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DispatchHealth Brings In $200M, Aims To Build Largest System Of In-Home Medical Care

The U.S. private health care market is massive: a $1.3 trillion market that is forecasted to reach $1.6 trillion by 2027.

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DispatchHealth, a provider of in-home medical care, secured a valuation of $1.7 billion following a round of $200 million in Series D funding.

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The new funding announcement comes less than a year after the Denver-based company banked $135.8 million in a Series C in June 2020.

“We’ve built one of the most comprehensive in-home care companies in the market,” Mark Prather, M.D., co-founder and CEO of DispatchHealth, told Crunchbase News. “This last year was a great growth year, and the possibilities of health care in the home were apparent due to the global pandemic. Everything was being delivered to the house, so why not health care? It was the right time to scale the model.”

Tiger Global led the Series D investment and was joined by existing investors Alta Partners, Echo Health Ventures, Humana, Oak HC/FT and Questa Capital to give DispatchHealth a total of $417 million in funding since the company was founded in 2013, according to Prather.

Andrew Adams, co-founder and managing partner of health care at Oak HC/FT, said via email that the firm had gotten to know Prather in the company’s early years and was drawn to DispatchHealth’s mission, which was aligned with Oak’s goal of partnering with companies that provide high-quality, lower-cost care and deliver on consumer experience.

“Last year we had the opportunity to participate in DispatchHealth’s first large financing and were eager to make a material commitment to support the further acceleration of scaling the care delivery model across the country,” Adams said.

“DispatchHealth is the ultimate win-win-win for all health care stakeholders as it can deliver all types of care — urgent to hospital — in the low-cost setting of the home and do so with the highest quality outcomes and patient NPS. Dispatch’s model is powerful and impactful at scale as it can serve patients of all payer types and in all markets across the country,” he added.

Prather describes the company’s delivery of in-home care as taking the skills found in emergency rooms and hospitals and bringing them into patients’ homes to substitute an avoidable emergency room visit. It offers 30-day episodes that substitute for a hospital stay and a marketplace to coordinate ancillary services.

The U.S. private health care market is massive: a $1.3 trillion market that is forecasted to reach $1.6 trillion by 2027. Prather estimates that if even 10 percent of the market was moved to in-home care, it would be a $130 billion market that was growing and underpenetrated.

In addition, research has shown the “hospital at home” method is known to reduce the mortality rate by 20 percent, according to the Medical Journal of Australia. In-home care is also less expensive than private models, with patients saving an average of $1,000 to $2,000 per month, Prather said. If DispatchHealth is able to scale over the next three years, he forecasts the company could save patients $2 billion in medical cost savings during that time.

DispatchHealth operates in 31 markets today and plans to use the new funding to expand into 100 markets, develop its technology and look for acquisitions that would add value to the platform in the way of better patient and partner experiences, he added.

“Our intent is to continue to grow sales and add a series of services to the platform,” Prather said. “We have an opportunity to layer in additional in-home services, such as physical therapy and radiology.”

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Andrew Adams, co-founder and managing partner of health care at Oak HC/FT, said via email that the firm had gotten to know Prather in the company’s early years and was drawn to DispatchHealth’s mission, which was aligned with Oak’s goal of partnering with companies that provide high-quality, lower-cost care and deliver on consumer experience.

Source: https://news.crunchbase.com/news/dispatchhealth-brings-in-200m-aims-to-build-largest-system-of-in-home-medical-care/

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Sweden’s Einride Raises $110M For Autonomous And Electric Freight

Electric and autonomous freight tech company Einride has raised $110 million in a Series B round, the company announced Thursday.

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Electric and autonomous freight tech company Einride has raised $110 million in a Series B round, the company announced Thursday.

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The Stockholm, Sweden-based company, which was founded in 2016, makes autonomous and electric freight trucks for the transportation of goods, as well as provides a freight mobility platform.

The company decided to focus on freight transportation for a few reasons. Freight lends itself well to autonomous transportation because it’s predictable, repetitive and generally happens outside of cities, CEO Robert Falck said in an interview. For the founding team, it was obvious that the transition to autonomous would happen first for freight transportation, Falck said.

“I think the most important part of that is there is a very clear business case for freight compared to taxi services, robotic taxis, things like that,” Falck said.

Freight transportation also contributes to global CO2 emissions, which makes it a prime candidate for electrification.

“We think electrification will be the big theme for the next 10 years or so,” Northzone General Partner Jessica Schultz said in an interview. “It’s more sustainable and cheaper.”

Electrification — and autonomous vehicles — are both big themes in the world of transportation, though much of the attention is given to passenger vehicles. But the company’s stance is that the freight transport industry could benefit more immediately from the trends.

“When it comes to freight, most contracts are for three to five years and it’s repetitive and predictable,” Falck said.

The new funding will be used to invest in the company’s technology, continue delivering to customers, grow revenue and expand internationally. Einride counts companies like Coca-Cola, Oatly and Electrolux among its customers.

Last year, the company doubled its team and plans to grow its revenue tenfold in the next year or so.

New investors Temasek, Soros Fund Management LLC, Northzone, Build Capital and Maersk Growth all participated in the round, as did existing investors EQT Ventures, Plum Alley, Norrsken VC, Ericsson, and NordicNinja VC.

The new round brings Einride’s total funding to $150 million. The company last raised money in October 2020, per Crunchbase data.

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

“I think the most important part of that is there is a very clear business case for freight compared to taxi services, robotic taxis, things like that,” Falck said.

Source: https://news.crunchbase.com/news/swedens-einride-raises-110m-for-autonomous-and-electric-freight/

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The Briefing: Wealthsimple Raises $610M, Path Robotics Scores $56M, And More

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Wealthsimple pulls in $610M at $4B valuation

Toronto-based Wealthsimple, a provider of tools for managing one’s money and investment portfolio, reportedly raised $610 million in fresh funding at a valuation of around $4 billion.

Meritech and Greylock led the financing, which roughly doubled the company’s valuation since its last round in October. Previously, Wealthsimple had raised around $310 million in known funding, per Crunchbase data.

— Joanna Glasner

Funding rounds

Path Robotics lands $56M: Columbus, Ohio-based Path Robotics, a developer of autonomous welding robots, announced it has raised $56 million in a Series B funding round led by Addition. The company says its AI-enabled robotics product will self-adjust for each part it produces, filling demand in a field facing chronic labor shortages.

— Joanna Glasner

Health care

Bone Health Technologies inks $2.5M: San Francisco-based Bone Health Technologies closed on $2.5 million in an oversubscribed funding round led by Good Growth Capital. Bone Health is developing a new standard of care for treating both osteoporosis and osteopenia, the precursor to osteoporosis. The company was recently granted Breakthrough Device Designation by the U.S. Food and Drug Administration for OsteoBoost, its vibration belt designed for the prevention of osteoporosis. Studies show that one 30-minute treatment with OsteoBoost reduced bone loss activity in all study participants, according to the company.

— Christine Hall

M&A

Dell to sell Boomi for $4B: Dell struck a deal to sell its Boomi cloud computing business to private equity firms Francisco Partners and TPG in a transaction valued at around $4 billion. Berwyn, Pennsylvania-based Boomi makes software that helps applications communicate with each other.

— Joanna Glasner

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/briefing-5-3-21/

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The Briefing: Darktrace Soars In IPO, Mux Picks Up $105M, And More

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Darktrace shares soar in London IPO

Shares of British cybersecurity company Darktrace surged in first-day trading in London Friday, with the stock up as much as 43 percent in initial trades.

The Cambridge, U.K.-based company priced shares for its offering before trading commenced at a valuation of around $2.4 billion.

Founded in 2013, Darktrace uses AI to detect and respond to threats in companies’ IT systems. Previously, the company raised at least $230.5 million in known funding, per Crunchbase data.

— Joanna Glasner

Funding rounds

Mux raises $105M for video streaming: Video platform Mux has raised a $105 million Series D, bringing its valuation above the $1 billion mark. Mux’s technology helps developers build live and and on-demand video streams, something that became more popular during the COVID-19 pandemic with many people staying home. The round, which was led by Coatue, brings Mux’s total funding to $175 million.

–Sophia Kunthara

PortalOne picks up $15M for hybrid gaming: PortalOne, a startup developing what it describes as “hybrid games,” combining gaming and TV, raised $15 million in a seed round backed by a long list of investors, including Founders Fund, Atari, Twitch co-founder Kevin Lin, and Coatue Mangement. Founded in 2018, the company, which operates offices in Oslo, is looking to popularize a new category of entertainment that mixes games with live shows that are embedded directly inside the games.

OnLume Surgical raises $7M Series A: Madison, Wisconsin-based OnLume Surgical, a medical device company developing novel imaging systems for use during surgery, announced the completion of its Series A funding to assist its plans for a commercial launch.

— Joanna Glasner

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/briefing-4-30-21/

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