Health tech firm Color pockets $100M to build out healthcare services in post-pandemic market

Health technology company Color launched in 2015 with a focus on gene testing and precision genomics.

The company has expanded its capabilities to focus on improving key health infrastructure systems across the U.S.—including those related to the “last mile” delivery of COVID-19 vaccines.

The Burlingame, California-based company is now looking to use the infrastructure built during the pandemic to increase access to essential healthcare services to screen, diagnose and treat populations where they are, such as at their workplaces or schools.

Color picked up $100 million in a series E financing to accelerate the expansion of accessible and equitable public health infrastructure, company executives announced Tuesday.

Color has raised $378 million to date, and the latest funding round boosts the firm's valuation to $4.6 billion, according to the company. Kindred Ventures led the round along with certain funds and accounts advised by T. Rowe Price Associates, Inc. Existing investors General Catalyst, Viking Global Investors and Emerson Collective also participated in the round.

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Color's business is now profitable, according to Color Chief Financial Officer Mike Herring in a statement.

"What we have built will serve as a critical piece of public health infrastructure to deliver access to healthcare services to those who need them most," said Color CEO Othman Laraki in a statement. "We have learned that there is an exponential uptick in people's ability to use these services as they become simpler and more convenient. Public health should happen where public life happens."

Color will build on its model to offer new programs that deliver the last mile of care across essential healthcare services, including vaccination and preventive health services for schools and employers, as well as infectious disease management programs for public health settings, company executives said.

The company will also continue to offer its genetic testing and counseling services as part of its preventive health offerings.

The combination of existing offerings and new services expands the company's work building public health technology and infrastructure for governments, employers and other institutions that care for large populations.

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Over the last two years, Color implemented healthcare delivery programs in 16 states and federally with the National Institutes of Health for employers, governments and school systems.

In response to the COVID-19 pandemic, the company partnered with more than 100 major employers and universities to provide critical testing programs. Color is currently running the largest COVID-19 testing program for K-12 schools in the nation and has supported more than 6,500 testing and 500 vaccination sites across the country.

The company will expand many of these locations for other healthcare purposes, such as administering flu shots and blood pressure tests.

Color has also inked partnerships with public and private institutions such as Thermo Fisher Scientific, PerkinElmer, Salesforce, the Teamsters Union, the State of California and the Executive Office of Health and Human Services of Massachusetts to enable large populations to receive healthcare services directly where they live or work. Color has partnered with nearly 1,000 organizations, including public health departments, universities and employers, to offer access to fast, reliable and convenient healthcare services.

"Color is poised to further transform how we deliver public health in this country with speed and at scale," said Steve Jang, founder and managing partner of Kindred Ventures, in a statement.

"Just as we've seen digital transformations in other parts of our lives, the distributed network approach Color has built will improve the way we experience health care in the future. The hosted software and data infrastructure that Color provides has created a new normal: all essential care should be accessible, decentralized, and delivered within companies, schools, and communities instantly," Jang said.