emocha Health, an integrated medication adherence and engagement program, announced the closing of a $6.2 million Series A funding round.
Claritas Health Ventures led the financing. Other participants included Healthworx (an investment arm of CareFirst BlueCross BlueShield), Kapor Capital, PTX Capital, and TCP Venture Capital.
As part of the investment, Theresa Sexton, Managing Partner of Claritas Health Ventures, will join the company’s board of directors. According to the company’s statement, the latest investment will go towards strategic integrations and expanding its remote clinical team of nurses and pharmacists.
According to emocha, its digital medication adherence and engagement program has been validated in nine peer-reviewed publications, demonstrating over 90% adherence to treatment. The program features two-way asynchronous video check-ins between patients and the emocha’s clinical adherence team while enabling all medication challenges remotely.
The company works with health plans, health systems, employers, and health departments across the country to improve adherence for patients with diabetes, asthma, tuberculosis, and other chronic and infectious diseases.
emocha aims to tackle medication non-adherence problems in healthcare, resulting in $300 billion a year in preventable hospitalizations. According to the company, more than 50% of the medication is not taken as prescribed.
“After twelve months of tremendous expansion, we are at an inflection point,” said Sebastian Seiguer, CEO of emocha. Over the last year, emocha has reported a 300% growth in revenue in response to demand from health plans, health systems, life sciences organizations, and employers.
Sebastian Seiguer added: “Our new partners will enable us to help millions of infectious and chronic disease patients across the country take every dose of medication properly. I cannot believe that society continues to tolerate the devastating outcomes associated with medication non-adherence problems, especially in this time of digital transformation. The opportunity for emocha to meaningfully change health trajectories – especially for vulnerable populations – is enormous.”
“The emocha platform is transforming the medication adherence challenge into a medication engagement opportunity. Going beyond nudges and compliance, emocha provides people with intuitive, timely support in managing their own health journey,” said Doba Parushev, Healthworx Venture Capital Director.”
Digital patient engagement companies raised $1.1 billion since 2014, according to Mercom’s digital health funding data. Recently, Lifelink Systems, an AI-powered patient engagement platform, raised a $9.75 million Series A funding round led by DigiTx Partners and included Primera Capital, and Baleon Capital.