USA – Luma Health, a patient engagement platform based in San Francisco, USA, has announced a US$130 million Series C funding round led by FTV Capital, a sector-focused growth equity investment firm, with participation from existing investors.
This is Luma Health’s first funding since raising US$16 million in August 2019, bringing the company’s total funding to US$160 million.
Luma Health, founded in 2015 on the premise that patients should be able to easily connect with their healthcare provider, is the most comprehensive platform available to unify and automate the patient’s healthcare journey.
The company works with both large and small specialty practices, as well as health systems, primary care providers, Accountable Care Organizations (ACOs,) and federally qualified health centers (FQHCs), with users ranging from CEOs to call center employees. It is now used by over 550 health systems, hospitals, and clinic networks across US.
One of Luma’s features is smart scheduling, which allows patients to self-schedule 24/7 or confirm, reschedule, or join a wait list via text message.
To centralize and automate scheduling and communication with patients, the platform integrates with more than 80 electronic health records (EHRs) and leading vendors across the healthcare IT stack.
The announcement follows Luma Health’s 2x year over year growth since its inception in 2015, as well as nearly 900 percent three-year growth, earning the company recognition as one of the Inc. 5000 Fastest-Growing Private Companies.
Luma Health has facilitated digital transformation initiatives to meet new patient expectations at health systems across the country, including Montefiore Medical Center, Cook County Health, Banner Health, and Franciscan Alliance, as well as leading FQHCs such as CommuniCare Health Centers and Sun River Health.
Also, according to article published by Fiercehealthcare, the telehealth market has witnessed a record-setting US$5 billion in 163 funding deals in the second quarter of 2021.
In the same quarter, top five deals amounted for US$ 1.6 billion, representing 30% of the quarterly funding.
Noom, an app that helps people lose weight by focusing on behavior change, topped the list with a US$540 million series F funding round led by new investor Silver Lake.
The digital health company experienced rapid growth in 2020 as people sought to shed pandemic-related pounds, and it is now looking to expand beyond weight loss into areas such as stress and anxiety, diabetes, hypertension, and sleep.
Also, Kry, a Swedish digital health start-up, raised €262 million (approximately US$312 million) in a series D funding round in April.
Further to that, in April, digital pharmacy start-up Capsule banked US$300 million in new capital funding that raises its valuation to more than US$1 billion.
Cue Health raised US$235 million in new funding in May to expand its portable COVID tests into a broader menu of point-of-need diagnostics.
In June, high-flying start-up Lyra Health, a provider of mental health benefits for employees, banked US$200 million in new funding to raise its valuation to a reported US$4.6 billion. Investor hedge fund Coatue Management led the round.