Babyscripts, a virtual maternity care solution, raised $7.5 million in new financing, according to a news release Tuesday.
Atlantic Health System, Cigna Ventures and Texas Medical Center Venture Fund invested, bringing the company's total Series B funding to $19 million. Memorial Innovation fund led the original Series B funding, with additional investment from Philips, CU Healthcare Innovation Fund, Banner Health, University Hospitals, WellSpan Health and the Froedtert & the Medical College of Wisconsin health network. Babyscripts has raised $37 million in total.
The company plans to use the new money to help providers put its virtual maternity care solution into practice and develop specific models for payers.
"We envision a comprehensive solution that will automate and streamline the care delivery process in the near future, that will make it possible to identify patient risk and deliver risk-specific solutions to users all based on data, without the need for administrative input," Babyscripts President and co-founder Juan Pablo Segura said in a news release.
Babyscripts shares educational content and remotely monitors data like weight and blood pressure for prenatal and postpartum patients, enabling physicians to detect prenatal risks more quickly and manage more of patients' pregnancies virtually and at a lower cost, according to the company. Generally, payers sponsor the use of Babyscripts at hospitals and health systems.
Telehealth and virtual care companies have grown rapidly during the COVID-19 pandemic, and investors have started turning their attention to tech aimed at women's health. Issues like pre- and post-natal care that require care coordination and management are a natural fit for telehealth, remote patient monitoring and other new technologies, according to experts.
Telehealth companies raised $7.5 billion during the first nine months of the year, according to data from Digital Health Business & Technology. That's nearly one-third of the $23 billion invested in digital health by venture capitalists during the period.