Socially Determined, a healthcare data analytics startup, raised an additional $3.7 million, bringing its Series A round to $11.1 million.
Healthworx, the corporate investment arm of CareFirst BlueCross BlueShield, and Lafayette General Health led the financing round with participation from Ziegler Link-Age Funds, ProMedica, 3M, OSF HealthCare, and LRVHealth.
Socially Determined provides healthcare data analytics platform SocialScape, which is focused on measuring the impact of the social determinants of health (SDOH). The flagship analytics platform SocialScape quantifies social risk and delivers real insights into how SDOH impact utilization, cost, and outcomes.
The new funds will be used to further and scale its analytics platform, invest in top talent, and develop sector-specific sales and marketing programs.
“It was important to us that our initial institutional round represented strategic investors and leaders across the healthcare industry,” stated Trenor Williams, MD, CEO and co-founder of Socially Determined, in a company press release. “We are pleased that CareFirst BlueCross BlueShield, a leading healthcare organization, and Lafayette General Health, an innovative provider system, joined the round to support our work to improve the health of our communities.”
Data Analytics companies secured $1.6 billion in venture funding, according to Mercom Q4 and 2019 Annual Digital Health Funding and M&A report.
“Our investment in Socially Determined will help advance our mission to improve healthcare quality and increase access to care for our members,” added Ricardo Johnson, Vice President of Healthworx, in a company press release. “The company’s focus on measuring the impact of social determinants of health will play a significant role in transforming our healthcare landscape.”
Similar companies that received funding
Trilliant Health, a healthcare analytics company, focused on patient acquisition for hospitals and healthcare providers, received growth from Nashville Capital Network, Martin Ventures, and Jon Phillips.
GNS Healthcare, a provider of healthcare analytics solutions for population health, received an undisclosed investment from Celgene.
