San Francisco-based digital chronic disease management company Omada Health has closed a $73 million funding round led by Wellington Management Company. Cigna Ventures, Andreessen Horowitz, U.S. Venture Partners, Norwest Venture Partners, Kaiser Permanente Ventures, Sanofi Ventures, Civilization Ventures and Providence Ventures also contributed.
WHAT THEY DO
Omada offers a slew of digital coaching programs addressing hypertension, Type 2 diabetes, mental health conditions and other health needs. The company also implements connected technology to track participants and hold them accountable — for instance, a wireless scale, a pedometer,and a mobile app to track food and activity for its diabetes program.
Omada, which offers its programs to more than 600 payers and employer organizations across the country, pitches itself as a scalable means of addressing costly chronic conditions.
WHAT IT’S FOR
The company wrote in its announcement that the funding will help ongoing scaling efforts for its digital care program.
"Today's announcement — and the incredible roster of investors participating in this round of fundraising — will deepen our collaboration with health plans, employers and health systems, and accelerate the development of our truly personalized program that helps participants build patterns for lifelong health,” Sean Duffy, Omada Health CEO and cofounder, said in a statement.
THE LARGER TREND
Omada’s business has been buzzing as of late, with the company announcing a number of major partnerships, hires and services over the past year or so. These include deepening ties with Cigna, a depression and anxiety program launch born from a licensing agreement with Lantern Health, support for glucometers and blood pressure cuffs, and the appointment of a new CCO.
ON THE RECORD
"Through our collaboration with Omada, we're making it simple and convenient for our customers to take control of their health and well-being. By harnessing the power of personal coaching, peer support, digital engagement and personal accountability, we can better inspire and support people to achieve their individual health goals and prevent chronic health conditions," Joan Harvey, Cigna's SVP of consumer health engagement and behavioral health, said in a statement. "We're excited to deepen our relationship with Omada, and further integrate its innovative program into our full suite of data-driven health services."