Iora Health scored $126 million in a series F funding round from global investors.
The Boston-based startup says its aim is to rebuild primary care from scratch and integrates tech-based offerings to Medicare patients. The company takes a “whole-person” approach by assigning patients a health coach, a behavioral health specialist, a team nurse and a clinical team manager in addition to a provider.
The funding round, announced Monday, was led by India-based Premji Invest, the billion-dollar investment group of Wipro Limited Chairman Azim Premji, with participation from existing investors Cox Enterprises, Temasek F-Prime Capital, Devonshire Investors, .406 Ventures, Flare Capital Partners, Polaris Partners and Khosla Ventures.
The latest funding round comes two years after Iora Health closed a $100 million funding round. The company's funding to date totals at least $349.5 million.
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Iora Health has 48 practices across the U.S. serving thousands of Medicare beneficiaries. Iora's focus on longitudinal relationships with patients and Medicare plans via value-based care partnerships encourages connections, according to the company.
Iora patients averaged over four visits in 2019 with twice as many electronic interactions with their care teams. The proven model drives a steep decrease of over 40% in hospitalizations as a result of better engagement and health.
"At Premji Invest, we see the dire need—and ripe opportunity—for innovation in healthcare," Dhiraj Malkani, partner at Premji Invest, said in a statement. "The team at Iora is at the forefront of this transformation. The impact they have already made on the thousands of patients they serve is impressive and we're most excited about the future development and growth that will lead to making even larger impact on both people and the bottom line."
Iora will use the series F funding to accelerate growth and refine and optimize their care model, the company said.
The startup also is increasing its investment in its collaborative care platform with plans to build a Medicare-certified electronic health records system. The platform features the capability to generate and receive standardized electronic patient information as well as the ability to share information to specialists and non-Iora providers via the direct standard encrypted messaging protocol.
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Several tech-enabled primary care providers are trying to disrupt traditional healthcare. One Medical, which also combines traditional in-person care with virtual care, went public at the end of January.
Parsley Health is a primary care medical practice "with a whole-body approach, combining nutrition, lifestyle, and cutting-edge medical testing." Oak Street Health operates a network of primary care centers for Medicare eligibles in medically underserved communities.
Trendy San Francisco-based startup Forward has dubbed itself the primary care of the future with a tech-enabled direct primary care business model.