Intelligent Retinal Imaging Systems, Inc. (IRIS), the industry leader in early detection systems for diabetic eye disease, today announced the company successfully closed a round of Series B financing. The round was led by Ballast Point Ventures, a later-stage venture capital and growth equity firm that invests in rapidly growing, privately owned companies in the health care and technology industries. The round also includes investments from two healthcare system funds, Providence Ventures and current IRIS customer, CoxHealth. Funds raised will be used to support the company's expansion and growth strategy as well as to support IRIS's goal of developing the next generation of products that detect eye disease and improve the monitoring and care of patients in diabetic populations.
San Francisco-based Omada Health has raised $50 million in new funding, led by commercial partner Cigna. Civilization Ventures and Sanofi Genzyme BioVentures also contributed to the round. Omada last raised money in September 2015, when it took in $48 million. This latest round brings the company’s total funding to $127.5 million.
Seattle, Washington-based Xealth has some big news to share: It has secured an $8.5 million investment in a round led by DFJ. Providence Health & Services, UPMC, Hennepin Healthcare System and Froedtert Health also participated in the funding round.
Xealth launched today as the first spinout from Providence’s Digital Innovation Group.
Lots of people have ideas for companies. Lots of people can operate companies. But there are very few alchemists who can do both. Ramu Potarazu, 55, is on his third turn at it. Potarazu has helped create a business around collecting the experiences that patients have with their hospitals and doctors. He has turned it into McLean, Va.-based Binary Fountain, generating more than $6 million in revenue and employing 135. The employees are spread between India and Tysons Corner.
Health systems are finding new growth opportunities by experimenting with investment and innovation programs or accelerators.
For example, Providence Health & Services launched a venture capital fund to support innovative, consumer-driven technology in 2014. Providence Ventures invests in companies that specialize in online primary-care services, data analytics, care coordination and patient engagement, chronic disease management, clinician experience and wellness services.
LEXINGTON, Mass. (July 21, 2016)—N-of-One, a precision medicine oncology decision support company, announced today that it has received $7 million in a Series B financing from Providence Ventures and Excel Venture Management. The financing will be used to expand the company’s R&D efforts to broaden its precision medicine clinical decision support solutions in oncology, providing physicians with a precise and scalable approach to matching patients to the most relevant treatments including clinical trials. N-of-One will also expand sales and marketing in the U.S. and strategic global markets.
CHICAGO — (BUSINESS WIRE) — Milwaukee-based Froedtert Health, a member of the AVIA Innovator Network, is expanding its relationship with AVIA by making an equity investment and joining AVIA’s board of directors. The deeper partnership will speed the Wisconsin health network’s transformation efforts.
Los Altos, Calif., March 30, 2016 – Gauss Surgical, Inc., maker of Triton, the world’s first and only platform for real-time monitoring of surgical blood loss, today announced the close of its $12.6 million in Series B financing, bringing its total funding to $24.6 million.
Providence Ventures, the investment arm of Providence Health & Services, the third largest not-for-profit health system in the United States, led the round, with participation from Jump Capital, a Chicago-based firm specializing in expansion stage and growth capital investments. The round was also joined by existing investors Promus Ventures, LifeForce Ventures, Summation Health Ventures, and the Stanford- StartX Fund. Additionally, the Board of Directors elected two new members, Daniel Galles and Mike Collett. Galles is a partner at Providence Ventures and Collett is founder and managing partner of Promus Ventures. Dr. Garrett Vygantas, partner at Jump Capital, will join as Board Observer.
Telemedicine is expected to have a 60% annual growth rate between now and 2020, and by 2021 the market is expected to pass $13 billion. Joining us now is Dr. Todd, the chief neurosurgeon at Swedish. First question, why the rise in telemedicine? Three components. there's access, convenience, and cost. Health Express is a way for patients to see a provider when they want, where they want, and on their own terms. So it's convenient for them and low cost.
Technology can help address capacity issues and create connections, not only between doctors and patients, but between patients and social services, or doctors and law enforcement, which mentally-ill patients too often encounter in last-ditch efforts to get care.
“We need better integration with mental-health services,” said Dr. Rhonda Medows, executive vice president of population health at Providence Health & Services in Renton, Wash. “We absolutely know we need to do a better job as a system.”
David Ebersman stepped down last year as chief financial officer of Facebook FB +0.00% to found Lyra Health, a startup that plans to identify employees who are struggling with mental health, intervene to match them with the right healthcare provider, and track outcomes. It focuses on depression, anxiety, and substance abuse.
Figure 1 Inc. has raised $5 million to support the global expansion of its app, which has been called medicine’s answer toInstagram, Lora Kolodny reports for Dow Jones VentureWire. With Figure 1’s HIPAA-compliant app, health-care professionals can share high-quality medical images within their fields of specialty–such as patient photos, brain scans or X-rays–for teaching purposes and to attain feedback from each other about possible diagnoses and treatments. Union Square Ventures, an earlier investor in Figure 1, led the new round, joined by other existing investors including Rho Canada, Version One Ventures and Graph Ventures, as well as Allen & Co. and individual investors.
Lyra Health, a digital health startup co-founded by former Genentech and Facebook CFO Dave Ebersman to improve the patient referral process and care coordination for mental health, has raised a $35 million Series A round, according to a company statement.
MCLEAN, Va.--(BUSINESS WIRE)--Binary Fountain™, the leading provider of health care reputation management and patient experience analytics, announced today that it has closed a $16 million Series A round of financing. The additional funding will allow the company to quickly expand its team and to further develop powerful feature sets. Already deployed across some of the leading hospitals and health systems, Binary Fountain is continuing to build what it believes to be the largest scalable repository of opinion content in healthcare.
Over the past year, Providence Health & Services, a 159-year old not-for-profit Catholic health care provider, has quietly built a sophisticated venture capital arm that could pass as a fund at any large technology company.
Kyruus has large-scale growth in its sights, with plans to hire dozens of employees and take on more real estate space after receiving $25 million in Series C funding.
Kyruus, a leading enterprise software company that helps hospitals optimize patient access and referral management, has raised $25 million in funding to further build its commercial team and support the rapid adoption of its ProviderMatch technology. The new funding round was led by New Leaf Venture Partners, with participation from Providence Health & Services, Leerink Capital Partners, and McKesson Ventures. They were joined by return investors Venrock, Highland Capital Partners, Lux Capital, and Fidelity Biosciences.
Health insurance plans are avidly searching for ways to reduce the cost of medical treatment, such as favoring generic drugs over brand name pharmaceuticals. San Francisco-based digital health company Omada Health approaches the cost problem from a different direction, by trying to prevent serious, chronic diseases from developing in the first place.