Conversa Health, a virtual care and communication platform, has closed $12 million in Series B funding.
Builders VC and Northwell Ventures, the corporate venture arm of Northwell Health, co-led the financing round, with participation from P5 Health Ventures, Nassau Street Ventures, and UH Ventures, the venture arm of University Hospitals, a health system in Ohio with 18 hospitals.
As part of the investment round, Builders VC partner Mark Goldstein has joined the Conversa board of directors.
“I’ve long said virtual health is inevitable, but it will likely require a catalyst to get it to the tipping point. Unfortunately, COVID-19 is that catalyst,” said Murray Brozinsky, CEO of Conversa. “The pandemic has laid bare the vulnerabilities of our health system. Conversa addresses many of these: access, capacity, provider burnout, and cost.”
According to the company, organizations such as the University of California, San Francisco (UCSF) Health, UNC Health, Northwell, Prisma Health, and University Hospitals are using its COVID-19 virtual care programs to provide symptom checking and triage, provide check-ins with quarantined patients, deliver lab results and screen employees, patients and visitors.
Conversa enables health systems to virtually engage, monitor, and manage patients more for acute discharge, chronic care, perioperative, oncology, prevention, wellness, and more.
According to the company, its automated care platform engages patients at high frequency and scale while triaging to higher-touch/cost care venues when necessary, optimizing and improving telehealth e-visits, phone calls, and in-person consults.
Virtual care providers attracted over 100 investors in Q1 2020. Among these investors, High-Tech Gründerfonds, Lerer Hippeau, UnityPoint Health Ventures, Creandum, and Optum Ventures, led financing activity during the quarter, with multiple investments.
Founded in 2014, based in Portland, Oregon, Conversa has raised over $26 million to date, including a $9 million Series A funding round in 2017. Its existing investors include Allscripts, Epic Ventures, and Triple Tree. With the surge of virtual care, the company continues to build its platform to meet the demands of providers and health systems, payers, and pharmaceutical companies.
Image Credit: Conversa Health