DURHAM – Validic Inc. has closed $12 million in new funding, including backing from Kaiser Permanente Ventures which led the round.
According to a statement, the company plans to accelerate the growth of its digital health and remote care platform.
Chris Stenzel, the executive managing director for Kaiser Permanente Ventures said in a statement that the Durham-based startup’s product offering has already been a part of the healthcare company’s “efforts to improve quality of care for our 12.6 million members” and added that by leading the firm’s latest funding round they expect to deliver technology and tools to improve “health promotion, disease prevention, state-of-the-art care delivery, and world-class chronic disease management.”
Validic was founded in 2010 and is also backed by Mark Cuban, who led the company’s seed stage round of $760,000 in 2013.
The company had previously raised $5 million in 2013 led by Greycroft Ventures and Durham-based SJF Ventures, and another $12.5 million in 2015 in a round that was led by Kaiser Permanente Ventures.
Greycroft and SJF also participated in the latest round, as did Arkin Digital Health, Green Park & Golf Ventures, Ziegler, and Gore Range Capital, according to the company.
Rapid growth of remote patient monitoring
“With the rapid growth of digital health technologies, people expect a more personalized, engaging and convenient experience with healthcare providers,” said Drew Schiller, co-founder and CEO of Validic, in a statement. “Blending in-person and virtual care modalities, as well as incorporating personal health data and devices into the standard of care, enables greater collaboration, better care, improved patient satisfaction, and care team efficiency.”
The latest funding round comes at a time when healthcare data privacy concerns persist and while a digital transformation is underway in the sector.
That includes telehealth options, remote patient monitoring, and more, which Validic noted in a statement positions the company well to add value in the execution of its own electronic health records integration strategy.
Globally, the remote patient monitoring market is expected to grow at a compound annual growth rate (CAGR) of 18.3% by 2030, according to a recent research study.
And Schiller said that the company will provide “an easy and seamless experience for providers and patients, and can be deployed on a national scale.”
The company has added more than 540 supported devices and says it supports the largest remote patient monitoring program in the country, with more than 250,000 patients enrolled since inception.
Durham’s Validic raises $12.5M with backing from Kaiser Permanente
