The company intends to use the funding to advance the development of its platform to provide virtual care for chronic conditions
Cadence offers remote care to chronic conditions. (Credit: Tumisu from Pixabay.)
US-based health-tech company Cadence has raised $100m in a Series B funding round to create advanced infrastructure for health systems.
Led by technology-focused investment manager Coatue Management, the funding round also saw participation from existing investors including General Catalyst and Thrive Capital.
Cadence has created an advanced remote care management platform that delivers superior care and to people with chronic conditions.
Its platform, which leverages machine learning technology, collects and analyses patients’ vitals, medical history, and wellness data from the comfort of their home, to provide personalised, real-time responsiveness.
Cadence intends to use the funding for the development of its platform to provide data-driven, responsive, and personalised care to remote patients.
Coatue managing director and healthcare head Aaron Weiner said: “We think that Cadence’s remote patient monitoring and virtual care can have a transformative impact on patients, physicians, and our healthcare system.
“There is an urgent need throughout the U.S. for the kind of care Cadence is making possible, and we’re very proud to partner with them to change the healthcare system at large and to make access to great care possible regardless of where someone lives.”
Cadence intends to scale its remote care platform, based on positive results from the early clinical trial, in prevention, monitoring, and management of the health conditions.
The company was launched in August this year, with $41m funding led by General Catalyst and Thrive Capital.
In addition to the launch, Cadence entered into a founding partnership with national healthcare company LifePoint Health.
The company, together with its national health system partners, is working to enhance patient access to care in rural communities.
Cadence CEO and founder Chris Altchek said: “Cadence is building an innovative digital healthcare infrastructure with the most forward-thinking, patient-centric health systems in the country.
“Our partners will define a new standard for the delivery of healthcare at home over the next decade, reducing disparities in care, especially among those who have been unable to easily access quality healthcare.”