Participated · Equity · Oct 2020

NeoLight makes hospital‑grade phototherapy hardware intended to treat neonatal jaundice, a condition affecting roughly 60% of newborns. The company originally designed its devices for hospital use but pivoted to market the hardware to new parents. The pivot responds to trends toward earlier newborn discharge and home quarantine, when doctors may not know if treatment is necessary until three or four days after birth. NeoLight’s therapies aim to offer clinical-grade treatment at home to prevent bilirubin-related brain damage. Founder Vivek Kopparthi has described the timing gap between discharge and detection of treatment need as a core challenge the product addresses. The company recently secured additional financing to support this consumer-facing push.

Participated · Equity · Apr 2016

Augmedix delivers AI-powered ambient medical documentation and data solutions that convert natural clinician–patient conversations into medical notes clinicians can review, finalize, and transfer in real time to the electronic health record. Its technology targets both ambulatory care and, through a new collaboration, the acute care setting. The company plans to work with HCA Healthcare to advance AI-powered ambient documentation products for acute care clinicians and to accelerate development of products such as Augmedix Go. Augmedix raised approximately $12 million in new equity from HCA Healthcare and Redmile Group via a combination of new common shares and pre-funded warrants priced at $1.60 per share. The financing also included issuance of conditional “break even” warrants tied to specific future financing events. Management says the new capital, together with existing cash and availability under an existing debt facility, should enable the company to reach cash flow sustainability and avoid additional equity raises, with breakeven expected as it exits 2024. The company and Redmile have also agreed to finalize within 30 days an equity line option of up to $5 million at $1.60 per share that could be accessed 12–18 months after finalization, although management does not anticipate using it. Augmedix provides remote medical documentation and live clinical support, converting natural clinician–patient conversation into medical documentation using proprietary automation modules and human-expert assistants operating in HIPAA-secure locations. Its platform supports over 35 specialties and is used by more than one dozen American health systems and hundreds of independent clinicians across medical offices, clinics, hospitals and telemedicine. The company estimates its solution saves clinicians 2–3 hours per day, can increase productivity by as much as 20%, and improves clinicians' satisfaction with work-life balance by over 40%. Augmedix completed a fourth quarter 2020 capital raise and achieved an OTCQX listing, and management cites strong financial performance. In March 2021 the company refinanced its long-term debt to enhance the balance sheet and significantly extend operating runway. Proceeds from the refinancing were used to pay down existing long-term debt and for working capital and general corporate purposes. Augmedix offers a platform that converts natural clinician–patient conversation into medical documentation and delivers live clinical support such as referrals, orders, and reminders. Its platform combines proprietary automation modules with human-expert assistants operating in HIPAA-secure locations to produce accurate, comprehensive, and timely documentation. Augmedix says its services are compatible with over 35 specialties and are trusted by more than one dozen U.S. health systems across telemedicine, clinics, and hospitals. The company estimates its solution saves clinicians 2–3 hours per day, can increase productivity by as much as 20%, and improve certain clinicians' work‑life balance by 49%. Management said the COVID‑19 pandemic has accelerated telemedicine adoption and highlighted Augmedix’s competitive advantages. The company plans to broaden operational capabilities, accelerate technology research and product development, and strengthen marketing and sales following the financing. Augmedix provides real‑time medical documentation by turning natural clinician–patient conversation into notes via a platform powered by proprietary natural‑language‑processing technology and medical documentation expert teams. The company supplies clinicians with hardware (Smartphones or Google Glass) to securely stream visits to its cloud‑based platform, where tech‑enabled remote specialists and proprietary automation modules generate comprehensive documentation. Its service covers more than 25 specialties and supports most EHRs. Fifteen national health systems, including Sutter Health, CommonSpirit Health, and US Oncology, representing over 10% of clinicians in the U.S., have partnered with Augmedix. The company is led by CEO Manny Krakaris. It raised an additional $19M in Series B financing to accelerate product development, including automation capabilities, and to scale its technology‑enabled service across health systems and private clinics nationwide. Augmedix offers a Google Glass-powered remote scribe service that lets physicians retrieve patient history and document visits without interacting with a computer; chart notes are created in real time by remote scribes in secure HIPAA-compliant facilities. The service enables physicians to review notes and provide patients with visit summaries and care instructions. Augmedix complements its core offering with enterprise support services including staffing, quality assurance, network and technical support, analytics and business process improvement. The company has received more than $60 million in venture funding since founding. It intends to use the new funds to further scale its service nationwide and build out its platform with new tools and services.

Participated · Series B · Jun 2015

Doctor On Demand operates a nationwide virtual healthcare platform that connects patients to physicians, psychiatrists, therapists and care coordination teams via video, voice and messaging. The company delivers urgent care, virtual primary care, chronic care management, and integrated behavioral health through employers, health plans, Medicare Part B, and directly to consumers. It reported accelerated momentum in early 2020, more than doubling its covered lives in six months and reaching its 3 millionth virtual visit; the platform now spans over 98 million covered lives and has a 4.9/5 patient satisfaction rating. In response to COVID-19 the company rapidly rolled out services to 33 million Medicare Part B beneficiaries across all 50 states. Average wait time on the platform is about 10 minutes and the company emphasizes a clinical model of fully employed providers to enable continuity of care. Doctor On Demand is headquartered in San Francisco with offices in Minneapolis and Washington, D.C. The company plans to use its recent funding to accelerate investments in growth, expand access to comprehensive virtual care, and further scale its Virtual Primary Care offering. Doctor On Demand provides video visits with board-certified physicians, psychiatrists, and licensed psychologists via smartphones, tablets, and desktop computers. The service offers immediate access with an average wait time of five minutes, is available 24/7, and is rated five stars on iTunes and Google Play. Last year the company became the first telemedicine provider to offer fully integrated laboratory services, expanding treatable conditions and enabling chronic care management. Doctor On Demand serves two million patients nationwide, hundreds of enterprise customers including four of the Fortune 10, and more than two dozen health plan partners, and has reported triple-digit year-over-year growth. The company delivers care through employers, health plans, and directly to consumers and is headquartered in San Francisco with offices in Minneapolis and Washington, D.C. The new funding will support rapid expansion of the platform; Doctor On Demand has now raised over $160 million in total funding. Doctor on Demand is a telemedicine startup offering one-on-one virtual visits with board-certified physicians via individual accounts and employer partnerships. The platform is distributed through employer customers (it signed its 200th employer customer) and works with national health plans such as UnitedHealthcare and the Blue Cross Blue Shield Association, claiming in‑network or subsidized access to more than 25 million Americans. The company raised a $50 million Series B and had previously raised $24 million in seed and Series A financing, bringing total disclosed funding to $74 million. It competes with services like HealthTap, MDLive, American Well and Teladoc but emphasizes practicing medicine with real, board-certified doctors. Doctor on Demand plans to use the new capital to grow the service, build out its sales team and sign additional employer and partner relationships. Existing partnerships and customers cited in the article include Comcast, Union Bank & Trust and Wegmans. Doctor On Demand provides HIPAA-secure, synchronous video visits on Android and iOS and is now available as a web-based desktop app, enabling U.S. patients to consult physicians for non-emergency clinical issues. The service charges $40 per visit, of which $30 goes to the physicians. Its physician team treats conditions such as colds, coughs, allergies, infections, and can handle prescription refills; the platform is not intended for emergencies or care requiring labs or imaging. The company announced a $21 million Series A led by Venrock, Shasta Ventures and angel investor Sir Richard Branson. Last December Doctor On Demand raised a $3 million seed from Venrock, Andreessen Horowitz, Google Ventures, Lerer Ventures, Shasta Ventures and Athenahealth CEO Jonathan Bush. Comcast has become the first major company to integrate Doctor On Demand into employee health plans and will offer or fully subsidize video visits for some U.S. employees. Doctor On Demand offers on-demand video visits that connect patients to licensed U.S. physicians via an app on iPhone, Android or tablet, using a HIPAA-secure network and synchronous video chat. At launch the service is live in 15 U.S. states and charges $40 per video call, a price the founders say is comparable to typical insurance co-pays and cheaper than many urgent-care visits. The service supports payment via Health Care Spending Accounts, Flexible Spending Accounts or major credit cards, and can handle non-emergent clinical issues and prescription refills. The company has grown a national network of roughly 1,000 physicians overseen by co-founder and CMO Dr. Pat Basu and is building a multidisciplinary routing capability to connect patients to specialists. Founders Adam Jackson and Dr. Pat Basu lead the company, which also counts Tom Daschle on its board and Jay McGraw as a co-founder supporter.

Participated · Equity · Aug 2014

AirStrip delivers data-driven, actionable insights that help clinicians improve patient outcomes and operational efficiency through its clinical surveillance, decision support, patient monitoring, and alarm management platform. The company’s software is already deployed in more than 675 hospitals and health systems across the United States, demonstrating meaningful market penetration. AirStrip’s technology aggregates and analyzes real-time patient data, surfacing critical information to care teams at the point of need. Management plans to use newly raised capital to accelerate growth as demand for its solutions rises, with a focus on expanding product capabilities and scaling commercial operations. Although precise revenue figures were not disclosed, the breadth of its hospital footprint suggests a sizable recurring customer base and a pathway to further expansion.

Participated · Series B · May 2014

Evariant offers an integrated healthcare CRM platform built on a centralized healthcare data hub, analytics, and a communications engine to identify, execute, and measure engagement initiatives. The platform is designed to help health systems attract profitable patient volume, connect patients with providers, and support value‑based care delivery while reducing overall cost of care and improving patient experience. Evariant cites over 600 hospital customers, including six of the top 10 health systems. The company emphasizes big data and streaming analytics as core technical advantages. With the new capital, Evariant plans to grow its engineering, services, and customer success teams and expand its healthcare provider footprint. The company recently opened a fourth office in Austin, Texas that functions as its technology hub. Evariant offers a unified SaaS platform that combines digital marketing solutions, big data and analytics for the healthcare provider market. The platform helps healthcare organizations identify opportunities, measure marketing campaigns against reportable ROI and improve engagement with patients, physicians and employers. The company is led by CEO and Co-founder William Moschella. Evariant is based in Farmington, Connecticut. The company announced a Series B financing of $18.3M, indicating an institutional growth capital infusion reported in May 2014. eVariant offers SaaS-based CRM/PRM and marketing automation solutions focused on accelerating patient volume growth and improving patient and provider communications. Its flagship product, HealthConnect, is a SaaS Volume Performance Management solution that combines CRM, marketing automation, data integration services and analytics. The company intends to use new funding to drive customer growth in the Integrated Delivery Network (IDN) and Academic Medical Center (AMC) markets and to support product innovation. Founded in October 2008 by CEO Bill Moschella and EVP Rob Grant, eVariant serves hospitals, health systems, academic medical centers and some global corporate clients. Named clients include Catholic Health Partners, Greenville Hospital System, Halifax Health, Hartford Healthcare, Penn Medicine, University of Utah Health Care, and companies such as American Express, Juniper Networks and Zurich. eVariant operates offices throughout North America.