Lark Health, a digital chronic disease prevention, management, and weight loss program provided through an app, raised $100 million in Series D funding.
Deerfield Management Company led the funding round. The funding round also includes crossover fund PFM Health Sciences and returning investors Franklin Templeton, King River Capital, Castlepeak, IPD, Olive Tree Capital, and Marvell Technology co-founder Weili Dai.
With the money from its Series D round, Lark’s has raised $185 million in equity and debt funding to date.
Lark’s AI-enabled app helps users manage chronic conditions ranging from prediabetes, Type 2 diabetes, hypertension, stress and anxiety, smoking cessation, and weight management. It uses a conversational AI health coach to give users personalized care in real-time. The company’s app integrates with health plans’ and employers’ existing healthcare infrastructure to help them scale their chronic disease prevention and management programs, boost engagement, and improve health outcomes.
According to Lark, the app is offered as a benefit for payers and employers and is currently covered for over 30 million people.
Lark Health plans to use the latest funds to expand its virtual care app integrations to more payers. The company will also use the funding to further invest in research and development to continue advancing its innovative data science and conversational AI that power its app.
“Since the beginning of the pandemic, there is more demand for virtual care than ever before, leaving health plans and providers with an urgent need to deliver seamless virtual care experiences. This funding is an incredible validation of Lark’s approach of leveraging conversational AI and data science to help payers transform how they deliver care digitally, whether they need to quickly stand up a virtual primary care experience or close care gaps for people living with chronic conditions,” said Julia Hu, co-founder, and CEO of Lark.
mHealth Apps raised a record $1.6 billion in venture funding in 1H 2021, a 100% increase year-over-year, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report.