Solera Health today said it raised a $4.1 million Series A1 round for its preventive health platform for diabetes.
Prior backers BlueCross BlueShield Venture Partners and Sandbox Industries were joined by new investor SJF Ventures, Solera said. A Series A round last November brought in $3 million, the company said.
Phoenix-based Solera said it plans to use the cash to scale up to meet insurers’ demand for the National Diabetes Prevention Program. The company said its platform is designed to connect potentially diabetic patients with the fragmented network of local DPP outlets, which coach them through lifestyle changes to prevent the disease.
“BlueCross BlueShield Venture Partners, Sandbox Industries and SJF Ventures each understand the complex challenges that our current healthcare system faces when it comes to chronic disease prevention and management, and they have demonstrated strong support for innovations that can make a substantial difference in health outcomes moving forward,” CEO Brenda Schmidt said in prepared remarks. “The cost of chronic disease is staggering. To answer this epidemic, large commercial health plans representing over 20 million covered lives have recognized the value of Solera’s business model through recent contracts. These contracts and the new round of funding are a strong endorsement for our technology and our approach to chronic disease prevention and management. We are excited by our successes to date and the support of investors who are aligned with our strategic roadmap for future growth.”
“What Brenda and her team are doing to disrupt the healthcare and social services delivery model is truly game changing. Conceptually, Solera is the only digital health player who has taken this unique approach to chronic disease prevention. Enabling a network of community and virtual providers to address the social determinants of health is clearly an offering that’s resonating really well with payers,” added SJF Ventures managing director Cody Nystrom.
