Lumeon, a US-based healthcare management platform backed by Los Angeles hospital Cedars-Sinai Medical Center, closed a $28m funding round on Tuesday led by life sciences investment firm LSP.
LSP’s Health Economics Fund 2 was joined by venture capital firm MTIP and existing investors Glide Healthcare, Amadeus Capital Partners and IPF Partners.
Founded in 2006, Lumeon has developed a software platform called Care Pathway Management (CPM) that enables healthcare providers to engage with patients and analyse clinical and administrative data.
CPM also automates patient reminders through voice, robocalls, text, email or auto-generated letters, provides risk scoring, screening and order compliance, and automatically manages tasks on behalf of care providers.
The company, which was chosen for Cedars-Sinai Medical Center’s accelerator in September 2017, will use the capital to expand its team and accelerate commercialisation. It has now raised approximately $40m in equity financing altogether.
Lumeon received $2.5m in series A funding from Amadeus Capital Partners and Archimedia Investments in 2012, before both returned for a $9.4m series B in 2015 that included Gilde Healthcare. It subsequently landed a $7.8m debt facility from IPF Partners in June 2017.
Robbie Hughes, founder and chief executive of Lumeon, said: “There is an urgent need for care delivery optimisation which can only be solved by thinking holistically about the patient pathway.
“Hospital [chief information officers] do not want to buy more point solutions, they need enterprise-wide capability that allows leadership to deploy best practice quickly and repeatedly at significant scale.”