Tuesday, November 29, 2022

Forma rakes in $40M for benefits platform and other digital health fundings

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Tech-back benefits platform Forma (previously called Twic) raked in $40 million in Series B funding. Ribbit Capital led the round with participation from Emergence Capital, Stripe, Designer Fund, Upside Partnership, and AngelPad. 

The company lets employers create flexible benefit programs. Customers are able to curate benefits programs. Employees are able to customize their plans and choose what makes sense for them. Companies have a dashboard that can track utilization, spending trends, engagement levels and claim approvals, according to the company. 

“Employers have historically provided cookie-cutter benefits models as they aren’t able to make benefits flexible at scale,” Max Hsieh, co-founder and chief technology officer, said. “However, with the new ways of working brought on by the pandemic, employees now demand more flexibility and choice from employers. Forma’s life benefits platform answers a greater market need for flexible benefits as companies redefine the way they work and look for new ways to engage teams.”

The company plans to use the new cash to build out its benefits platform and cover more categories. Forma also plans to build out its sales and marketing teams. 

Tech-backed value-based women’s health provider Wildflower announced a $26 million investment round. TT Capital Partners led the round with participation from Providence Ventures, Health Enterprise Partners, Hatteras Venture Partners and Echo Health Ventures. 

The startup created a patient-facing digital engagement app that delivers educational materials, identifies risk and connects patients to personalized care plans. The tools can integrate with EHRs and clinical workflows. The company also offers population and patient specific dashboards. 

The San Francisco-based startup plans to use the funding to build its internal team and work towards nation-wide expansion. The company also announced that it expanded its contract with Providence, expanding its services in Southern California. 

“We are excited to fully leverage the company’s expertise in value-based maternity care to transform the way we care for mothers and babies. Wildflower’s technology and health advocacy services, combined with a leading set of value-based consulting and modeling capabilities is unique. With this support, we can bring all stakeholders together and deliver something very special for our patients, our providers and our community,”  Dr. David Lagrew, executive medical director of women’s services for Providence, said in a statement. 

Prenosis, a startup that uses machine learning to gain insights into biological and clinical data, announced a new venture investment from PACE Healthcare Capital  that brings the company’s total funding to $20 million. The startup uses its machine learning algorithms and data insights to map acute diseases. 

The company’s first tool is called Sepsis ImmunoScore and is designed to help detect sepsis progression. The company said that the new funding will help it further its mapping capabilities and grow its data set. 

“This capital will further accelerate our deep biological mapping of acute disease and to further grow the NOSIS dataset/biobank, which is the largest such dataset/biobank ever created for sepsis,”  Bobby Reddy, Jr., CEO and cofounder, Prenosis Inc, said in a statement. “Using our mapping technology, we are developing sophisticated methods to define, divide, and conquer diseases. The navigational guidance solutions based on our health state maps will address the critical challenge of sepsis by providing critical and actionable information tailored to each patient’s health state.” 


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