BALTIMORE - Healthcare analytics compliance company Protenus raised $17 million in new funding, its leadership announced this week. The Series C round was led by LTP, which focuses on investments in health IT and services companies. Also participating in the round were Kaiser Permanente Ventures, F-Prime Capital, Arthur Ventures, Lionbird and Providence Ventures. Founded in 2014 by Nick Culbertson and Robert Lord, Protenus’ platform uses AI to provide visibility for healthcare systems into how data is being used. It’s designed to help organizations proactively address issues that could be a problem, such as inappropriate access to patient data.
SAN FRANCISCO - Omada Health today announced a $73 million round of funding led by Wellington Management Company LLP. Also participating in the round were previous investors Cigna Ventures, Andreessen Horowitz, U.S. Venture Partners, Norwest Venture Partners, Kaiser Permanente Ventures, Sanofi Ventures, Civilization Ventures, and Providence Ventures. Omada will use the funding to fuel the continued expansion of its digital care program, including support for those with type 2 diabetes and hypertension, as well as those dealing with anxiety and depression.
SEATTLE, WA - Xealth, the leading platform for connecting digital health, today announced that it has secured an additional $3 million in its Series A financing, bringing the amount raised in this round to $14 million total. New investors Atrium Health, Cleveland Clinic and MemorialCare Innovation Fund join McKesson Ventures, Novartis, Philips, ResMed, Threshold Ventures (formerly DFJ Venture), Providence Ventures, UPMC and Froedtert and the Medical College of Wisconsin health network. Investments from this round will be used to advance the development and deployment of the Xealth platform for digital health programs.
Aaron Martin brings more than 20 years of experience in technology and strategy to his roles as executive vice president and chief digital officer at Providence St. Joseph Health and managing general partner at Providence Ventures, the health system's venture capital arm. The corporate innovation fund is part of PSJH's Digital Innovation Group, which drives the Renton, Wash.-based health system's progress and initiatives toward enhancing digital innovation. Operating under DIG, Providence Ventures is tasked with generating strategic and financial returns for PSJH by investing in companies and initiatives aimed toward using technology to solve healthcare issues. Here, Mr. Martin discusses Providence Venture's strategy for approaching investment opportunities and how he helps support innovation within the group.
CLEARWATER, Fla. - Founded in 2007, InDemand is a leader in the video-remote-interpreting ("VRI") market and is well known for the high-touch customer service and experienced medical interpreters it provides to its clients. The merger will enable the combined business to further its commitment to improving health equity for Limited English Proficient, Deaf, and Hard of Hearing patients by providing access to medically qualified/certified interpreters via the latest in video/audio and geolocation technology. Further, the merger will leverage the combined quality of each organization's interpreters and technology to enhance capabilities to better serve the expanding language access needs of healthcare providers. With more than 25 million Limited English Proficient patients living in the United States today, effective communication is paramount to assisting providers in delivering the best care possible.
Boston, MA - Kyruus, a leader in provider search and scheduling solutions for health systems, today announced that it has raised $10 million in new financing in a strategic round. The new financing comes on the heels of a year of unprecedented growth in which the company doubled its revenue and increased the number of hospitals on its platform by 50%. Kyruus will primarily use the investment to grow its product development and delivery teams to support the expansion of its platform, integrations with additional leading players in the digital health ecosystem, and ongoing customer success.
Redwood City, CA and Hilden, Germany – QIAGEN announced it has entered into an agreement to acquire N-of-One, Inc., a privately-held U.S. molecular decision support company and pioneer in clinical interpretation services for complex genomic data. The addition of N-of-One will enable QIAGEN to significantly expand its decision-support solutions while offering a broader range of software, content and service-based solutions. It will also enable QIAGEN to provide customers with greater access to valuable genomic data assets and service offerings.
Louisville, CO. – JustRight Surgical, LLC, now Bolder Surgical, today announced it has secured $27 million in financing led by River Cities Capital Funds with participation from Westwood Management, Providence Ventures and previous investors. The company also announced a name change to Bolder Surgical as part of a re-branding initiative to better align the company with its long-term vision of a robust product portfolio that expands beyond pediatric care.
Seattle, WA.—Providence Ventures, the Venture capital arm of Providence St. Joseph Health (PSJH), the nation’s third largest health system, announced today a second $150 million health care venture capital and growth equity fund. Providence Ventures II will target early and growth-stage healthcare companies that specialize in healthcare information technology, technology-enabled services, medical devices, and healthcare services. The fund will also invest $5 to $15 million per Portfolio Company with flexibility to lead investment rounds or participate as a syndicate partner.
Trilliant Health, an analytics and data science company that empowers healthcare providers to create and execute data-driven strategies to maximize revenue and market share growth, today announced they have added Providence Ventures to their list of investors, joining Noro-Moseley Partners, Martin Ventures, Nashville Capital Network, and NueCura Partners.
LOS ALTOS, Calif., Oct. 17, 2018 /PRNewswire/ -- Gauss Surgical, an AI-driven healthcare technology company, raised $20 million in Series C funding from Northwell Health and SoftBank Ventures Korea, the global early-stage venture capital arm of SoftBank Group, as well as from the LS Polaris Innovation Fund and seven other leading US health systems. The proceeds of the round will be used to accelerate the adoption of its Triton platform in hospitals and to develop new AI-driven applications for the operating room.
Wildflower Health, a leading mobile health software company, today announced it has acquired the Circle Women's Health Platform, a mobile health technology incubated by Providence St. Joseph Health (PSJH), the nation's third-largest nonprofit health system. As part of the transaction, PSJH has signed an enterprise-wide commercial agreement with Wildflower. Providence Ventures will also participate in Wildflower's recently announced Series C financing led by Health Enterprise Partners, with participation by existing investors Hatteras Venture Partners and Echo Health Ventures.
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.