Cadence, a digital health startup for virtual care and remote patient monitoring, has raised $100 million in a series B funding round led by Coatue Management.
The company, which launched just months ago in August with $41 million in funding, provides a remote care platform to help patients manage chronic conditions at home and at scale.
The platform collects vital sign and wellness data and integrates those data with the patient’s medical history to personalize daily care plans.
The infusion of capital boosts the startup to a $1 billion valuation.
“With care expanding outside of the hospital and into the home, Cadence is assuring the management of chronic conditions is a simple, empowering, everyday event for our patients,” said Chris Altchek, CEO and founder, in a statement. "Better data and expanded clinical support will give more patients access to world-class care, no matter where they are."
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Cadence will use the funding to scale its platform with leading national health systems and take on more conditions and care pathways.
The company expects to employ 155 clinicians by the end of July 2022, a Cadence spokesperson confirmed to Fierce Healthcare.
The startup also inked a partnership earlier this year with physician support company LifePoint Health.
Through the partnership, Cadence’s platform supports patient adherence to congestive heart failure therapies and helps facilitate patient access to care in rural settings, the company said. LifePoint adds billing support, practice management and regulatory compliance services.
Altchek, who previously co-founded internet media company Mic, wrote in a blog post about the round that over 90% of eligible patients with Lifepoint are enrolling in the program, using their devices daily and participating in virtual follow-ups.
“Our vision is to bring more responsive, personalized, and data-driven care to patients in the comfort of their own homes. We started with a focus on chronic conditions because that’s where the problem is most urgent, but we’re building a future in which seamless, continuous care can prevent diseases, and improve everyone’s quality of life,” he wrote.
Previous investors including General Catalyst and Thrive Capital participated in the series B round.
Investors from the startup’s series A round also included Martin Ventures, former Trump administration official Adam Boehler and Chelsea Clinton through her venture capital firm Metrodora Ventures.
“We think that Cadence’s remote patient monitoring and virtual care can have a transformative impact on patients, physicians, and our healthcare system,” Aaron Weiner, managing director and head of healthcare at Coatue, said in a statement. “There is an urgent need throughout the U.S. for the kind of care Cadence is making possible, and we’re very proud to partner with them to change the healthcare system at large and to make access to great care possible regardless of where someone lives."