BOSTON (April 22, 2021)—Current Health—a enterprise remote care management platform—today announced it has raised $43 million in Series B financing. The round was led by Northpond Ventures, with additional financing from LRVHealth, OSF HealthCare, Section 32, Elements Health Ventures and existing investors. Andrea Jackson, Director at Northpond Ventures, and Tripp Peake, General Partner at LRVHealth, will join Current Health’s Board of Directors.
The Series B financing, which comes from top health care and pharma VCs, as well as a leading hospital system, speaks to the value of Current Health’s platform across a broad array of stakeholders. The company’s platform is used by many of the world’s leading health systems including (but not limited to) Mount Sinai Health System, Geisinger Health, and the UK National Health Service, to monitor and manage patient care at home. It is also used by major pharmaceutical companies, such as AstraZeneca, to move delivery of complex therapy into the home and support home-based drug trials. The funding comes on the heels of 3,000%-plus growth in year-over-year revenue, making Current Health one of the fastest growing health care companies.
“It’s rare to see a company successfully execute across both health care delivery and drug delivery—this is what makes Current Health so special,” remarked Andrea Jackson, director at Northpond Ventures. “As health care moves into the home, pharmaceutical companies are developing new models that go beyond the pill and enable greater delivery at home with fewer side effects at lower cost. Current Health’s proven track record of delivering across both pharma and health systems makes them the perfect company to bridge this gap.”
Operating at the nexus of health care delivery and drug delivery, Current Health brings earlier, preventive treatments to patients at home. The company provides a single point of insight into patient health outside the hospital, ingesting data from hundreds of remote monitoring devices—along with patient-reported data and electronic medical record data—to identify and predict the onset and progression of disease. Current Health’s physician-led virtual command center provides 24/7 care management capability and seamlessly integrates with a range of in-home health care services, such as blood tests, durable medical equipment (DME), and meal delivery—providing a single, integrated solution across the care continuum.
With the growth of alternative payment models, expansion of fee-for-service reimbursement, and consumer demand for virtual care at an all-time high, moving health care services into the home has become a strategic imperative for health systems and pharmaceutical companies alike.
“In the next five years, we’ll see a majority of health care services delivered in a patient’s home, with the hospital reserved for intensive care, trauma and surgery,” said Chris McCann, CEO and co-founder, Current Health. “To make this shift, health care providers must move away from point solutions and develop system-wide strategies to deliver care at home. We’ve built Current Health to serve as the ‘mission control’ for organizations to transition healthcare from the hospital to the home and meet patients where they are. Our Series B financing, from the top investors in both health care and pharma, will enable us to rapidly grow on a global scale and meet the demand for an integrated, enterprise approach.”
“Home health took a giant leap forward over the past year, and while the pandemic accelerated adoption, it was also a big learning experience that helped expose gaps in virtual care delivery,” said Tripp Peake, General Partner at LRVHealth. “There are so many technologies to address different aspects of virtual care and the pace of innovation continues to pick up. But what’s missing is exactly what Current Health provides—the glue to hold it all together. The Current Health team has been working on this challenge for years – well before the pandemic—and has a mature platform that can help manage patients across therapeutic areas, up and down the acuity ladder. It’s a platform that can enable transformational growth for health systems.”
“We were searching for a single platform that we could use to deliver care at home across our entire patient population and the entire care continuum,” said Stan Lynall, Vice President Venture Investments at OSF HealthCare. “Current Health has that potential to bring everything together in one place and we are very excited to partner with them.”
"Accelerated by COVID-19, high-quality health care is moving out to ‘the edge,’ away from acute care environments and into the home. COVID-19 is also accelerating the push for, and broad adoption of, virtual or hybrid virtual clinical trials with at-home elements. FDA-approved platform solutions like Current Health, that can remotely manage patients of multiple acuity levels, are the key to unlocking the value of decentralized at-home care for hospitals, researchers, and patients, alike," said Andy Harrison, Managing Partner, Section 32.
Visit currenthealth.com for more information.