Exclusive: HealthSnap closes $9M Series A for virtual chronic care
Virtual chronic care platform developer HealthSnap raised $9 million in Series A funding, CEO Samson Magid tells Axios exclusively.
Why it matters: Health systems are increasingly interested in nimble remote care startups they can enlist as partners in longer-term patient care.
Details: Asclepius Growth Capital and Caption Health CEO Steve Cashman co-led the round, bringing total company funds raised to $17.1 million.
- New backers UnityPoint Health Ventures and Tampa General Innoventures joined, alongside previous investors Florida Funders and MacDonald Ventures.
- As part of the funding, Galen Partners managing director David Jahns is joining HealthSnap’s board of directors.
- Capital will be used to hire more providers and staff to support patient enrollment and to conduct more R&D on the patient data it collects.
What's next: While Magid says HealthSnap has "no formal timeline" for its next fundraise, he expects to gather a Series B some time next year.
How it works: The Miami-based company offers its white-labeled tools to hospitals and health systems on a per-patient, per-month basis.
- HealthSnap has roughly 100 customers ranging from private physician groups to health systems and maintains a presence in nearly 30 states, Magid says.
- Most of the company's efforts are focused on cardiology and nephrology, he says.
Driving the news: Ever since the pandemic pushed care outside the four walls of the hospital, health systems have been betting on remote care startups that promise to help extend their reach.
- "There are a lot of health systems that think they can do these things on their own and the reality is they can’t do it fast enough," UnityPoint managing director Matthew Warrens tells Axios.
State of play: Other remote monitoring companies have attracted significant venture interest over the past few years. Most focus on cardiology, respiratory health and nephrology.
- Respiratory health monitoring startup Aluna in January inhaled $15.3 million in Series B capital.
- Biofourmis last year collected $300 million in Series D funding led by General Atlantic with participation from CVS Health and others at a valuation of roughly $1.3 billion.
- Remote care company Athelas last year raised $132 million in two back-to-back rounds at a $1.5 billion valuation.
What's next: "We’re collecting a tremendous amount of data," says Magid. "We want to arm our customers with that data and go from coordinating care to predictive intelligence."