Memora Health, an intelligent healthcare workflow automation platform, announced the close of a $10.5 million financing round.
Andreessen Horowitz led the funding round. Additional investors AlleyCorp, Martin Ventures, Kevin Durant and Rich Kleiman’s Thirty Five Ventures, Sachin Jain, Operator Partners, Edward Elmhurst Health, B Capital, and Aaron Szekel also participated.
As part of the investment, Vineeta Agarwala, General Partner at Andreessen Horowitz, will join the Memora Health board.
According to Memora Health, its healthcare workflow automation platform uses machine learning to convert fragmented healthcare messaging and workflow data into intelligent modules that enable clinicians to deliver care continuously. The platform integrates into the electronic medical record and patient management systems, enabling the automated collection of actionable clinical data outside episodic visits, the company said.
The platform also automates the entire workflow of care delivery: from patient communication, symptom triage, and remote monitoring to evidence-based pathways, clinical documentation, and reimbursement, according to the company.
Healthcare costs in the U.S. are rising. In 2021, total healthcare expenditure will exceed $4 trillion, with over $700 billion of this estimated to be preventable, the company said in a statement.
Memora Health has partnered with over 55 healthcare organizations, including the Mayo Clinic, Penn Medicine, Banner Health, and Dana Farber Cancer Institute. The company works with large health systems, health plans, cancer centers, maternity care leaders, surgical and other specialty departments, primary care groups, and biopharma clinical trial teams.
“The processes we use in healthcare are years behind every other facet of our lives. Most healthcare interactions are cumbersome for patients and clinicians because existing systems were not built to deliver care continuously and efficiently,” said Memora Health CEO and co-founder Manav Sevak.
Manav Sevak added: “As our population and healthcare system change, there is a critical need for technology to transform how we deliver care. Memora is enabling care teams to interact proactively rather than reactively with their patients, and patients to access healthcare information as easily as they can text their families and friends.”
Healthcare practice management companies raised $273 million in Q1 2021, compared to $163 million in Q4 2020, a 67% increase year-over-year, according to the latest Mercom Digital Health Funding and M&A Report.