Digital chronic care management company Omada Health scored a whopping $192 million in Series E funding. This new infusion of cash brings the company’s total raise to more than $256 million, according to Crunchbase.
The round was led by Fidelity Management & Research Company with participation from aMoon, Perceptive Advisors, Wellington Management, Civilization Ventures, and others.
WHAT THEY DO
Founded in 2011, Omada got its start in prediabetes management. However, today the company’s services include management for diabetes, hypertension, and musculoskeletal (MSK) conditions.
The San Francisco-based company is focused on aiding individuals in managing their own health conditions through personalized data-driven behavior change coaching. The platform can help users keep track of their diet, exercise, blood glucose and other metrics. Patients can also access virtual care for support.
In 2020 the company acquired MSK-fcoused Physera, which gave it a foot holding in the physical therapy space. Since then the company rolled out new computer vision technology to help physical therapists virtually measure a patient’s movement and range of motion.
The company created the Omada Insights Lab, which uses clinical design, care delivery, product design, data science and behavioral science to help develop personal goals and plans for patients.
WHAT IT’S FOR
Omada’s plans to use the Series E money to hire more staff across the company. It also plans on building out its tech plan for care and personalization and investing into Omada Insights Lab.
“With a 10-year track record, Omada’s approach is delivering outcomes that outpace the industry,” Sean Duffy, cofounder and CEO of Omada Health, said in a statement. This latest round of funding not only validates, but accelerates our mission in offering virtual chronic care treatment to millions of people across the U.S. With the support of our investors, Fidelity, aMoon, Civilization Ventures and others, we’re able to better support our customer growth and usher in a new model of care.”
THE LARGER TREND
Chronic care management is a popular sector in digital health. One of the other major players in this space is diabetes-focused Virta, which scored $133 million in Series E funding Spring of 2021. Virta claims that its platform can help users “reverse diabetes.”
In 2020 telehealth company Teladoc scooped up chronic care management company Livongo for a whopping $18.5 billion.