Health Technology Company Aledade announced that it has received a whopping $260 million in Series F funding.
Lightspeed Venture Partners led the round with participation from Venrock, Avidity Partners, OMERS Growth Equity and Fidelity Management & Research Company.
According to Bloomberg, the latest round of funding increases the company’s value to $3.5 billion and helps the company achieve unicorn status.
dr David Blumenthal, former President of the Commonwealth Fund and United States national coordinator for health information technology, and Paul Hennessy, CEO of Shutterstock, will join Aledade’s board of directors.
dr Efrem Castillo, who previously served as senior vice president of clinical transformation at Optum and chief medical officer at United Healthcare Medicare Solutions, will join the Aledade team as senior vice president of Medicare Advantage.
WHAT THEY DO
Based in Maryland, the nonprofit works with first responders to build technology-enabled, responsible care organizations.
The company will use the funds to accelerate the growth of its strategic alliances and primary care network, and to acquire and enhance technologies and services to support its value-based care solutions.
“After a decade of experience with different values-based models, it is clear what works – making primary care accountable for the overall cost and quality of care. We founded Aledade in 2014 on the premise that we could scale the success of values-based primary care. Farzad Mostashari, CEO and co-founder of Aledade, in a statement. “This funding allows us to be opportunistic, identifying and acquiring additional capabilities within the Aledade platform that will enable the largest independent primary care network in the country to consistently deliver the best outcomes in value-based care.
Aledade scored $123 million in a Series E funding round last year and $100 million in Series D funding in 2021. In 2020, the company raised $64 million in a Series C round.
In February, the health technology company acquired the AI-powered, value-based care analytics platform Curia to leverage the New York-based company’s AI-powered capabilities to expand its data collection, provide more accurate data predictions, and help improve primary care workflows.
Aledade bought last year Iris Healthcarea platform for advanced care planning solutions that became part of Aledade’s healthcare services unit called Aledade Care Solutions.