Lumeon, a health tech startup focused on helping healthcare organizations automate systems and processes, has secured $28 million in funding.
LSP, a European healthcare investment firm, led the financing. Swiss investor MTIP, Glide, Amadeus Capital Partners and IPF Partners also participated in the funding.
The company, which is headquartered in Boston and London, will use the $28 million to grow its U.S. team and its Boston office, scale operations and advance customer deployments.
“With our initial deals deployed and core teams in place, the funding will allow us to grow our business rapidly and take advantage of this critical moment in the healthcare market,” CEO Robbie Hughes said in response to emailed questions.
In a statement, LSP managing partner Rudy Dekeyser also commented on the investment:
After an extensive look at 100 companies in digital health, we invested in Lumeon with complete confidence. Lumeon is leading a transformation in healthcare delivery, with a commercially validated and results-driven product platform that improves any patient’s journey in any healthcare system.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Lumeon offers a care pathway management platform that allows providers to unify clinical and administrative data and utilize advanced analytics to measure services. From the patient perspective, the startup helps individuals get appropriate follow-up care.
Hughes described his company’s approach as follows: “Lumeon combines a clinical decision engine, patient and care team engagement and a powerful automation engine to ensure that care is delivered to best practice, eliminating inconsistencies and unwarranted variation.”
It has numerous clients in Europe, including Alliance Medical, a provider of independent radiology services, and Blossoms Healthcare, which offers general practitioner appointments and health assessments.
In the fall of 2017, the startup was part of the Cedars-Sinai accelerator, which is powered by Techstars. Cedars-Sinai Medical Center continues to maintain a strategic investment in Lumeon.
Looking ahead to next year, Hughes said the company’s first job is to “hire the best people to allow us to keep delivering for our customers.”
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