit is in-person or remote.
“We are thrilled that our new investors have joined our journey and our existing investors have reaffirmed their support for Eko,” said Connor Landgraf, CEO and co-founder at Eko. “The explosion in demand for virtual cardiac and pulmonary care has driven Eko’s rapid expansion at thousands of hospitals and healthcare facilities, and we are excited for how this funding will accelerate the growth of our cardiopulmonary platform.”
What You Should Know:
– Tampa General Hospital announces its plan to launch a new
healthcare innovation venture fund to improve the quality and access to care
across the Tampa/St. Pete metro area in Q1 2021.
– Through TGH InnoVentures, Tampa General will partner
with Embarc Collective, Tampa Bay’s innovation hub and education nonprofit
dedicated to helping startups grow into scalable, thriving businesses.
Today, Tampa General Hospital
President and Chief Executive Officer John Couris announced the creation of
Tampa General Hospital’s InnoVentures, a venture capital healthcare innovation fund
focused on early-stage startups
and direct investments. With the inauguration of TGH InnoVentures, Tampa
General will join an elite group of the nation’s leading medical centers
engaged in venture capital investing.
“TGH InnoVentures is a critical ingredient in our strategic vision to become the safest and most innovative academic health system in America,” said Couris. “It has the potential to be a game-changer for both the organization and the health care industry. First and foremost, TGH InnoVentures will allow us to develop innovative solutions to improve the quality and access to care right here at Tampa General. At the same time, TGH InnoVentures will provide us a platform to invest both resources and funds into emerging companies and technology that will have the ability to significantly improve the delivery of health care within our region, state, and even nationally.”
TGH InnoVentures Investment Approach
TGH InnoVentures will be comprised of three primary vehicles:
1. The TGH Innovation Lab will serve as an onsite program
designed to support team members and physicians in improving operational
efficiencies and solving problems within the organization. Through the TGH
Accelerator program, the organization will invest and nurture early-stage
health care or health care delivery companies as they prepare their business
for the market.
2. Function as a living-learning laboratory engaging team
members and physician-scientists, as well as emerging companies, providing
space, expertise, and access to organizational resources in addition to direct
3. Directly invest in health care and healthcare-related
Partnership with Embarc Collective
Through TGH InnoVentures, Tampa General will partner with Embarc Collective, Tampa Bay’s
innovation hub and education nonprofit dedicated to helping startups grow into
scalable, thriving businesses. TGH InnoVentures will serve as Embarc
Collective’s healthcare partner, taking up residence in their 32,000 square
foot facility, located at 802 E Whiting St in Tampa, Florida.
TGH InnoVentures is the latest site to be located in Tampa’s developing medical district, which is comprised of research, clinical care, and educational buildings clustered together to create an environment that will spur innovation and collaboration, and further attract private equity, venture capital, and biosciences.
Official Launch Date
TGH InnoVentures will officially launch in the first quarter
Most of the digital health experts we spoke to for this issue of Deep Dive made one thing clear – no one can really say what the future holds for digital tech in the pharma and healthcare industries.
But this isn’t necessarily a bad thing – our interviewees also stressed that if companies can remain adaptable and innovative, there are myriad opportunities to thrive during and after COVID-19. In this issue we hone in on some of the tech that is set to change healthcare forever – including VR, AI and digital therapeutics – and look at how pharma can best harness themWe also examine how the pandemic is affecting digital sales, patient support programmes and HCP consultations, and speak to some exciting digital start-ups that are bringing new ways of managing health into systems like the NHS.
The key elements driving the success of digital health
Ahead of Frontiers Health 2020, steering committee members Roberto Ascione and Paul Tunnah from Healthware give us their thoughts on the trends driving the bright future of digital health
A “pivotal moment” for digital health adoption
Former chief digital officer for the NHS, Juliet Bauer, is now applying her experience to the private sector through video consultation firm Livi. She shares her thoughts on how well the NHS is integrating digital health and what the public and private sectors can do to further boost adoption
What will the digital health ecosystem look like post-COVID?
Digital health had already been building a presence before the pandemic, but the tools it offers have been essential to counter the disruption caused by the coronavirus, reports Richard Staines
Germany’s digital health changes will boost digital therapeutics in Europe
Digital therapeutics are gaining momentum worldwide and offer developers, including pharma, both a huge opportunity and a stimulating market access challenge, say Olaf Schoeman and Emanuele Arcà
Digital therapeutics: Why human psychology is key to adoption
How can we boost low adherence rates for digital therapeutics? The psychology of the ‘therapeutic alliance’ might help
Navigating the NHS as a digital start-up
We speak to finalists from the Greater Manchester Future of Health accelerator to find out how digital start-ups can overcome the challenges small companies face in bringing their technologies into the NHS
Building the infrastructure for successful digital health start-ups
2020 might go down as the year digital health truly begun to boom – but to continue thriving, health tech start-ups will need a strong support network and an environment that fosters innovation.
Two decades of digital: the changing habits of pharma and HCPs
When Chris Cooper launched his ‘European Prescriber Guide’ software twenty years ago, he was among a select few taking digital in pharma seriously. He tells pharmaphorum how pharma can learn from the past to enter an innovative future
Thriving in COVID-19 with flexible marketing strategies
Pharma sales is set to change forever. To keep afloat in the current climate, teams need to embrace flexibility and remember that traditional content won’t work in new contexts, say experts from Syneos Health
VR, COVID and ensuring safety with cutting-edge tech
Not too long ago virtual reality (VR) tech might have seemed like a dream, but now it’s being harnessed by the healthcare industry for a wide variety of purposes
3 innovations booming during COVID and how to adopt them successfully
Research Partnership’s Vicki Newlove explores research into digital change during COVID-19 to find out what business questions pharma needs to address to succeed with innovations.
A new dawn for clinical trial management
It’s time for pharma to take a 360-degree view of its clinical trial data and step into the future with near real-time study management.
• Read the latest issue Deep Dive: Digital Health Innovation 2020 in full
pharmaphorum’s digital magazine Deep Dive provides objective, issue-driven views, analysis, high-level interviews and unique research for pharmaceutical companies, biotech firms and the wider healthcare sector.
In 2020 Deep Dive will have special focuses on disruptive technologies in pharma, R&D innovation, market access and commercialisation, oncology, sales & marketing innovation, digital health and patient engagement. Subscribe to future issues of Deep Dive.
The post Deep Dive: Digital Health Innovation 2020 appeared first on .
What You Should Know:
announced their Series A round (combined seed and Series A) of $12.9M led by
Sante Ventures and new innovation VC, Intuitive Ventures.
– KēlaHealth, is a surgical intelligence engine that
applies a dynamic cycle of patient-specific predictions, stratified
interventions, and outcomes tracking to reduce surgical complications
– KēlaHealth is the first investment for Intuitive
Ventures, a new innovation fund spun out of Intuitive Surgical, Inc.
a San Francisco, CA-based surgical intelligence platform that applies a dynamic
cycle of patient-specific predictions, stratified interventions, and outcomes
tracking to reduce surgical complications, today announced the closing of
a $2.9 million Seed financing and milestone-based $10 million Series
A financing led by Santé Ventures and Intuitive Ventures, and inclusive of grant
funding from the National Science Foundation Small Business Innovation Research
(SBIR) Program. These funds will accelerate the expansion of the KēlaHealth
platform to hospitals and surgical partners across the United States. KēlaHealth
is the first investment for Intuitive Ventures, a new innovation fund spun out
of Intuitive Surgical, Inc.
Learning Ecosystem to Improve Surgical Care Outcomes
Founded by Bora Chang, MD, with a goal of harnessing machine
learning algorithms to reduce patient surgical complications and improve
outcomes. KēlaHealth uses advanced artificial intelligence techniques to
deliver a cloud-based software-as-a-service solution to healthcare providers,
surgeons, and hospital systems.
In the U.S., 51 million surgeries are performed annually, with an average complication rate of 15 percent. This results in millions of patients suffering harm and loss after a procedure. Tragically, half of these complications are known to be avoidable and contribute to $77 billion in wasted healthcare costs each year
KēlaHealth helps to prevent these avoidable complications
while enhancing surgical care by delivering stratified patient risk scoring.
The company’s state-of-the-art platform uses machine learning algorithms to
match individual risk levels with graduated pathways of care that align with
the unique needs of each surgical patient.
These personalized efforts bring surgery into a new era of
precision medicine: with KēlaHealth, surgeons can match the right patient with
the right procedure with the right precautions at the right time, leading to
improved patient outcomes and significant hospital savings.
To date, KēlaHealth’s hospital partners have applied the
company’s AI-powered platform in colorectal, vascular, cardiac, and orthopedics
The company has participated in highly selective accelerator
programs such as Cedars-Sinai Techstars Accelerator, Healthbox Studio, and Plug
Dr. Chang, CEO of KēlaHealth added: “Our vision is to apply the lessons learned from millions of previous surgeries for the benefit of every patient undergoing a procedure. Patients and their families, clinicians, and hospitals deserve the assurance that the risks of any surgery will be safely navigated by surgical teams with the best information available to them at every point in the surgical journey. We are thrilled to have a stellar group of surgeons, hospital centers, investors, and advisors working with us to realize the opportunity of precision surgery.”
What You Should Know:
– Nice Healthcare raises
$5M in seed funding to power the next phase of growth of its in-home and
virtual primary care services.
– Nice contracts directly with employers to provide
unlimited access to its service under a transparent and capitated rate of $30 –
$36 per employee per month.
Nice Healthcare, a Minneapolis, MN-based provider of in-home and virtual primary care services, today announced it has raised $5 million in seed funding to pioneer the next phase of “Frictionless Primary Care”. The seed round was led by Conductive Ventures and Waterline Ventures with existing participation from Indie.vc. Bryce Roberts of Indie.vc and Robbie Greenglass of Waterline Ventures will join the Nice Healthcare board of directors.
Free & Unlimited Primary Healthcare
Founded in 2017, Nice Healthcare is a provider of
“Frictionless Primary Care”, primary care in which financial friction and
access friction has been eliminated for both patients and clinicians. Nice
Healthcare brings healthcare services into the patient’s home using a combination
of in-person and virtual
visits. Nice contracts directly with employers to provide unlimited access
to its service under a transparent and capitated rate of $30 – $36 per employee
Dependents are free and there are no visit fees billed to the patients for any of Nice’s services which include in-home primary care visits, virtual visits, 550+ prescriptions, in-home labs, in-home x-rays, and virtual physical therapy and chronic condition management. The company’s customers include small and medium-sized businesses.
“We made a couple of big bets that are really paying off. A belief that bricks and mortar clinics and fee for service has failed patients and clinicians,” explains co-founder and CEO, Thompson Aderinkomi. “Our model of bringing care to the patient – whether that is virtually or by sending a provider to the patient’s home – has never been more attractive to our patients. Pair that with a low, transparent, fixed, capitated rate of $30-$36 per employee per month for our services and we have suddenly established a new paradigm for how patients and providers develop a relationship.”
The Company plans to use the funds to launch its model of care into several new markets. By expanding its offering to include over 550 acute and chronic medications free of charge as well as virtual physical therapy to address the musculoskeletal needs of its patients, Nice is broadening the ways members engage with their Nice provider. Genevieve Swenson, co-Founder and COO, and FNP stated.
“We want every one of our members to know that we are in their corner. Whether they are healthy, have the sniffles, or are managing chronic health conditions, a Nice healthcare provider is going to be able to engage with them and help them accomplish their goals. Expanding our prescription formulary and adding access to licensed physical therapists are the two newest examples of how we are broadening ways we can help”.
Nice works closely with these companies to deliver the highest level of care to their employees.
“When we decided to offer Nice to our employees, we did so because we believed that improving access to primary care for our employees was the right thing to do and that it is a benefit that they would utilize,” said Gene Leistico, HR Director at ACR Homes. “For small employers like us, I can’t think of a benefit that delivers more value for our employees than Nice Healthcare, especially in this new world we live in.”
What You Should Know:
– Human API, the consumer-controlled health data platform
announced it has closed a Series C round of $20M+ this week.
– Human API’s consumer-controlled platform gives users a
streamlined means of accessing and sharing their personal health records with
physicians, trusted startups and enterprises, and insurers.
– The platform harnesses a machine learning-powered data pipeline
that structures health data into a consistent format, making it easier for
medical researchers and scientists to use actionable data more quickly and
efficiently while ensuring that patients remain in full control of who their
personal data is being shared with.
Human API, a San
Mateo, CA-based company empowering consumers to connect and share electronic
health data with companies they trust, announced today that it has raised over
$20 million in Series C funding. The round includes participation from Samsung
Ventures, CNO Financial Group, Allianz Life Ventures, and Moneta VC, as well as
from existing investors BlueRun Ventures, SCOR Life and Health Ventures, and
Guardian Life Insurance Company.
The capital will be used to scale new products and services
that enable new product design, granular risk stratification, optimize clinical
trial recruitment, support population health management, automate patient
monitoring, and digitize chronic disease management.
The Next Generation of Health Data Exchange
Human API’s consumer-controlled platform gives users a
streamlined means of accessing and sharing their personal health records with
physicians, trusted startups and enterprises, and insurers. The platform
harnesses a machine learning-powered data pipeline that structures health data
into a consistent format, making it easier for medical researchers and
scientists to use actionable data more quickly and efficiently while ensuring
that patients remain in full control of who their personal data is being shared
However, going one step further than just solving the data
portability issue, the Human API platform offers users various options to make
their data actionable, such as:
– Sharing their information with specific researchers who can put it to good use
– Enlisting to take part in medical trials or pharma trials
– Speeding up insurance processes to less than 24 hours
– Taking part in wellness programs provided by their employers.
“By facilitating these transactions,” explains Sean Duffy,
Co-Founder & CEO at Omada Health, “Human API is bringing into being a new
consumer health ecosystem driven by consumer-centric health apps and services.”
Appoints New Chief Commercial Officer
To drive forward this period of growth, Human API has
brought on Richard Dufty as Chief Commercial Officer. Having spearheaded
AppDirect’s growth from early stage startup to Unicorn status in just 4 years,
and having led Symantec’s $1B US Consumer and Cloud business, Dufty brings
extensive experience launching and growing software ecosystems.
What You Should Know:
– On-demand text-based primary care platform 98point6
raises $118M in Series E funding to further invest in research and development
and expand its robust medical practice.
– 98point6 offers patients easy access to primary care in the same way they’ve grown accustomed to receiving the majority of services today—on their schedule and via a mobile app.
98point6, an on-demand digital primary care service that delivers personalized consultation, diagnosis, and treatment to patients across the country, today announced a $118 million Series E fundraising round to further invest in its success. Funding was led by L Catterton and Activant Capital, with additional investment from new and returning investors, including Goldman Sachs.
Get-Text-Based Primary Care Anywhere
Primary care is a necessity for all, serving as the front
line for healthcare and disease prevention. However, seeing a doctor is
increasingly difficult with an average wait time of 24 days just for an
appointment. 98point6 offers patients easy access to primary care in the same
way they’ve grown accustomed to receiving the majority of services today—on
their schedule and via a mobile app. Pairing artificial
intelligence (AI) and machine learning with the expertise of
board-certified physicians, its patient-focused and technology-augmented
solution makes primary care more accessible and affordable, leading to better
health and total cost-of-care savings.
Rather than having doctors ask administrative questions, gather patient history, or chart information, 98point6’s AI technology does it for them. Patient profiles are automatically built and the 98point6 system learns from each visit, avoiding redundancy.
In just the past year, the company has grown 274 percent and serves more than three million members through more than 240 commercial partnerships with brands like Premera, Banner|Aetna, Boeing, Circle K, Sam’s Club, and others. The platform continues to see usage across age groups: pediatrics ages 1–17 (7%), 18–35 (47%), 36–50 (28%) and 50+ (18%), and 90% of patients surveyed say they would use the service again.
On average, 98point6’s commercial partners report 8x higher utilization than traditional telemedicine solutions as more people are choosing the convenience of on-demand care over higher-cost options like urgent care or the emergency room—or delaying care altogether. The round allows 98point6 to further invest in research and development and expand its robust medical practice. Last month the company announced a national rollout of its platform available to every Sam’s Club member.
“We’ve created an experience that patients use and love,” said Robbie Cape, chief executive officer and co-founder of 98point6. “98point6 has experienced accelerated growth over the last year, due in part to the pandemic, as more organizations recognized the existing and undeniable desire for on-demand, digitally enabled care. The increased interest in 98point6 put us in a unique position to serve many in a time of need. Our approach to care replaces the high cost and complexities of navigating the healthcare system while meeting the expectations and preferences of today’s healthcare consumer. This investment is a testament to the strength of our platform, and I am confident we will benefit from the deep expertise of both the L Catterton and Activant teams.”
What You Should Know:
– Biotech startup Ori Biotech raises $30M in Series A
funding to scale its cell and gene therapy (CGT) manufacturing platform.
– Ori Biotech helps pharmaceutical and biotech companies
develop and manufacture cell and gene therapies. Its patented technology aims
to reduce the manufacturing cost of these life-saving treatments by up to 80%,
allowing them to be more widely accessible for patients.
Ori Biotech Ltd (Ori),
a leading innovator in cell and gene therapy (CGT) manufacturing, today
announced the successful close of a $30 million Series A financing round,
bringing the company’s total funding to date to $41 million. The Series A round
was led by the experienced life sciences investment team at Northpond Ventures, a leading global
science, medical, and technology-driven venture fund, alongside Octopus Ventures, a leading European
venture fund. Northpond and Octopus invested alongside significant support from
Ori’s existing institutional investors, Amadeus Capital Partners, Delin Ventures, and Kindred Capital.
The Future of Cell and Gene Therapy Manufacturing
Founded in 2015 by Dr. Farlan Veraitch and Professor Chris Mason, Ori Biotech is a London and New Jersey-based cell and gene therapy (CGT) manufacturing technology company. Ori has developed a proprietary, flexible manufacturing platform that closes, automates, and standardizes manufacturing allowing therapeutics developers to further develop and bring their products from pre-clinical process development to commercial-scale manufacturing. The mission of the Ori platform is to fully automate CGT manufacturing to increase throughput, improve quality, and decrease costs in order to enable patient access to this new generation of life-saving treatments.
The new funding will be used to help bring Ori’s innovative
manufacturing platform to the market. The Ori platform delivers scalable
solutions to flexibly address the critical clinical and commercial
manufacturing needs of CGT developers.
“Closing a significant Series A round, during these uncertain times, further validates Ori’s disruptive approach to fully automating cell and gene therapy manufacturing to increase throughput, improve quality, and decrease costs,” said Jason C. Foster, CEO of Ori Biotech. “We are excited to work with our top tier investors and development partners to bring our platform to market as fast as possible to achieve our mission of enabling patient access to life-saving cell and gene therapies.”
What You Should Know:
– Curation Health raises an undisclosed Series A round of funding to accelerate the adoption of its advanced clinical decision support platform.
– Curation Health provides an advanced clinical decision
support platform for providers and health plans that aids in managing risk
contracts and improving quality performance.
Curation Health, an Annapolis, MD-based advanced clinical decision support platform for value-based care, today announced the completion of Series A financing round for an undisclosed amount led by Deerfield Management Company, including participation from existing investor WindRose Health Investors.
Founded in 2018 by a team of healthcare veterans and clinicians, Curation Health helps providers and health plans effectively navigate the transition from fee-for-service to value-based care. The company’s advanced clinical decision support platform for value-based care drives more accurate risk adjustment and improved quality program performance by curating relevant insights from disparate sources and delivering them in real-time to clinicians and care teams. With Curation Health, clinicians enjoy a streamlined, comprehensive clinical documentation process that enables better clinical and financial outcomes while simultaneously reducing clinical administrative burdens on providers.
Helping Clients Battle Challenges of COVID-19
Curation Health’s solutions are proving especially helpful
to clients as COVID-19 intensifies several long-standing challenges: clinician
burnout and frustration with administrative tasks, difficulty identifying
highest-risk patients, and multiple standards and workflows that prevent
efficiencies across teams. To provide even more robust client assistance during
this time of need, Curation Health has continued to focus on expanding their
integration partnerships with leading electronic health record vendors (EHRs)
and introduced an array of platform enhancements over the last six months,
– 20 percent expansion of the platform’s clinical rule set
to identify additional performance opportunities hidden within patient records
and provider information systems;
– Deployment of an accelerated implementation program,
enabling provider adoption of the platform and workflows in as few as 30 days;
– Multiple new features and functionality that further
expedite point-of-care clinical documentation and engage physicians in
compliance and workflow best practices
In just the last six months, Curation Health has also
experienced 125% customer growth as providers and health plans have continued
to prioritize risk management and quality amid COVID-19. New provider and
health plan customers have been compelled by Curation Health’s track record of
helping health plans and providers identify and address undiagnosed and
unmanaged chronic clinical conditions in as many as 1 out of 3 patients, while
also eliminating up to 10 minutes of provider time per patient on unnecessary
clinical administrative tasks. Curation Health will use this latest funding for
strategic hires to support continued customer growth, as well as expansion of
services to clients that rely on the company’s platform to successfully manage
risk contracts and improve quality.
“Our team at Curation is focused on helping customers drive more accurate and compliant risk adjustment and quality performance by enabling efficient pre-visit reviews, integrated point-of-care guidance, and post-visit documentation workflows. This latest infusion of funding will be used to further empower our customers’ value-based care teams with even stronger tools and support,” said Kevin Coloton, founder and CEO of Curation Health.
What You Should Know:
– Augmedix closes $25 million in private placement
funding and completion of a reverse merger transaction with Malo Holdings Corp.
– Following the transaction, the merged entity will be
named “Augmedix, Inc.”, and will continue the historic and innovative
business of Augmedix.
Augmedix, a company
specializing in providing remote medical documentation and live clinical
support services, today announced the closing of a $25 million private
placement financing and completion of a reverse merger with Malo Holdings Corp.
In connection with the financing, current investors Redmile Group, DCM, and
McKesson Ventures invested alongside new investors. Financial advisory firms, Stifel, Nicolaus
& Company, Incorporated, B. Riley Securities, Inc., and GP Nurmenkari, Inc.
(as consulted by Intuitive Venture Partners) acted as placement agents for the
private placement. Montrose Capital
Partners was the sponsor for this transaction.
Reverse Merger Details
Augmedix further announced the completion of a reverse
merger transaction with Malo Holdings Corp., an SEC-reporting public Delaware
corporation. Following the transaction, the merged entity will be named
“Augmedix, Inc.”, and will continue the historic and innovative
business of Augmedix. In connection with
the financing and merger, Augmedix agreed to cause its common stock to be
quoted on the OTC Markets QB tier, subject to certain terms and conditions.
Remote Medical Documentation & Live Clinical Support
Founded in 2012, Augmedix converts natural clinician-patient
conversation into medical documentation and provides live support, including
referrals, orders, and reminders, so clinicians can focus on what matters most:
patient care. The Augmedix platform is powered by a combination of proprietary
automation modules and human-expert assistants operating in HIPAA-secure
locations to generate accurate, comprehensive, and timely-delivered medical
Augmedix services are compatible with over 35 specialties
and are trusted by over one dozen American health systems supporting
telemedicine, medical offices, clinics, and hospitals. We estimate that our solution saves
clinicians 2–3 hours per day, increases productivity by as much as 20%, and
increases certain clinicians’ satisfaction with work-life balance by 49%
Manny Krakaris, Augmedix Chief Executive Officer, said, “We’re thrilled to complete this financing, which we believe puts Augmedix on the path of accelerated expansion, and will enable us to broaden our operational capabilities, accelerate our technology research and product development, and strengthen our marketing and sales.” Krakaris noted that the COVID-19 pandemic has accelerated the growth of telemedicine and enabled Augmedix to showcase its competitive advantages in the medical documentation market. “Because the Augmedix service is accessed through mobile devices and is telemedicine application-agnostic, our innovative technology allows clinicians access to medical note documentation, regardless of their location,” Krakaris said.
In an interview, Peter Meath, J.P. Morgan’s co-head of Healthcare and Life Sciences, Middle Market Banking & Specialized Industries, says the Covid-19 pandemic has cast a bright light on the life sciences industry with startups raising venture funding at record levels as the virus has transformed the way people usually do business in the sector.
What You Should Know:
– Mental health benefits provider Lyra Health raises $110M
in Series D funding, bringing its valuation to $1.1 billion.
– Lyra has grown significantly in 2020. So far this year,
the company has added more than 800,000 new members to the population eligible
to receive Lyra benefits, bringing its total member population to more than 1.5
– Amid, the COVID-19 pandemic, Lyra is focused on
expanding its enhanced teletherapy offering — Lyra Blended Care — which pairs
video therapy sessions with personalized digital lessons and exercises based on
Cognitive Behavioral Therapy (CBT) principles.
Health, a Burlingame, CA-based provider of mental healthcare benefits for
employers, today announced a Series D financing round of $110 million. Addition
led the round and was joined by Adams Street Partners and existing investors,
including Starbucks chairman emeritus and former CEO Howard Schultz, Casdin
Capital, Glynn Capital, Greylock Partners, IVP, Meritech Capital Partners,
Providence Ventures, and Tenaya Capital. This financing enables Lyra to invest
more aggressively in innovative, tech-enabled mental health treatments; to
partner with more customers; and to expand and diversify its high-quality
Accessing and receiving mental healthcare is notoriously
challenging for many Americans today. Cost, social stigma, and navigating the
mental health system make it daunting for individuals to get the care they need.
In addition, only a small fraction of therapists in traditional health plans
are practicing proven methods and accepting new patients.
Founded in 2015, Lyra connects employees to high quality, effective mental health providers, and gives employees the flexibility of in-person care, live video therapy, and digital self-care tools. Lyra’s therapists only practice evidence-based therapies, like Cognitive Behavioral Therapy (CBT), and are available for appointments in just a few days.
Expanded Teletherapy Offering
The company is also focused on expanding its enhanced
teletherapy offering — Lyra Blended Care — which pairs video therapy sessions
with personalized digital lessons and exercises based on Cognitive Behavioral
Therapy (CBT) principles. Lyra Blended Care provides a scalable, tech-enabled
solution optimized for better care quality and clinical outcomes. In July, new
peer-reviewed Lyra research was published demonstrating the effectiveness
of this treatment program for clients with depression and anxiety. The company
plans to continue the expansion of Blended Care to serve Lyra members —
including couples and adolescents — who are experiencing a range of mental
health challenges. Lyra’s solution offers a simple and supportive member
experience, ensures immediate access to care, and prioritizes fast and durable
Why It Matters
American workers are experiencing a surge in mental health
challenges as they grapple with historic adversity amid the COVID-19 pandemic,
economic uncertainty, and a national reckoning with racial injustice. Arecent
study led by Lyra Health and the National Alliance of Healthcare
Purchaser Coalitions found that 83 percent of U.S. employees today are
experiencing mental health issues.
“Whether you’re dealing with a preexisting mental health condition that has intensified or new symptoms that have arisen during the pandemic, these are challenging times for many people. We are proud to support employers that are prioritizing mental health and will use this new funding to help even more organizations support the mental health and well-being of their most important asset — their people,” said David Ebersman, Lyra Health CEO and co-founder
Lyra has grown significantly in 2020. So far this year, the company has added more than 800,000 new members to the population eligible to receive Lyra benefits, bringing its total member population to more than 1.5 million. Lyra also is on track to surpass a milestone this month by delivering the one-millionth session of care through its exceptional provider network. In the last several months, leading employers in the retail, tech, energy, financial services, and the food and agriculture industries — including Morgan Stanley, Asurion, and Zoom Video Communications — have stepped up to prioritize workforce mental health by partnering with Lyra to offer employees immediate access to proven, evidence-based care from thousands of Lyra providers nationwide. This financing, on top of the Series C round completed earlier this year, positions Lyra to take advantage of the burgeoning market opportunity and the urgent need for better mental health solutions.
The company also announced the addition of Kerry Chandler to its Board of Directors. Chandler is Chief Human Resources Officer at Endeavor, a global entertainment, sports, and content company, and she previously served as a senior executive at Under Armour; Christie’s; the National Basketball Association; ESPN; and ESPN’s parent, The Walt Disney Company. She has also served in human resources leadership roles of increasing responsibility at IBM, Motorola, Exxon, and McDonnell Douglas. Chandler brings an extensive background in human resources operations, strategy, and executive leadership.
What You Should Know:
– Trellus Health secures $5M in seed funding and
collaborates with Mount Sinai to deliver resilience-driven, connected care,
integrating expert clinical and behavioral health for better outcomes.
– The first disease Trellus will tackle is IBD, which is
one of the costliest chronic conditions with a high mental health burden.
Trellus Health, a New York City-based provider of resilience-driven care for people with complex chronic conditions, announced it has raised $5 million in seed funding to transform the way chronic conditions are treated, with an initial focus in Inflammatory Bowel Disease (IBD), including Crohn’s disease and ulcerative colitis. The seed round was led by Mount Sinai Health System (MSHS) and EKF Diagnostics, a global medical manufacturer of point-of-care and central lab devices and tests. Trellus has also entered into an exclusive multi-year contract with MSHS to commercialize its patent-pending GRITT-IBDTM resilience assessment and personalized treatment methodology.
What Is Resilience-Driven Care?
Resilience-driven care incorporates positive psychology
principles into all aspects of chronic disease management, with a focus on
building acceptance, optimism, self-regulation, self-efficacy, and social
support. Proven health benefits of resilience include increased longevity,
cardiovascular, immune, and cognitive function, as well as physical well-being
and reduced risk for depression and anxiety.
Platform for Complex Chronic Conditions, Starting with
Through its multidisciplinary connected care platform,
Trellus coordinates expert whole-person care, including both clinical and
behavioral health, to improve outcomes and to reduce healthcare costs for
patients, employers, and the healthcare system. The Company leverages its
patent-pending GRITT-IBDTM resilience assessment and personalized treatment
methodology, developed at the Mount Sinai Health System, to support patient
resilience and wellness for better outcomes.
Key features of the platform include:
– Convenient telehealth interactions are coordinated with
in-person visits with local GI providers trained on the latest guidelines for
IBD diagnosis, therapy and medications
– Experienced professional health care team provides care
and coaching to build resilience and help prevent flare-ups with personalized
care plans for symptoms, triggers and lifestyle needs
– 24/7 access to digital tools for expert IBD management,
stress relief, nutrition, and continuous remote monitoring
Why It Matters
According to the CDC, 90% of the U.S.’s $3.3 trillion annual
health care expenditure is for chronic diseases and mental health conditions
with patients suffering from both chronic and mental health conditions costing
twice as much. Despite this, traditional care models fail to address the mental
health aspect of chronic conditions, and access to expert interdisciplinary
care resources to deliver specialist-level care is highly limited.
The first disease Trellus will tackle is IBD, which is one
of the costliest chronic conditions with a high mental health burden. It
affects 3 million patients in the U.S. (7 million globally) and costing the
U.S. healthcare system over $51 billion a year, according to the ‘Cost of
Inflammatory Bowel Disease: An Initiative from the Crohn’s & Colitis
Foundation 2019.’ Since 2016, the company’s co-founders, Marla Dubinsky,
MD, and Laurie Keefer, PhD, who together bring close to 50 years of experience
managing IBD and serve as co-directors of the Mount Sinai IBD Medical Home,
have integrated resilience-driven multi-disciplinary care into the management
of IBD patients.
“Our research on over 200 IBD patients indicates that more than 70% believe their condition would be better managed if they had support for anxiety or depression,” said Dubinsky, who along with being a co-founder and board member, is also a Professor of Pediatrics and Medicine, Chief of Division of Pediatric Gastroenterology and co-director of Susan and Leonard Feinstein IBD Clinical Center at Mount Sinai. “By personalizing care to address the psychosocial needs of all IBD patients and applying the latest evidence-based clinical approaches, we can help patients achieve disease control and enjoy a significantly improved quality of life.”
What You Should Know:
– UK-based Biofidelity raises $12 million in Series A funding to accelerate the launch of disruptive cancer diagnostic technology.
– The funding will be used to bring technology to market,
enabling a dramatic simplification of precision genetic testing to ensure many
more cancer patients receive optimal diagnosis and therapy.
Biofidelity Ltd, a Cambridge,
UK-based cancer diagnostics company, today announced it has raised $12 million
in Series A funding led by BlueYard Capital and backed by experienced investors
including Longwall Ventures and Agilent Technologies, a global leader in life
sciences and diagnostics.
Founded in 2019, Biofidelity is initially focusing on the diagnosis of non-small cell lung cancer, with potential across a broad range of cancers as well as applications in the detection of resistance to therapy and disease recurrence.
Biofidelity’s disruptive technology combines fast, affordable, easy to interpret results, in order to dramatically simplify genetic testing while providing all the key benefits of next-generation sequencing (NGS). The Company estimates that 95% of cancer patients are currently excluded from NGS due to high cost, complexity, and slow turnaround times.
Biofidelity provides clinically actionable data based on ultra-sensitive detection of the markers recommended in cancer treatment guidelines, enabling oncologists to prescribe the right cancer drug at the right time to many more patients. Straightforward adoption of existing infrastructure is expected to greatly increase the number of laboratories able to offer superior cancer diagnostics.
In January, Biofidelity announced the successful completion of a study to detect key lung cancer mutations in collaboration with Agilent Technologies. The collaboration, using an assay developed by Biofidelity, demonstrated an improvement in sensitivity of 50 times that achieved with current FDA-approved PCR-based diagnostics. This matched the sensitivity of specialized NGS assays, which require error-correction technology while providing a dramatic simplification of workflows from more than 100 steps to just four. Assays were performed using standard laboratory instrumentation, demonstrating the potential for straightforward adoption of Biofidelity’s panels in decentralized testing laboratories around the world.
The company plans to use the funding to accelerate the development and clinical validation of oncology panels for treatment selection and patient monitoring in oncology, and to bring these assays rapidly to market through direct sale, partnering, and collaboration.
What You Should Know:
– Brightline raises $20 million to bring its virtual behavioral
healthcare platform to kids and families across California and beyond.
– Brightline delivers integrated care through innovative
technology, virtual behavioral health services, and a collaborative care team
focused on supporting children across developmental stages and their families.
Palo Alto, CA-based provider of technology-enabled pediatric behavioral healthcare,
announced it has raised $20M in Series A funding led by Threshold Ventures and
previous investor Oak HC/FT. Leading healthcare organizations Blue Shield of
California, Blue Cross Blue Shield of Massachusetts, and Boston Children’s
Hospital joined the round, as well as SemperVirens VC, Rock Health, and City
Light Capital. In addition, the company announced the expansion of its telehealth
services to children and families across the State of California, with
additional states coming soon.
Founded in 2019, Brightline is reinventing behavioral health
care for children and families. Brightline’s treatment programs are grounded in
proven clinical methods and designed to track progress and move children
forward in their care. Their virtual behavioral health services available now
● Behavior therapy with child and adolescent psychologists
and clinical social workers
● Psychiatry evaluation and medication support, in
combination with therapy
● Speech-language therapy
● Coaching support and training for parents
● Free clinician-led classes for parents
● Digital treatment programs families can use between
● Mobile app to make it all easier
The round follows exciting news earlier this summer about
Brightline’s decision to launch four months ahead of schedule to bring urgently
needed telehealth services (including behavior therapy, psychiatry,
speech-language therapy, coaching support, and more) to families feeling the
overwhelming impact of a global pandemic on their kids. Brightline plans to use
the funds primarily to enhance its technology and innovations, expand
telehealth capabilities and treatment programs, and grow the team to support
children and families across the country.
We need behavioral health and developmental support for kids and their families more than ever,” said Naomi Allen, Brightline CEO and co-founder. “Bringing strong new investors and strategic partners into the Brightline family allows us to continue innovating on our breakthrough model of integrated clinical teams, coaching support for parents, and care through telehealth and our mobile app for families when they need it most. We’re thrilled to have an exceptional Series A investment to continue building a brighter future for families.”
When employers offer a health plan with clear pricing, their employees are more likely to consistently choose higher-value, lower-cost care, according to a new Bind analysis using industry-leading national commercial benchmark and risk adjusted data. Register here to hear more.
What You Should Know:
– Castor raises $12M in Series A funding to further their
support for COVID-19 research through clinical trial and data automation.
– With 4,000 live studies and 2,000,000 enrolled patients
across 90 countries, Castor will use the funding to further invest in enabling
patient-centric, data-powered clinical trials.
Castor, a Hoboken,
New Jersey startup using automation and data reuse to simplify the entire
clinical trial process, announced $12M in Series A funding led by Two Sigma
Ventures with participation from Hambrecht Ducera Growth Ventures and existing
investor INKEF Capital. Castor will use this new funding to further strengthen
its support for patient-centric, remote trials and to enable customers to
maximize value from existing and newly generated data throughout the clinical
Based in the United States and The Netherlands, Castor is an international health-tech company founded by CEO Derk Arts, MD, PhD. Their cloud-based clinical data platform simplifies the clinical trial process, from recruitment to analysis, for researchers worldwide. Castor’s leading cloud-based clinical data platform is used by 50,000 researchers globally to run remote clinical trials and capture data from patients, physicians, EHR systems, and wearables. The platform transforms this data into a machine-readable format that facilitates the use of AI and makes large scale sharing and reuse of clinical trial data possible for the first time.
Powering COVID-19 Clinical Research Across The Globe
The company is at the forefront of fighting COVID-19 – the
first to make its platform freely available for non-profit COVID-19 vaccine
research. Over 200 COVID-19 projects across 33 countries are currently running
on the platform, including the World Health Organization’s global Solidarity Trial. To date, Castor is powering 4,000+
studies with 2M+ patients across 90 countries and counts 192 medical device,
biotech, and pharmaceutical companies and contract research organizations
(CROs) as customers.
“There are three key challenges that need to be addressed in the clinical trial space: making research more patient-centric, maximizing the impact of data on human lives, and better addressing the needs of underserved communities,” said Derk Arts, MD, PhD, CEO & Founder of Castor. “With this new investment, we will be able to make significant progress in all three areas by continuing to deliver user-friendly, accessible technology that can support remote trials, while ensuring machine-readable output that allows for trial automation and data reuse. In the next 18 months we intend to support our customers with patient recruitment and synthetic control arms, through better use of their data. We are excited to partner with Two Sigma Ventures, who bring extensive experience in leveraging the power of data and AI to disrupt incumbent industries.”
What You Should Know:
– Bridge Connector raises $25.5 million in Series B funding to advance interoperability layer for healthcare organizations as demand for integrated health data intensifies during COVID-19 pandemic.
– The investment will support the growth of Destinations,
the company’s new integration-platform-as-a-service (iPaaS) that connects
health data systems using use-case-based interoperability blueprints to speed
integrations with major vendors.
a Nashville, TN-based interoperability company changing the way health care
communicates, today announced it has raised $25.5 million in Series B funding led
by Axioma Ventures. The round was also joined by all existing investors,
including veteran investor Jeff Vinick, and brings Bridge Connector’s total
funding to over $45 million.
COVID-19 Underscores Growing Demand for Integrated Health
The last decade has seen an explosion of digital health platforms and the U.S. health care system has taken incremental steps toward achieving interoperability between them. In March, the Department of Health and Human Services (HHS) issued new rules that force formerly closed vendor solutions to become interoperable.
However, the COVID-19 pandemic has exposed the urgent need for data liquidity as healthcare providers across the country have struggled to share essential patient information and provide comprehensive care via remote delivery methods such as telehealth. In the face of the pandemic’s disproportionate effect on minority communities, the industry has also recognized the critically important role that social determinants of health — the environments in which we are born, live and work — play in our overall well-being and the need to make this information available to health care providers.
A True Interoperability Layer for Healthcare
Founded in 2017, Bridge Connector provides a suite of vendor-agnostic integration solutions and a full-service delivery model, helping health care vendors, providers, and payers more easily share data between disparate systems, such as electronic health records (EHRs) or patient engagement solutions. The company’s technology is designed to democratize health care by allowing organizations of any size to equitably connect data systems and empower care teams with the most accurate patient data in real-time. Unlike other health care interoperability vendors, Bridge Connector’s unique approach does not lock customers into a forced data model or proprietary APIs, instead of employing a vendor-agnostic integration layer that works across data models without the need for standardization.
The investment will further support the company’s increasing
market share in healthcare interoperability and growth of Destinations, a new
integration-platform-as-a-service (iPaaS) that connects health data systems
using use-case-based interoperability blueprints to speed integrations with
Recent Integrations with Key HIT Stakeholders
The new funding comes shortly after Bridge Connector finalized various collaborations with some of the most influential stakeholders in health IT, including Epic, Allscripts, and Salesforce, as well as other system integrators such as MuleSoft. Those collaborations represent calculated steps toward creating a centralized hub of integration solutions for all data platforms that any health care provider or payer can access. The average hospital today uses approximately 16 disparate electronic health records platforms that limit data sharing within the walls of a single hospital, let alone between separate hospitals.
What You Should Know:
– THREAD receives an additional $50 million capital commitment from Water Street and JLL Partners to expand its decentralized clinical trial research platform
– THREAD is an innovative technology and service
provider that increases participant engagement by enabling pharmaceutical
companies and contract research organizations to remotely capture data from
participants and sites during, in between and in lieu of in-clinic
– This major investment comes at a time of incredible
growth for the company, which has expanded its footprint to 40 countries in the
past year. Further, its cutting edge, virtual approach has allowed
pharmaceutical companies and researchers alike to continue with critical
clinical trials throughout the pandemic.
THREAD, an innovative technology and service provider that enables
decentralized clinical research, announced today that it’s accelerating the
company’s expansion after receiving an additional capital commitment of up to
$50 million from strategic healthcare investors, Water Street Healthcare
Partners and JLL Partners. In 2019, Water Street and JLL Partners
invested in and acquired THREAD to further develop and expand THREAD’s offering on a global
scale. The company’s latest capital infusion builds on a year of
significant growth and investments in its platform and services to advance
decentralized research approaches for large-scale, Phase Ib – IV global
Decentralized Clinical Trial Research Platform
THREAD is a leading provider of a proprietary, decentralized research platform and suite of supporting services used by biopharma, CROs, and life science organizations to remotely capture data from participants and sites during, in-between, and in lieu of in-clinic visits. THREAD’s platform and supporting services are helping customers to reduce study launch timelines, reduce study budgets with Virtual Visits, and bring studies from the clinic to patients’ homes. THREAD provides key platform features such as eConsent, eCOA/ePRO, sensors, reminders, and telehealth Virtual Visits to support remote data capture, hybrid virtual studies, and fully decentralized studies in key therapeutic areas.
Over the past year, THREAD has leveraged the healthcare firms’ combined pharmaceutical expertise, a network of industry resources and capital to:
– expand its global footprint to more than 40 countries;
– add new features to its proprietary, configurable decentralized research platform;
– enhance its capabilities and provide 24×7 global, multilingual customer support;
– rapidly develop and implement COVID-19 clinical trial risk mitigation tools to advance critical research during the pandemic;
– ultimately support customers with virtual visits, hybrid decentralized studies
– fully decentralized studies customized to their individual study needs in key therapeutic areas.
date, THREAD has supported more than 100 decentralized studies. The
company will continue to invest in expanding and enhancing its innovative
platform and supporting services as a growing list of the world’s leading
pharmaceutical and life science organizations engage the company as their
partner for their clinical research studies.
What You Should Know:
– Direct-to-consumer telehealth company Thirty Madison raises
$47M in Series B round from Johnson & Johnson and Polaris Partners.
– Thirty Madison’s three portfolio brands — Keeps, Cove,
and Evens — enables patients to easily access specialist-level care
combined with the convenience of telemedicine and treatment delivery.
Madison, a New York City-based digital health
company reinventing the patient experience for the estimated 133 million
Americans living with chronic conditions, today announced a $47 million Series
B round led by Polaris Partners.
New investor Johnson & Johnson
Innovation – JJDC, Inc. (JJDC) also participated in the funding, along with
existing investors Maveron and Northzone. Thirty Madison has raised a total
of $70 million to date.
Direct-to-Consumer Telehealth Brands
Founded in 2017 by Steven Gutentag and Demetri
Karagas, Thirty Madison was launched with a single vision: To build the
highest quality care experiences for treating chronic health conditions. Through
Thirty Madison’s three portfolio brands — Keeps, Cove, and Evens — patients can easily access
specialist-level care combined with the convenience of telemedicine and