Madison, Wisconsin-based Propeller Health has closed a $21.5 million Series C financing round, with new investors 3M Ventures, S.R. One, Limited and Hikma Ventures, plus existing investors Safeguard Scientifics and Social Capital. The funding will be used to further Propeller’s digitally-guided therapy platform.
Propeller’s aim is to simplify management of chronic respiratory diseases like asthma and COPD through sensors that attached to inhalers and sync to a companion app. The digitally-guided therapy platform is able to integrate with multiple sources, including connected medications, and uses machine learning to design a personalized therapy plan for each user.
“We’ve been working on connected, digital respiratory tools for several years, and our goal is to continue to push that forward and connect patients and medications at the right moment, at the right time,” Propeller CEO David Van Sickle told MobiHealthNews in an interview. “As we expand, we will help physicians measure, analyze and work with the patient to find the best therapy for them.”
Depending on the patient, they may choose to interact with the platform in a number of ways – like getting help with dosing and scheduling, learning self-management and techniques or changing their physician visit frequency – via Propeller’s proprietary APIs and clinical toolset.
Van Sickle said the company will widen the reach of Propeller’s digitally-guided therapy by establishing new partnerships and expanding existing ones. The company currently has 45 active commercial programs across the United States, spanning payers, providers and including such systems as Dignity Health and Nemours Children’s Health System, and managed care organizations such as Molina Health. The company has also formed commercial partnerships with pharmaceutical companies including Boehringer Ingelheim and Aptar, and says the majority of inhaled medications connect to the Propeller platform. The company’s offerings have also been in a number of large-scale clinical trials.
“Propeller routinely demonstrates consistent and measurable results in patient satisfaction, clinical improvement and cost savings across diverse program, payer and patient types,” S.R. One parter Rajeev Dadoo said in a statement. “The company uniquely combines unprecedented real world evidence about how patients take their medications, with a deep understand of what people want from their respiratory treatment.”