Value-based cardiology company Karoo Health secured a $16.2 million series A funding round to fuel partnerships with health plans and cardiology practices.
Allumia Ventures and 7wire Ventures co-led the round, with participation from First Trust Capital Partners, LLC, SpringRock Ventures, Hyde Park Angels (HPA) and other marquee investors.
Karoo Health developed an artificial intelligence-native cardiovascular platform designed to connect payers, providers and patients through a unified data and workflow layer that supports earlier risk detection and overall improved cardiovascular disease outcomes, according to the company.
"The challenge in cardiovascular care today isn’t a shortage of innovation but a system too fragmented to deliver it consistently,” said Lee Shapiro, 7wire Ventures managing partner, in a statement. “That fragmentation is precisely the kind of problem the right technology can solve. Karoo is creating the connective layer that lets care teams act on a complete picture of each patient, and its deployments are already producing meaningful reductions in avoidable utilization and cost. We are proud to co-lead this round."
The Albuquerque, N.M.-based tech company’s goal is to “free people from the pain of cardiovascular disease at scale,” through earlier detection, improved care coordination and delivery.
Karoo plans to use the funding to further develop the platform and expand its engineering and clinical teams.
The company currently supports a network across 11 states made up of more than 600 cardiology providers, executives say. In deployed programs, independent analyses reported reductions of more than 40% in emergency department visits and inpatient admissions, and early results show a greater than 10% reduction in total cost of care throughout attributed populations.
Karoo Health CEO and co-founder Ian Koons said in a statement the nation is at a “seminal moment” in the fight against cardiovascular disease.
“We intend to use this capital to take another major step toward becoming the solution that enables every American to access earlier, more coordinated, and more effective cardiovascular care,” Koons said.