A capital infusion of $14 million in Series B funding is paving the way for Spiras, a provider of in-home and virtual healthcare services for patients with complex chronic conditions.
Global venture capital firm NEA spearheaded the funding, while existing investors Altitude Ventures, FCA Venture Partners and other strategic investors also participated.
WHAT IT DOES
The company’s focus is on helping providers manage patients with chronic conditions. Providers can use the service for telehealth visits, digital communications and remote patient monitoring.
Spiras also has a predictive analytics model that is able to zero in on patients with high needs, with the goal of reaching patients before their condition deteriorates.
Chronic diseases are prevalent in America today. According to the CDC, 6 in 10 adults in the U.S. have a chronic disease, while four in 10 have at least two.
“The burden on patients who suffer from chronic lung and heart diseases is significant, and the complexity around managing these large patient populations continues to grow,” Blake Wu, partner at NEA, said in a statement.
“Spiras’ approach is highly innovative and has driven impressive outcomes because it combines a high-touch, tech-enabled clinical model with cost-effective scalability while maintaining a high level of evidence-based patient care. We’re thrilled to partner with Scott and the team for this next chapter of growth and expansion.”
WHAT IT’S FOR
The fresh cash will be applied to new market launches, the building of sales and marketing teams, R&D with technological development, and strengthening its management team.
Additionally, the company said it will help widen its partnerships and reach most of these costly individuals.
“Our mission has been to target and solve some of the most significant issues facing the healthcare system: make specialty care accessible in the patients’ homes, lower total cost of care for payers where heart and lung disease are often primary cost drivers, and improve the lives of those suffering with progressive diseases.
“With this financing, we have the capacity to serve our mission and provide longitudinal care for those needing long overlooked gaps in services,” the CEO and healthcare veteran Scott Bowers, said in a statement.
The need for remote patient care was exacerbated by the COVID-19 pandemic. Digital health companies and providers have both rushed to create new products to fit the demand.
For example, in May the Mayo Clinic and Kaiser Permanente announced that they were investing $100 million in hospital at-home care technology Medically Home Group, which provides a technology platform aimed at allowing providers to address a range of acute clinical conditions safely in a patient’s home.
This isn’t the only company looking at chronic care. Last June, Happify Health, known for its digital mental health programs, released a platform targeted toward people with chronic conditions, called Kopa.
The first component of this new platform was Kopa for Psoriasis, a product created to provide resources and community for those living with the condition.
This blog is for information purposes only. The content is not intended as medical advice, diagnosis, or treatment. Should you have a medical or dermatological problem, please consult with your physician. None of the information or recommendations on this website should be interpreted as medical advice.
All product reviews, recommendations, and references are based on the author’s personal experience and impressions using the products. All views and opinions are the author’s own.
This blog post may contain affiliate links. An affiliate link means we may earn a commission if you click on a link and make a purchase, without any extra cost to you.
Please see our Disclaimer for more information.