Participated · Series A · Jun 2022

Ria Health is a national telehealth provider delivering evidence-based treatment for alcohol use disorder (AUD) that combines medication‑assisted treatment, behavioral therapy, and coaching through a physician‑led clinical team. The program is designed to meet patients seeking either harm reduction or abstinence and partners with facility‑based AUD providers and digital health companies. Ria operates via telehealth across all 50 states and has contracts with 15 payors, using value‑based payor arrangements that align incentives around quality metrics and phased service utilization. The company highlights industry‑leading outcomes and significant reductions in medical spend for payor partners. With the new capital, Ria plans to scale its clinical model and payor coverage, accelerate sales and marketing investments, and strengthen its position as a value‑add partner in the AUD care continuum. Ria Health operates an online telehealth platform that pairs a smartphone app with a Bluetooth-equipped breathalyzer to monitor blood alcohol levels and share results with counselors. Their program includes a HIPAA-compliant video portal and access to a health team—psychiatrists, addiction medicine physicians, and certified addiction counselors—plus anonymized and family-involved support groups. The company emphasizes technology to expand access and engagement while preserving human-to-human clinical interactions. Ria Health began its mission in 2017 and is positioning its platform for broader validation through clinical research. It recently received a $2 million grant from the National Institutes of Health to support clinical trials being conducted with the Stanford Prevention Research Center. The grant will fund development of additional technology features aimed at improving patient engagement and treatment outcomes. Ria Health offers an evidence-based telehealth treatment program for alcohol use disorder that combines medical science, technology, and human compassion. Led by CEO Tom Nix, the program combines one-on-one coaching, medical support, digitally connected breathalyzers, and physician-prescribed medications. Expert providers empower patients to set personalized goals that may focus on clinically-measured reduction of alcohol misuse rather than abstinence. The company has commercial partnerships with regional and national health plans, including Anthem Blue Cross Blue Shield, UnitedHealth Group Optum, Beacon Health Options, Highmark Health, and Magellan Health. Ria intends to use the funding to expand care delivery to meet demand from health plans, multi-state employers, Taft-Hartley plans, and healthcare providers. No operating metrics or revenue figures were disclosed in the announcement.

Participated · Series C · Jun 2021

Sword Health is an AI-powered digital health company that began as a virtual physical therapist and has expanded into pelvic health and mental health services. Its core product includes an AI care specialist called Phoenix, which the company aims to extend to cardiovascular, gastroenterological, and speech therapy care verticals. Sword is cash-flow positive and reporting a $240 million annual revenue run rate. The company raised capital to update its valuation and to have funds available for strategic acquisitions. CEO Virgílio Bento is delaying near-term IPO plans until he can show proof points at scale across multiple care verticals. Sword plans a likely tender offer next month and expects to raise additional capital next year. Sword Health operates an AI Care platform that delivers clinician-informed, conversational and real-time feedback-driven care for back, joint and muscle pain and women's pelvic health. The company launched its first AI-based care solution in 2015 and has delivered over three million AI sessions to members to date, with availability to more than 10,000 employers across three continents. Sword recently introduced Phoenix, an AI Care Specialist that will be integrated across its platform beginning with Thrive (physical pain) and then Bloom (women’s pelvic health) during 2024. The firm says it nearly tripled revenue in the prior year and claims a 70% win rate in competitive evaluations while holding the majority of industry patents. Management frames Phoenix as the largest technology leap to date and part of plans to expand AI Care into new markets and categories. The company states its mission is to free two billion people from pain by scaling AI-powered access to high-quality care. Sword Health is a Porto-founded digital musculoskeletal therapy provider that pairs members with licensed physical therapists and a digital therapist and offers an FDA-listed device to address musculoskeletal (MSK) disorders. Launched in 2015, the company aims to reduce or eliminate MSK pain for members, self-insured employers, and health plans. Over the past year Sword reported a 20x increase in valuation and a 12x increase in client count. Financially, Sword closed an oversubscribed $163 million primary Series D and a $26 million secondary that pushed its valuation north of $2 billion, bringing total capital raised to $320 million. The company plans to use part of the funding to create 300 new positions primarily in operations, marketing, technology, and people management, and to continue developing and promoting its services. Investors and company leadership have pointed to Sword’s PT + Digital Therapist model and reported clinical outcomes as drivers of market acceptance and cost savings. SWORD Health provides a virtual musculoskeletal care platform that connects patients to telemedicine physical therapists and supplies tablets plus motion sensors to power a Digital Therapist that delivers real-time feedback. The Digital Therapist offers thousands of feedback messages and scores exercises, guiding regimens that typically take 20–25 minutes. The company sells to insurers, health systems, and employers across the United States, Europe, and Australia. Founded in 2015 and only 18 months in market, SWORD reports treated patients up 1,000% year over year and 600% year-over-year revenue growth. Management says it will reinvest gross profit into building the platform and plans to use new capital to grow the business rather than focus on near-term profitability. Sword Health offers a virtual musculoskeletal solution centered on its FDA-listed Digital Therapist, which connects in-house Doctors of Physical Therapy to members via wearable motion sensors and a tablet running an AI-powered therapeutic exercise program. The clinically proven platform delivers rehabilitation programs for chronic, acute, and post-surgical conditions across the lower back, shoulder, neck, knee, elbow, hip, ankle, wrist and lungs. Led by founder and CEO Virgilio Bento, the company plans to use the new capital to enhance product capabilities and expand industry partnerships. It aims to drive adoption across the benefits management ecosystem with employers, health plans and alliance partners. The company has raised a cumulative $50M to date. Sword Health raised $25M in a Series B to support these initiatives.

Participated · Series C · Sep 2011

dMed-Clinipace is a global full-service CRO offering clinical development, regulatory, pharmacovigilance and clinical analytics services. The company has therapeutic expertise in oncology and rare disease, with additional focus in gastroenterology, nephrology and women's health. It was formed through the April 2021 merger of Shanghai-based dMed Global and Morrisville, North Carolina–headquartered Clinipace. The combined entity has more than 1,700 staff across 22 offices in the Americas, Europe and Asia‑Pacific, including over 700 staff in China. dMed-Clinipace completed a US$50 million Series C+ financing to help finance the merger and to accelerate global growth and expand its investor base. Management said new investors will bring resources and strategic insight to support the company’s global expansion. Founded in 2003 as a software company, Clinipace has grown into a global, full-service contract research organization. The company provides services in clinical development, regulatory affairs, and clinical analysis. Its geographic coverage includes North America, Latin America, Asia-Pacific, and Eastern and Western Europe. Clinipace says it aims to bring new therapies and medications to market, impact patients’ lives, and offer partnership and efficiency beyond traditional clinical research organizations. CEO Jason Montelone joined the company in 2017 after co-founder Jeff Williams resigned and brings more than 20 years of health care and life-science industry experience. Financially, the company has continued to raise private capital, most recently selling $4 million of private equity per an SEC filing, following prior raises of $5.7 million in September 2018 and $10 million in December 2017. Clinipace Worldwide is a clinical research organization that provides clinical development and regulatory services to pharmaceutical, biotechnology, and medical device companies. The firm helps execute regulatory strategies, optimize clinical development timelines and complete high-quality trials across therapeutic areas including oncology, nephrology, urology, gastroenterology, nutrition, cardiology, diabetes, immunology, infectious diseases and orthopedics. The company raised $3 million in a private stock offering, according to an SEC filing. Clinipace filed a Form D with the Securities and Exchange Commission on Nov. 17 and declined to disclose how it intends to use the proceeds. The company is led by CEO Jason Monteleone, who joined in October 2017 after serving as a strategic consultant and has over 20 years of experience in healthcare and life sciences. Monteleone holds an MBA in finance from Temple University's Fox School of Business and a BS in business administration from Millersville University of Pennsylvania. Clinipace Worldwide is a technology‑amplified dCRO that delivers clinical operations, regulatory and strategic development services powered by its proprietary TEMPO eClinical platform. The company supports therapeutic areas including cardiovascular, CNS, oncology, infectious disease and others and has built a global footprint through five acquisitions in as many years. Clinipace reported a three‑year growth rate of 348% and added over 450 jobs from 2012 to 2014. It now employs about 700 global staff and has managed over 1,500 clinical research studies, activated more than 23,000 sites, enrolled over 330,000 subjects and handled over 300 regulatory and strategic engagements. The company intends to use new capital to continue building therapeutic expertise, expand capacity to deliver services, and to fund a pipeline of corporate acquisitions. Clinipace’s global headquarters are in Research Triangle Park, NC, with additional domestic and international offices. Clinipace Worldwide provides clinical research services to pharmaceutical, biotechnology and medical device companies, with a niche in oncology and a growth-by-acquisition strategy. The company recently acquired Paragon Biomedical, adding offices in Irvine, California; High Wycombe, England; and Trivandrum, India. Clinipace reported more than 430 staff, contractors and consultants after the Paragon deal and moved up on Inc.’s list of fastest-growing private companies to No. 260. Management says the sales pipeline is rich and anticipates robust hiring to support new clients and projects. Open roles listed on the company website include clinical data managers, data specialists and therapeutic-specific clinical research associates. The company uses acquisitions to expand therapeutic expertise, site management capabilities and clinical operations.