San Mateo, California-based HealthCrowd, maker of an enterprise platform for digital patient communications and analytics, announced today that it has closed a $7.2 million funding round let by TVC Capital. Startup Capital Ventures and Healthy Ventures returned to further fund the company, along with other unnamed backers.
“We are proud to have built a strong and sustainable business,” Neng Bing Doh, CEO and cofounder of HealthCrowd, said in a statement. “However, to keep up with organic growth driven by market demand for our solutions, we decided to partner with TVC Capital to accelerate our ability to transform the state of healthcare communications in the country to be on par with other industries. The growth capital will allow us to make investments across key areas that are necessary to maintain our technology and market leadership."
HealthCrowd automates text messages, phone calls, chats, emails, and other communications to reach out to large populations of patients. Of note, the company’s platform analyzes patients’ responses to its various outreaches to better learn the type of communication that is most effective for that particular patient, driving improved health behaviors. The system can also be adjusted by users so that automated outreaches can better meet the organization’s messaging needs.
In a statement Mykel Sprinkles, a partner at TVC Capital, said that he was impressed by the company’s “ambitious” use of machine learning and its customers’ high satisfaction rates.
“Healthcare is a big market, but its complexities and nuances can make it challenging for companies to succeed,” Mykel Sprinkles, partner at TVC Capital, said in a statement. “Strong product-market fit is paramount, and HealthCrowd understands how to bring products to market in this complicated ecosystem. The company has done a tremendous job of assessing and satisfying immediate market needs while laying the foundation for exceeding future customer expectations.”
Previously, HealthCrowd had raised $2.1 million in late 2015 to expand the scope of its business beyond Medicaid and text message-based communications. Investors in this seed round included Startup Capital Ventures, Herlitz Capital, Healthy Ventures, Band of Angels, Berkeley Angel Network, and 37 Angels.