SAN MATEO, CA, Healthcare communications platform-as-a-service (CPaaS), today announced it has completed a $7.2M round of funding led by TVC Capital.
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HealthCrowd, the industry's first healthcare communications platform-as-a-service (CPaaS), today announced it has completed a $7.2 million round of funding led by TVC Capital with continued participation from Startup Capital Ventures, Healthy Ventures and other investors. With the investment, HealthCrowd will continue its mission of delivering purposeful healthcare communications that drive healthy actions and generate targeted clinical and financial outcomes on behalf of its customers. HealthCrowd already calls many national, regional and local healthcare organizations its customers across 26 states.
Healthcare organizations use HealthCrowd to communicate with their members and patients across modalities including text, voice, email and mobile web, in a natural and holistic way. Having focused on outcomes, data and analytics from inception, HealthCrowd is aligned with the industry's ongoing evolution to value-based care. In contrast to the previous generation of solutions, HealthCrowd learns on every single communication. This industry innovation means HealthCrowd's communications platform becomes more intelligent over time and can drive healthy actions with fewer targeted touchpoints, contributing to a better consumer experience. The company's business model, based on its unwavering belief that its customers should pay for value, not per communication, is equally disruptive. Accordingly, the company routinely publishes the results of outcomes analyses across its customer base.
"Healthcare is a big market, but its complexities and nuances can make it challenging for companies to succeed. Strong product-market fit is paramount, and HealthCrowd understands how to bring products to market in this complicated ecosystem. The company has done a tremendous job of assessing and satisfying immediate market needs while laying the foundation for exceeding future customer expectations. For example, their application of machine learning is ambitious but at the same time immediately useful. What truly amazed me was the unanimous degree of enthusiastic satisfaction amongst HealthCrowd's customers," said Mykel Sprinkles, Partner at TVC Capital.
"We are proud to have built a strong and sustainable business. However, to keep up with organic growth driven by market demand for our solutions, we decided to partner with TVC Capital to accelerate our ability to transform the state of healthcare communications in the country to be on par with other industries. The growth capital will allow us to make investments across key areas that are necessary to maintain our technology and market leadership. We chose TVC because of their strong operational expertise and track record of helping SaaS companies be successful," said Neng Bing Doh, Co-Founder and CEO of HealthCrowd.
HealthCrowd helps healthcare organizations unify, automate and optimize multimodal communications to deliver member-centric engagement, at scale, in a risk-managed way. Technology, service excellence and pride of ownership are the driving force behind HealthCrowd's success, from member/patient navigation and activation, to gap closure (HEDIS, STARS), retention, redetermination and any communication requiring an action be taken. The impact is profound: a positive difference in member/patient perception of healthcare communications and significant, quantifiable savings to the organization. Predictive analytics, data mining and natural language processing techniques create durable platform IQ and EQ to drive rapid, measurable results. The company is based in San Mateo, CA.
About TVC Capital
TVC Capital is a San Diego-based growth equity firm with over $380 million under management. TVC is focused on investments in and acquisitions of mission critical software firms. TVC targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation. The TVC team is led by operating executives with more than 80 years of experience growing technology companies into market leaders. Current and past investments include SmartAction, Accordent Technologies, Docupace, MediaPlatform, Levels Beyond (Reach Engine), Del Mar DataTrac, Centage, Perspectium, Limeade, LiquidPlanner, Mercent, Celigo and ReverseVision. For more information, visit http://www.tvccapital.com.