AristaMD Adds Ascension Ventures and .406 Ventures To Investment Syndicate, Completing Its $24 Million Series B Financing
AristaMD, connecting primary care providers (PCPs) with timely, documented specialist insights, announced investments from Ascension Ventures, a strategic healthcare venture firm representing 13 of the nation’s leading non-for-profit health systems, and .406 Ventures, a venture capital firm investing in early-stage disruptive enterprise technology and digital health companies.
These investments top off the company’s Series B funding round, which was co-led by Cigna Ventures and MemorialCare Innovation Fund, at $24 million. The new capital will be used to accelerate commercial growth as well as continue the expansion of its proprietary eConsult platform supporting payors and health systems across the country.
“Delivering more timely care to patients has become even more crucial during the COVID-19 pandemic and will remain important in the future, as we must reserve precious in-person specialty appointments for those who critically need them,” said Brooke LeVasseur, CEO of AristaMD. “This additional funding will help us accelerate our vision and contribute to shaping a world where all patients have timely, cost-effective access to health care.”
Designed by practicing physicians, AristaMD’s eConsult solution empowers PCPs to expand their scope and collaborate on patient care with a world-class panel of on-demand specialists. AristaMD significantly increases access to appropriate and timely care to improve outcomes and reduce costs.
“With its innovative solution and industry-leading team, AristaMD is positioned to make a considerable improvement in the way health care is delivered,” said John Kuelper, managing director of Ascension Ventures. “AristaMD has built a highly scalable solution that continues to deliver tangible ROI for health systems and payors, and improves the level of care for all patients.”
The need for eConsults has never been more critical. According to recently published data, since the COVID-19 pandemic started, outpatient hospital visits declined by 31%. Additionally, preventative screenings for cervix, colon and breast cancer have dropped between 86% and 94%, compared to the last three years. With non-emergency, proactive care and elective procedures being canceled throughout the pandemic, there is a backlog of appointments. eConsults will be an effective triage tool now and moving forward to improve access and reduce healthcare strain.
“AristaMD enables patients to efficiently obtain the appropriate level of care when they need it most,” said Payal Divakaran, partner at .406 Ventures. “We’re excited to partner with Brooke, her team and a great group of co-investors to expand the reach of AristaMD’s enterprise-grade platform.”