Lark Well being, a supplier of continual illness prevention and administration applications, raised $100 million in a Collection D funding spherical.
The spherical was led by Deerfield Administration Firm, and it included participation from crossover fund PFM Well being Sciences. Franklin Templeton, King River Capital, Castlepeak, IPD, Olive Tree Capital and Marvell Know-how Co-founder Weili Dai participated as returning buyers.
The Mountain View, California-based firm gives a man-made intelligence platform that gives customers entry to a customized digital well being coach that’s accessible 24/7.
“There was an unprecedented quantity of innovation and funding in expertise options in an try to make care extra accessible and efficient for many who want it,” mentioned Julia Hu, co-founder and CEO of Lark Well being, in an e mail. “Nonetheless, all of those new level options have led to elevated system fragmentation with out successfully addressing the gaps within the care journey that exist for tens of millions of individuals with continual situations.”
Lark Well being goals to create a extra coordinated system of care by offering a text-message interface that sufferers can use to assist them adhere to their care plans. The corporate gives applications to handle and stop diabetes and hypertension, in addition to behavioral well being teaching that helps psychological well being and life-style adjustments, like tobacco cessation.
As well as, it “offers well being plans a scalable solution to lengthen their care administration capabilities by figuring out at-risk members and guiding them to the suitable care,” Hu mentioned.
The corporate plans to make use of its newly raised funds to additional spend money on information science and AI expertise analysis and improvement, develop its digital care integrations with well being plans and employers and discover new markets.
Lark’s Collection C funding spherical closed final November, offering the corporate with $55 million and a $15 million enterprise debt credit score facility. Quickly after, well being insurer Highmark expanded its collaboration with the corporate to make Lark’s digital well being teaching applications accessible to extra beneficiaries.
Although there are a number of different corporations providing applications to handle continual situations, like Vida Well being that raised $110 million in Might, many depend on reside suppliers or coaches.
“Whereas reside, provider-based applications introduce yet one more supply of fragmented information and care to an already fragmented system and place a further burden on an already overwhelmed healthcare workforce, Lark’s AI-driven platform offers non-duplicative care that augments the worth of current associate assets,” Hu mentioned.
Since its founding in 2011, Lark Well being has raised a complete of $185 million in fairness and debt funding and is a lined profit for over 30 million lives. Hu declined to debate the corporate’s valuation.
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