Still riding the wave of its massive growth in 2020, Current Health has closed an overstuffed funding round in support of its remote care management platform.
The $43 million series B was led by Northpond Ventures. Also participating in the round were LRVHealth, OSF HealthCare, Section 32, Elements Health Ventures and several of the company’s existing investors.
Alongside the influx of new funding, Current Health will also expand its board of directors to include one of Northpond’s directors, Andrea Jackson, and Tripp Peake, a general partner at LRVHealth.
The financing will help the startup, which was originally founded in Scotland in 2015 as Snap40, continue its expansion around the world, bringing its FDA-cleared platform to more hospitals, health systems and pharmaceutical companies.
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For physicians, Current’s platform offers a single centralized view of patients’ health histories to support telehealth practices. The “command center” combines data from electronic health records and patient-submitted updates and connects to a variety of wearables and other remote monitoring devices from Dexcom, iHealth and more to automatically link their collected data as well.
So far, hospital and health system partners include Mount Sinai Health System, Geisinger Health and the U.K.’s National Health Service.
Pharmaceutical researchers, meanwhile, can use the system to conduct and track remote clinical trials. Partners like AstraZeneca look to the platform to monitor study participants’ adverse reactions and any existing health conditions that may be related, and to continuously tweak trials and targeted subgroups based on that data.
“In the next five years, we’ll see a majority of healthcare services delivered in a patient’s home, with the hospital reserved for intensive care, trauma and surgery,” Current’s CEO and co-founder Chris McCann said in a release. “To make this shift, healthcare providers must move away from point solutions and develop system-wide strategies to deliver care at home.”
McCann continued, “We’ve built Current Health to serve as the ‘mission control’ for organizations to transition healthcare from the hospital to the home and meet patients where they are. Our series B financing, from the top investors in both healthcare and pharma, will enable us to rapidly grow on a global scale and meet the demand for an integrated enterprise approach.”
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The oversubscribed funding round—nearly quadruple the size of its late 2019 series A—comes not long after Current reported that it had seen a 400% expansion of its customer base in 2020 and an approximately 3,000% increase in annual recurring revenue. The company also doubled its workforce during that time, including new additions to its executive suite and board of directors.
To continue that rapid growth, earlier this year, the company launched Community by Current Health. The research initiative will simplify recruitment for and participation in home-based clinical studies, providing participants with tablets, wearable sensors and any other necessary devices to automatically provide health updates to researchers through the Current platform.
Community’s first project is tackling COVID-19. The study will compile data from individuals newly diagnosed with the coronavirus to build a database that could ultimately help clinicians predict hospitalizations and improve treatment.