Exclusive: RadiantGraph raises $11M for patient engagement
Illustration: Sarah Grillo/Axios
RadiantGraph, which helps health care organizations create personalized care plans to improve patient engagement, raised an $11 million Series A, CEO Anmol Madan tells Axios exclusively.
Why it matters: Consumers are spending more on health and wellness but remain unsatisfied and seek more digital engagement and support.
Zoom in: The round was led by M13, with participation from XYZ Ventures and True Ventures.
- "The company has a low burn and they've priced their contracts in a way where the gross margins are significant — and with software gross margins, they will only increase, as a level of automation continues to go up," says M13 partner Latif Peracha.
- Madan declined to disclose revenue for the company, which is not yet profitable.
How it works: RadiantGraph analyzes data like medical claims, medication history and biometric information to track patterns in patient populations and help tailor care.
- It sells to health plans and health care organizations focused on substance abuse treatment, mental health care, chronic conditions, musculoskeletal disorders and other complex conditions.
The big picture: Patients are increasingly judicious health care shoppers, and health care organizations that provide consumers with accessible, affordable and high-quality care will prosper above those that don't, per a McKinsey report.
What's next: New funding will help drive the company's commercial strategy.
- "On the plan and the payer side, you have to build those proof points, so we will continue to add case studies. That's going to be a big push for us in the next 12 to 18 months," Madan says.
The bottom line: "Consumer engagement plays a really important role and is actually fundamental to the economics of the health plan," Madan says.
