Health

Providence launches digital health company Praia Health with $20M



Providence, a big not-for-profit Catholic healthcare system, introduced the launch of Praia Well being, a shopper platform for healthcare methods, alongside the closing of a $20 million oversubscribed Sequence A funding spherical. 

Frist Cressey Ventures led the spherical, with participation from Epsilon Well being Buyers, Windfall Ventures and SignalFire.

Navid Farzad, companion at Frist Cressey, and Sara Vaezy, Windfall’s chief technique and digital officer, joined the newly shaped firm’s board of administrators. Yuanling Yuan, a companion at SignalFire, and Justin Dearborn, Praia Well being’s CEO, additionally joined the board.

WHAT IT DOES

Praia Well being is a shopper platform for well being methods. It provides a low-code ecosystem to assist entry to third-party shopper choices at scale by easing their integration right into a well being system’s digital expertise. 

The corporate manages the information alternate between the well being system’s digital medical file platform and their different knowledge sources and the digital well being resolution. 

The corporate launches with seventeen digital well being companions in its ecosystem, together with Wellthy, Omada Health, Medibridge, Livara Well being, Atlas Health, DexCare, Kyruus Health, Foodsmart, Rosarium Well being, Vale Well being, Wildflower Health, Cedar, Season Health, Xealth, Validic, Modivare and Fortuna Well being.

The startup is the fourth incubated expertise from Windfall Digital Innovation Group, a well being innovation heart inside Windfall wherein Dearborn, Praia’s CEO, serves as executive-in-residence. 

“Partnerships and cross-industry collaboration are new imperatives for well being methods, and an open, environment friendly platform for knowledge sharing and shopper engagement is a prerequisite that hasn’t existed,” Dearborn mentioned in an announcement. 

“There may be deep worth related to streamlining the supply of the broad spectrum of consumer-facing options {that a} well being system needs to deploy right now – each operationally and from a affected person and caregiver satisfaction perspective. We’re excited to see that each well being methods and digital well being resolution firms are already recognizing the worth as nicely.”

MARKETPLACE SNAPSHOT

Quite a few healthcare methods have launched spin-outs, increasing the digital well being ecosystem.

Mount Sinai Health launched Sema4, a spin spin-out growing health-data-analytics platforms. In 2020, Sema4 raised $121 million in Series C funding, bringing its valuation to over $1 billion. 

Boston Children’s Hospital spin-out Mightier makes biofeedback video video games to assist kids with emotional regulation. 

Johns Hopkins launched Vixiar, a tablet-based point-of-care system for assessing cardiac filling strain, and Mount Sinai Health System’s spin-off OOVA focuses on fertility and ladies’s well being. 



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