Cecelia Health, a provider of telehealth services for diabetes and other chronic diseases, completed a $13 million Series B funding round.
Rittenhouse Ventures and Endo Investors co-led the financing round and included investments from Boston Millennia Partners, SustainVC, G100 Capital, and others.
The company partners with pharmaceutical companies, payers, accountable care organizations, and self-insured employers to deliver personalized telehealth services for people living with diabetes and related chronic conditions.
It also offers continuous remote glucose monitoring training, education on medication adherence and lifestyle and behavior change, mental health screening, and counseling. Over one million people use its services, the company said.
According to the company, the new funding will further scale the adoption of its technology-enabled coaching and telemedicine solutions and expand its digital health capabilities.
Dana Callow, Managing General Partner at Boston Millennia Partners, said, “Cecelia Health fits our belief that therapeutic adherence is a combination service and product business. The Cecelia Health team is committed to the mission of improving patients’ health as well as reducing the cost of care. They also recognize the need for commercial success to achieve that mission. We look forward to working with the team as we help augment their strategy in the pharmaceutical, payor, and provider marketplaces where BMP has deep experience and relationships.”
Cecelia Health, founded in 2009, has raised nearly $20 million to date. The startup employs more than 50 people with an office in New York.
“The market opportunity and demand for Cecelia Health’s telehealth solutions has grown exponentially since the onset of COVID-19 due to our demonstrated track record for significantly improving the health outcomes and quality of life for people living with diabetes and other chronic conditions,” said David Weingard, Founder, and CEO of Cecelia Health.
Telemedicine companies led the funding activity during 1H 2020, raising almost $1.8 billion in VC funding. The funding amount increased by 52% compared to 1H to 2019, when $896 million was raised. Recently, Doctor On Demand, a provider of virtual care services, secured $75 million in Series D financing.
Image Credit: Cecelia Health