This morning Iora Health, a tech-enabled primary care provider that focuses on the Medicare population, raised $126 million in new Series F funding. The round was led by Indian firm Premji Invest with participation from Cox Enterprise, Temasek F-Prime Capital, Devonshire Investors, .406 Ventures, Flare Capital Partners, Polaris Partners and Khosla Ventures.
This new comes roughly two years after the company closed its Series E round for $100 million. As of today, the company’s total funding comes to at least $349.5 million.
WHAT THEY DO
The Boston-based startup provides patients with care at brick-and-mortar locations, as well as through digital tools including text messages, emails and calls. Members each have a provider, nurse and health coach. The service also provides behavioral health coaching.
On the tech side, the patients and families are supported through the company’s platform Chirp, which offers open communication between their care teams and the ability for patients to access their own medical records and share notes through the portal.
WHAT IT’S FOR
The company plans to use the new funds to build a Medicare Certified EHR system. The new system will be able to “generate and consume standardized electronic patient information and the ability to share such information to specialists and non-Iora providers via a standard encrypted messaging protocol called Direct.”
"I founded Iora Health with the clear intent of not only building a successful company that transforms lives through our high impact, relationship-based care but also to transform the entire healthcare industry," Dr. Rushika Fernandopulle, CEO and co-founder of Iora Health, said in a statement. "We are doing this today through incredibly talented and empathetic teams, proprietary technology that is designed to support our care model and thoughtful relationships with our patients and plan partners to be able to deliver this care. The funding round announced today is a testament to the model we have, the progress made and the industry's — and especially our investors' — confidence in the future impact Iora will make on the industry and more specifically on all of our patients' lives."
The market has seen a rise of tech-enabled primary care providers in recent years. One Medical, a fellow hybrid in-person and virtual care company, went public at the end of January. Another example is Carbon Health, which also delivers primary care in the Bay Area.
Additionally, more hybrid companies with a specialty focus are also emerging. For example, Emilio Health, a pediatric behavioral health startup that recently announced new brick-and-mortar clinics with specialty services including occupational therapy and behavioral specialists. The startup is also incorporating a digital platform, which can be used to help track progress, schedule appointments and access teletherapy. Another specialty service is Kindbody, which brings a similar approach to women’s health.