Xealth, an online platform for physicians to order the right digital health tools, secured $24 million in Series B funding.
Advocate Aurora Enterprises, a subsidiary of Advocate Aurora Health, led the funding.
Banner Health, ChristianaCare, Cone Health, Memorial Hermann, Nebraska Medicine, Novant Health, and Stanford Health Care participated along with existing investors Atrium Health, Cleveland Clinic, Froedtert & MCW Health Network, MemorialCare Innovation Fund, Providence, and UPMC.
Additional investors include Cerner, LRV Health, Threshold Ventures, McKesson Ventures, Novartis, Philips, and ResMed.
According to Xealth, its platform enables physicians and care teams to order and monitor digital tools – including patient education articles and videos, remote patient monitoring devices, shared decision-making tools and questionnaires, traditional smartphone apps patients need to download, and services requiring patient enrollment.
The use of digital therapeutics and remote patient monitoring is accelerating; according to a Juniper Research study, the number of people using digital therapeutics and wellness apps will grow from 627 million in 2020 to more than 1.4 billion in 2025.
“The future of health care is using innovative technology to help people take control of their health beyond traditional care settings,” said Advocate Aurora Enterprises President Scott Powder. “That’s why we invested in Xealth. The company’s focus on connecting a broad array of health solutions to the consumer aligns with ours, as we seek to invest in industry pioneers who are helping people live well at all stages of life.”
“As leading health systems pursue digital health innovation, they recognize the need to simplify the experience for physicians and streamline the process of integrating data. Xealth is a proven digital solution that addresses these challenges and enables systems to be more nimble in creating a world-class digital patient experience,” said Matt Gunther of The Health Management Academy.
Digital Health companies raised $15 billion in the first half (1H) of 202i. Funding activity increased by 138% during 1H 2021, compared to $6.3 billion raised in 1H 2020.