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This morning senior-focused health tech company Lifespark scored $20 million in Series B funding. Virgo-Managed Fund and Medicare Advantage provider UCare led the round.
This comes roughly a year after the Minneapolis-based company raked in $16 million, according to Crunchbase.
WHAT IT DOES
The company developed a tech-backed holistic system focused on healthy aging. Seniors are able to get a “life plan” that includes long-term and short-term goals aimed at giving the person more independence. Patients are able request a clinician visit at home or complete a video visit.
Its technology includes a population health platform aimed at removing silos. The system, which it calls an electronic life record, includes a professional portal, the life plan, prescriptive signals, a 360 patient view, and analytics and insights, as well as offering a member and family experience.
WHAT IT’S FOR
The company said it plans to use the new funds to build out its operating system and technology platform.
“Bringing others into our ecosystem is the only way to tackle the aging crisis and healthcare waste that exists,” Lifespark CEO and founder Joel Theisen said in a statement. “This additional infusion in our capital comes at the same time we’ve announced an investment from UCare, a leading Minnesota payor, to serve all seniors with more wellness and less ‘sick care.’
“Defragmenting and aligning around providers who bring a multiproduct strategy will help deepen longitudinal relationships that deliver value.”
MARKET SNAPSHOT
Today we are seeing the rise of companies focusing on holistic care. Cityblock Health, for example, targets Medicaid and low-income Medicare populations. It uses technology that enables collaboration between care providers and communities. The company recently scored $400 million in funding, bringing its valuation to $5.7 million.
As the US population continues to age, we’re also seeing a number of digital health companies focused on the aging process. Honor Technology landed $70 million in Series E financing and $300 million in debt financing last week for its tech platform that helps seniors and their families find and schedule caregivers.
Yesterday, retail giant Best Buy announced its purchase of remote-monitoring company Current Health to build out its senior care portfolio.