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MCLEAN, Va.–(BUSINESS WIRE)–Somatus, a market chief in value-based kidney care, at the moment introduced it has accomplished a Sequence C funding spherical of $64 million. The funding spherical was led by Longitude Capital and co-led by Optum Ventures and Deerfield Administration Firm, and included participation from current buyers Blue Enterprise Fund, Flare Capital, and City Corridor Ventures. This funding spherical, mixed with prior funding, brings the Firm’s complete capital raised to over $105 million since its launch in 2016.
The completion of this financing marks one other main milestone for Somatus. By way of new and expanded partnerships with main well being plans, the Firm has skilled vital progress and now offers complete and holistic kidney care providers to greater than 20,000 power kidney illness and end-stage kidney illness sufferers throughout six states. Somatus will use the funding to proceed to scale its mannequin nationally and put money into know-how and product improvement to raised assist sufferers and well being plan companions.
“Since our inception, we now have got down to do one factor: be one of the best supplier of built-in take care of these with or vulnerable to creating kidney illness,” mentioned Somatus Co-Founder and CEO, Ikenna Okezie, MD. “Fueled by the tenacity of our staff, the belief of our sufferers, and the assist of our companions and buyers, we now have made nice strides within the pursuit of our mission and helped spur wanted transformation within the kidney care sector. This funding permits us to speed up these efforts whereas solidifying ourselves as a most popular associate for well being plans and a trusted advocate for sufferers.”
The Somatus mannequin makes use of actionable intelligence from its propriety RenalIQ® know-how platform to energy field-based care staff efforts and join main kidney care stakeholders. A number of information units are used to foretell undiagnosed illness in addition to the severity and velocity of illness development, utilization, and the chance of an unplanned dialysis begin. A extremely specialised staff of renal clinicians and community-based staff members use evidence-based care pathways and personalised outreach to develop affected person belief and develop a complete care plan centered on serving to members obtain higher kidney well being. The mannequin has seen excessive ranges of engagement and adoption from sufferers and delivered vital high quality and price outcomes for companions.
“Somatus is on the forefront of revolutionary change in an trade that has compelled sufferers to just accept the established order for much too lengthy,” mentioned Longitude Capital Managing Director, Gregory Grunberg, MD. “Somatus is remodeling how the trade cares for sufferers with power kidney illness by not solely assembly them the place they’re but in addition by aligning all kidney care stakeholders to assist the well being and needs of sufferers. This patient-centric mannequin is a win-win answer for sufferers, companions, and suppliers.”
“Somatus’ team-based administration of kidney illness ensures folks get the skilled, engaged, compassionate care they want and deserve, extra affordably,” mentioned Larry C. Renfro, managing associate of Optum Ventures. “This progressive method to treating power illness is more and more essential for well being care payers and care suppliers who’re devoted to reaching higher well being outcomes for the sufferers and populations they serve.”
“Most of the 37 million People residing with power kidney illness are unaware they’ve it or wouldn’t have the sources or assist to assist handle it,” mentioned Julian Harris, MD, Associate at Deerfield. “Somatus has led trade efforts to beat this problem and delivered a mannequin that not solely gives this inhabitants a path to raised kidney well being, but in addition hope that they will stay the life they need. We’re thrilled to put money into their mission and assist them of their efforts to affect the lives of thousands and thousands.”
Over the course of the following 12 months, Somatus will proceed to increase its nationwide footprint, launch new partnerships, add high expertise to the present 300-person staff, and work with its payer and supplier clients to deploy a full array of kidney care and dialysis supply options. The Firm may also be releasing its patient-facing cellular utility designed to assist sufferers monitor their kidney well being targets, join nearly with care staff members, watch on-demand micro-learning modules, and observe their transplant journey.
Somatus companions with main well being plans, well being methods, and nephrology and first care teams to supply built-in take care of sufferers with or vulnerable to creating kidney illness. Because the market chief in value-based kidney care, Somatus’ vertically built-in scientific providers and know-how delay or stop illness development, enhance high quality and care coordination, and enhance the usage of dwelling dialysis modalities and charges of kidney transplantation. The corporate is headquartered in McLean, Virginia, and based by a staff of world-class healthcare operators, profitable entrepreneurs, and main clinicians treating kidney illness. For extra data, please go to www.somatus.com.
About Longitude Capital
Longitude Capital is a personal funding agency that makes enterprise progress investments in biotechnology, medical know-how and well being options corporations that search to enhance scientific outcomes, improve high quality of life and/or scale back system prices. Longitude Capital invests in each privately held and publicly traded life science corporations by way of quite a lot of funding approaches. Longitude Capital has workplaces in Menlo Park, CA, Greenwich, CT and Boston, MA. For extra data, please go to www.longitudecapital.com.
About Optum Ventures
Optum Ventures is the impartial enterprise fund of Optum, a number one data and technology-enabled well being providers enterprise devoted to serving to make the well being system work higher for everybody, and a part of UnitedHealth Group. Optum Ventures invests in digital well being corporations that use information and insights to assist enhance shoppers’ entry to well being care providers and the way care is delivered and paid for, and that make the well being care system extra dependable and simpler to navigate. For extra data, go to www.optumventures.com.
Deerfield is a healthcare funding administration agency dedicated to advancing healthcare by way of funding, data and philanthropy.
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