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Exclusive: Lumata Health hauls in $5.5M for virtual eye care

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Illustration: Natalie Peeples/Axios

Lumata Health, a virtual ophthalmology care platform, raised $5.5 million in Series A+ funding, CEO Landon Grace tells Axios exclusively.

Why it matters: More than 3.4 million Americans over 40 are either blind or visually impaired, and the cost of vision loss exceeds $35 billion, per the CDC.

How it works: Lumata offers between-visit virtual care management for patients with chronic eye diseases including diabetic retinopathy, macular degeneration and glaucoma.

  • The average Lumata patient is over 79 years old.
  • Providers use Lumata to coordinate medication refills and arrange for transportation with the aim of mitigating anxiety over recurring injection treatments.
  • The company partners with physicians, payers and health systems.

What they're saying: "We help people get in-between visit interactions, which helps removes barriers for care and veers heavily into social work," Grace says.

  • "They are solving a real problem with a massive market of need," says Nathaniel Harding, managing partner at Cortado Ventures, which led the round. He added that Lumata's early focus on profitability didn't hurt either.

Details: Other participants included Boyd Street Ventures, family offices, and additional private investors including ophthalmologists.

  • "This should get us to profitability," Grace says.
  • Lumata Health has raised more than $14.8 million in grant and venture funding to date.

What's next: Lumata could target a Series B in the fall, per Grace.

  • The company is also in early-stage talks with pharmaceutical companies about partnerships.
  • "We are looking into digital therapeutics and exploring the concept of expanding [pharmaceutical] portfolios beyond molecules," he says.

Catch up quick: The Oklahoma City-based company was founded by retina specialist Stephen Fransen in 2017.

  • Before founding Lumata Health to help prevent blindness on a national scale, Fransen focused on providing retinal care in communities in the Chickasaw, Choctaw, Creek and Pawnee nations in Oklahoma.
  • "Lumata is proud to work with the Chickasaw Nation to this day," Grace says.
  • When Medicare introduced Principal Care Management in 2020, the company expanded nationally.

💡 1 fun thing: The name Lumata is derived from the words "lumination" and "data."

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