Reimagine Care, a tech-enabled startup for home-based cancer care, raised $25 million in new financing, according to a news release Tuesday.
LRVHealth, Santé Ventures and Martin Ventures led the Series A funding round, with additional investment from City of Hope, CU Healthcare Innovation Fund, McKesson Ventures and Sable Investments. Reimagine Care plans to use the money to develop and bring its technology to market, open its virtual care center and hire staff for its patient care team.
The company pitches its value-based approach to home-centered care as a bulwark against the rising costs of cancer treatment.
"Companies are simply tinkering around the edges of care transformation unless they address healthcare's fundamental design flaw and align providing an exceptional patient experience with achieving lower costs and better outcomes." Martin Ventures CEO and Reimagine Care co-founder Devin Carty said in a news release. "By partnering with health systems, physician practices and health plans, Reimagine Care can redesign and reinvent cancer care for the benefit of patients while also financially rewarding providers for delivering high-quality cancer care in safe and convenient settings, which can include the home."
Dr. Harlan Levine, president of strategy and business ventures for City of Hope, will join Reimagine Care'sCare's board of directors.
Investors are pouring money into tech-forward startups aiming to lower the costs of managing chronic diseases and mental health, which account for 90% of the nation's $3.8 trillion in annual healthcare spending, according to the Centers for Disease Control and Prevention. The market for those solutions will continue to expand as providers, health plans and employers grow more interested in treating patients in lower-cost settings, especially at home.
Cancer is the second leading cause of death in the U.S., according to the CDC. More than 1.7 million people are diagnosed with cancer each year, leading to nearly 600,000 deaths annually. Experts predict the cost of cancer care will reach $240 billion by 2030, according to the CDC.