TigerConnect, a maker of telehealth and workflow collaboration platforms, recently announced the closing of its Series D funding round worth $45 million.
HealthQuest led the round with contributions from New Leaf Ventures, Montreux Growth Partners, Norwest Venture Partners, Invus and Industry Ventures.
WHAT IT DOES
TigerConnect’s platform includes a suite of products designed to help hospitals and health systems organize their workflow and connect with patients.
The TigerFlow system allows anyone on the healthcare staff to see the shift calendar and staff directory. It's searchable by role, instead of by name, so users can find the right person on duty.
TigerTouch is a communication portal for both healthcare professionals and patients. Clinicians can switch between the provider and patient modes to allow for direct collaboration with peers or to engage with a patient at any point during the care continuum. The platform also allows for video, audio and photo sharing.
WHAT IT’S FOR
The company said it will use the funds to expand product development and professional services to meet the growing demand for its system.
Over the course of the pandemic, TigerConnect has experienced substantial growth as more health systems turn to digital solutions to coordinate care. Its revenue has grown by more than 30% since the onset of COVID-19, and it now has over 750,000 members using TigerConnect to communicate internally and externally, according to a statement from the company.
"The COVID-19 pandemic is a watershed moment in care delivery. With unprecedented pressures on operations, health systems must be more connected, efficient and capable of meeting patients wherever they are," Brad Brooks, TigerConnect cofounder and CEO, said in a statement.
MARKET SNAPSHOT
Digital tools have become an essential part of many health systems' workflow. Other platforms in the space include Lumeon's Care Pathway Management platform, which raised $30 million in new Series D funding this summer. Columbus, Ohio-based Olive has an "AI Workforce" tool that automates administrative tasks, which received $51 million in funding earlier this year. PatientPing also closed a $60 million Series C round recently for its coordinated care platform.
ON THE RECORD
"TigerConnect is in a unique position to help hospitals turn the page on antiquated systems to get more done – and improve outcomes,” Brooks said in a statement. “Although we weren't actively looking to raise capital, we were impressed by HealthQuest's healthcare expertise and health system knowledge. We look forward to partnering with the HealthQuest team as we unite collaboration and patient engagement in one organic experience and scaling our solution to meet the soaring demand for telehealth and collaboration tools worldwide."
