Solera Health said today it raised $18.3 million in a Series B round, with funds slated to support its existing network of products and market expansion.
Funding in the round was led by Adams Street Partners and joined by existing investors Blue Cross Blue Shield Venture Partners, Sandbox Industries and SJF Ventures. The Phoenix, Ariz-baed company said the round brings the total raised to date to $30.3 million.
Solera’s technology platform is designed to connect patients and physicians with non-clinical healthcare providers such as community organizations and national programs. Solera contracts with health plans to bring chronic disease prevention programs, such as the Centers for Disease Control & Prevention’s Diabetes Prevention Program, to its member base.
Funds from the round will support the company meet market demand for its Medicare DPP benefit in addition to expanding its network into prevention, coping and support services.
“Solera Health has created the preventive care benefits manager category and for the first time is now enabling non-clinical providers to be integrated into healthcare. This investment allows us to further scale our model to positively impact the enormous health and financial burdens of chronic disease,” Solera CEO Brenda Schmidt said in a prepared statement.
“Solera Health was immediately compelling as they had such a unique vision and approach for addressing challenges typically related to preventive services administration. Brenda and her team saw a need for a DPP integrator who could manage engagement, enrollment, billing and reporting, and they built a company around bridging this gap in the healthcare ecosystem. This round of funding will support the company’s ongoing efforts to alter an antiquated approach to the administration of preventive benefits and transform the healthcare delivery model as we know it,” Adams Street Partners partner Tom Bremner said in a press release.
“Blue Cross Blue Shield Venture Partners has been actively involved with Solera Health from the very beginning. As an early investor, we bring a unique perspective when it comes to evaluating the considerable success Brenda and her team have achieved while building a national scalable and repeatable model for the prevention and management of chronic diseases. Our ongoing investment in the company is a testament of our belief in the substantial impact the company is having on enhancing both DPP enrollment and results for the diverse range of patients who are benefitting from this ever expanding range of services,” Sandbox Industries director Dan Phillips said in prepared remarks.
In January, Solera raised $ $5 million in a round of equity financing, according to an SEC filing.