This roundup is meant to highlight some of the most notable funding rounds of the month and is not intended to be comprehensive.
Several major fundraising announcements in the payer/employer space were announced in June. Here is a list of some of the biggest funding rounds:
Sidecar Health pulls in $165 million in Series D financing
Growing Interest in Pharmacy Spend, GLP-1 drugs, AI and Navigation Platforms
The 2024 Benefit Consultant Sentiment Index published by MedCity News and sponsored by Quantum Health, now in its second year, is based on a survey of more than 100 seasoned healthcare benefits consultants who represent a cross-section of employer size. A few shared their impressions of some of the report findings.
El Segundo, California-based Sidecar Health is a health insurance company for employers. The company has no prior authorization process or network restrictions. Members also pay at the time of care with their Visa benefit card.
The $165 million Series D funding round was led by Koch Disruptive Technologies and included participation from GreatPoint Ventures, BOND, Cathay Innovation, Drive Capital, Duke University, Menlo Ventures, and Morpheus. With the financing, the company is expanding into Florida. It currently offers plans in Ohio and Georgia.
Talkiatry raises $130 million in Series C funding
New York City-based Talkiatry offers online psychiatric and therapy services for children and adults. It works with more than 60 health plans, including UnitedHealthcare, Aetna, Blue Cross Blue Shield and Cigna.
Physician Targeting Using Real-time Data: How PurpleLab’s Alerts Can Help
By leveraging real-time data that offers unprecedented insights into physician behavior and patient outcomes, companies can gain a competitive advantage with prescribers. PurpleLab®, a healthcare analytics platform with one of the largest medical and pharmaceutical claims databases in the United States, recently announced the launch of Alerts which translates complex information into actionable insights, empowering companies to identify the right physicians to target, determine the most effective marketing strategies and ultimately improve patient care.
The $130 million Series C funding round was led by Andreessen Horowitz (a16z) and included participation from Perceptive Advisors. With the financing, the company will accelerate its move into value-based care, grow the number of providers working for the company and deepen its partnerships with health systems.
Sword Health secures $130 million
New York City-based Sword Health is a virtual musculoskeletal care provider that serves both payers and employers. Through Sword Health’s AI care platform, patients get access to a clinical specialist, personalized programs, educational content and technology that supports them through exercises.
The $130 million funding round was from new and existing investors, though Sword Health did not name the investors from this round. The funding is “a mix of primary and secondary sale to provide liquidity to current and former employees and early investors,” according to the announcement.
Pomelo Care rakes in $46 million in Series B funding
New York City-based Pomelo Care is a virtual maternal health company that works with commercial and Medicaid health plans. It creates a care plan for patients and then gives them a care team that includes obstetric and pediatric care providers, nurses, dieticians and therapists. Patients can meet with their care team at any time via text, phone or video.
The $46 million Series B funding round was led by existing investors First Round Capital and a16z and included participation from Stripes, Box Group, Operator Partners and SV Angel. The funding will help the company grow its team.
Humata Health raises $25 million
Winter Park, Florida-based Humata Health uses AI to streamline the prior authorization process between payers and providers. For providers, the company helps submit prior authorization requests and prevent denials. For payers, it speeds up the decision process and reduces the administrative burden.
The $25 million in funding was led by Blue Venture Fund and LRVHealth with participation from Optum Ventures, .406 Ventures, Highmark Ventures, and VentureforGood. The funding will help Humata Health “broaden the scope of its proprietary generative AI technologies, expand its customer base with the nation’s leading healthcare providers, and begin partnering with payers and delegated entities to deliver complementary solutions that help them streamline prior authorizations,” according to the announcement.
Photo: Abscent84, Getty Images
