Digital health tools hold massive potential for simplifying complex care delivery. But many of those technologies, Memora Health co-founder and CEO Manav Sevak said, only offer point solutions for complex care, or the platforms aren’t flexible enough to fit the healthcare organization’s existing systems.
“Amidst all of those (digital health tools), there’s really no good infrastructure in most healthcare organizations to actually implement them, or to navigate the entirety of the journey for that patient, and then to empower their care teams to be able to actually monitor how they’re performing and support them,” Sevak told Fierce Healthcare.
Memora Health set out to provide that infrastructure.
The startup announced Tuesday it had raised $40 million to scale its complex care delivery platform, which digitizes clinical and administrative workflows with its data-driven artificial intelligence technology.
The San Francisco-based company spun out of the Harvard Innovation Labs and went through the famed startup accelerator Y Combinator in 2018, emerging as a text-based virtual assistant to help care teams manage patient discharges and follow-ups.
The platform now serves patients with complex conditions throughout the entire care journey, integrating with the healthcare organization’s existing workflows and electronic health record systems, and offering tools for remote patient monitoring, scheduling, virtual care and outcomes management, among other tasks.
The startup has partnered with over 50 healthcare organizations, including the Mayo Clinic, Penn Medicine and Edward Elmhurst Health, who pay a monthly subscription fee for the software.
The company has raised $50.5 million to date. Transformation Capital led the $40 million round, joined by Andreessen Horowitz, Frist Cressey Ventures, Edward Elmhurst Health and AlleyCorp.
Todd Cozzens, managing partner at Transformation Capital, will join Memora’s board of directors as part of the funding.
“Memora solves one of the most pressing issues for providers—automating complex care journeys where patient touchpoints are key for better outcomes and caregivers can collaboratively manage these care journeys and monitor their progress,” Cozzens said in a statement. “Memora has built an integrated platform with a growing library of hundreds of journeys across all major specialties and is digitizing the best care management process for complex patients from leading health systems. The result is a user-friendly tool for patients and caregivers to manage complex care in a systematic and consistent way.”
Sevak and his two co-founders landed a spot on Forbes’ 30-Under-30 list of 2022 for their solution, which Sevak said stands out in the market for its ability to adapt to any specialty, whether that’s oncology or maternity care, and to target challenges specific to each of its partners.
“If you can just build extremely good technology that kind of molds itself around how care teams currently practice and helps automate or eliminate a lot of the low-hanging fruit and tasks that they have to go through. It significantly drives adoption, it offers a very personalized experience for patients and care teams, and you see tons of data about what actually is best-in-class rather than trying to determine it from one care model and adapt that to 50 other care models,” Sevak said.
Memora Health plans to put the fresh capital towards team and product development and deepening its relationships with its existing partners as well as expanding to more clinical use cases and populations inside the health organizations they already work with.