Providencea leading Catholic not-for-profit health system, announced the launch of Praia Health, a consumer platform for health systems, alongside the closing of an oversubscribed $20 million Series A investment round.
Frist Cressey Ventures led the round, with participation from Epsilon Health Investors, Providence Ventures and SignalFire.
Navid Farzad, partner at Frist Cressey, and Sara Vaezy, Providence’s chief strategy and digital officer, have joined the newly formed firm’s board of directors. Yuanling Yuan, partner at SignalFire, and Justin Dearborn, CEO of Praia Health, also joined the board.
WHAT HE DOES
Praia Health is a consumer platform for health systems. It offers a low-code ecosystem to facilitate access to third-party consumer offerings by facilitating their integration into a health system’s digital experience.
The company manages the data exchange between the health system’s electronic medical record platform and their other data sources and the digital health solution.
The company is launching with seventeen digital health partners in its ecosystem, including GOOD, Health OmadaMedibridge, Livara Health, Health Atlas, DexCare, Kyruus HealthSmart Food, Rosarium Health, Vale Health, Wildflower Health, Cedar, Health of the season, Xhealth, ValidModivare and Fortuna Health.
The startup is the fourth technology incubated by the Providence Digital Innovation Group, a health innovation hub within Providence in which Praia CEO Dearborn serves as executive in residence.
“Partnerships and cross-sector collaboration are new imperatives for health systems, and an open and efficient platform for data sharing and consumer engagement is a prerequisite that did not exist,” Dearborn said in a communicated.
“There is great value in streamlining the delivery of the broad range of consumer-facing solutions a health system wants to deploy today, both operationally and from a patient and caregiver satisfaction perspective. We’re excited to see that health systems and digital health solutions companies are already recognizing the value as well.
MARKET OVERVIEW
Many health systems have launched spinoff companies, expanding the digital health ecosystem.
Health Mount Sinai spear Sema4, a spin-out developing health data analysis platforms. In 2020, Sema4 raised $121 million in Series C fundingbringing its valuation to more than a billion dollars.
Boston Children’s Hospital dilute More powerful creates biofeedback video games to help children regulate their emotions.
John Hopkins spear Vixiara tablet-based point-of-care system for assessing cardiac filling pressure, and Mount Sinai Health System spin off OOVA focuses on fertility and women’s health.