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Lark secures $55M in Series C funding, $15M in venture debt credit

Lark secures $55M in Series C funding, $15M in venture debt credit
Lark secures $55M in Series C funding, $15M in venture debt credit

Integrated chronic care management platform, Lark Health, has reportedly secured a sum of $55 million in a Series C funding initiative led by King River Capital the previous month. The company specializes in using artificial intelligence for helping patients in making the necessary behavioral changes as required for the management of their conditions.

Additionally, Lark Health has also scored a venture debt credit facility of $15 million with Bridge Bank and Trinity Capital. This initiative comprised new investors including Weili Dai, the Co-founder of Marvell, Asset Management Ventures, Franklin Templeton, SteelSky Ventures, and UCLA Fielding School of Public Health’s Jonathan Fielding, M.D.

According to Lark Health CEO, Julia Hu, the company’s mission has always been to provide AI driven immediate and personalized care to people at and with the risk of chronic conditions. The company’s new funding and extended collaboration with Anthem represent tremendous votes of confidence in Lark’s approach to virtual care added Hu, stating that it is more significant than ever before that millions of people who are at risk of or are managing chronic conditions have secured access to compassionate care at home.

The company is thrilled to work with innovative telehealth providers, commercial payers, and others for building the future for virtual care, asserted Hu.

As put by Lark Health officials, the company intends to use the funds for partnering with more telehealth companies and payers for the development of virtual care programs tailored to people who want to manage or prevent chronic conditions. The company’s platform reportedly  offers care for conditions such as stress, diabetes, hypertension, anxiety, and its outcomes that are on par with in-person programs, added the officials.

Further, Lark is also set to expand its relationship with prominent insurer Anthem by powering the health plan’s Sydney mobile app, further intending to become the company’s preferred provider for the diabetes prevention initiative for Anthem-affiliated health plans. Till date, Lark has reportedly secured a total of over $100 million in debt and equity funding.

 

Source Credits:

https://www.fiercehealthcare.com/tech/health-tech-funding-snapshot-october-2020

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Sunil Jha

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