This morning, seniors-focused health technology company Lifespark raised $ 20 million in Series B funding. The Virgo-Managed Fund and Medicare Advantage provider UCare led the way.
This comes about a year after the Minneapolis-based company grossed $ 16 million Crunchbase.
WHAT IT DOES
The company has developed a technology-enabled holistic system that focuses on healthy aging. Seniors are able to create a “life plan” that includes long-term and short-term goals aimed at giving the person more independence. Patients can request a home visit or one VideoVisit.
Its technology includes a community health platform that aims to remove silos. The system, which it calls the Electronic Life Record, includes a professional portal, life plan, prescription signals, 360-degree patient view, and analytics and insights, and an experience for members and families.
WHAT IT IS FOR
The company plans to use the new funds to expand its operating system and technology platform.
“Engaging others in our ecosystem is the only way to address the aging crisis and existing healthcare wastage,” said Lifespark CEO and Founder Joel Theisensaid in a statement. “This additional infusion into our capital coincides with the announcement of an investment by UCare, a leading payer in Minnesota, to bring more wellbeing and less ‘nursing’ to all seniors.
“Defragmenting and targeting vendors with a multi-product strategy will help deepen longitudinal relationships that offer value.”
MARKET SNAPSHOT
Today we see the rise of companies focused on holistic care. Cityblock Health, for example, caters to low-income Medicaid and Medicare populations. It uses technology This enables collaboration between service providers and communities. The company recently received $ 400 million in funding, bringing its valuation to $ 5.7 million.
Than the US populationAs we age, we also see a number of digital health companies focusing on the aging process. Honor Technology received $ 70 million in Series E funding and $ 300 million in debt financing last week for its technology platform that helps seniors and their families find and plan caregivers.
Yesterday, retail giant Best Buy announced the purchase of remote monitoring company Current Health to expand its senior care portfolio.
