Monogram Health, a kidney care startup, closed a $375 million funding round on Monday morning.
The round was led by a group of notable investors including CVS Health, Cigna Ventures, Humana and Memorial Hermann Health System. The Nashville, Tennessee-based company said it would use the capital to continue growth of its in-home kidney and chronic care delivery models primarily through Medicare Advantage health plans.
Monogram employs a team of nephrologists who use remote patient monitoring, biometric tracking devices, machine-learning algorithms and other digital health technology to manage kidney care patients remotely. It currently serves patients across nearly 4,000 cities in 34 states.
In a prelude to this announcement, Monogram told Modern Healthcare it was seeking to raise a ‘couple hundred million’ in capital last October. The company raised $160 million in June 2021 for a Series B round led by TPG, Frist Cressey Ventures and Norwest Venture Partners. Those three venture capital firms also participated in this latest round.
“Investors are gravitating and seeking out high-quality companies and so we’re excited about the momentum,” Uchrin said in October.
Kidney care has become a popular target for digital health disruption. Rival kidney care startup Strive Health plans to raise additional funding next year, said CEO Chris Riopelle.
“We spend about $400 billion in our country on kidney care, and with that many patients there’s a huge opportunity to engage people earlier in process,” Riopelle said. “Sixty percent of patients on dialysis arrive through a crash, which is a common term for a series of acute admissions on the fateful days that your kidneys don’t work anymore.”
Monogram was founded by former Senator Dr. Bill Frist.
Nona Tepper contributed to the reporting for this article.
