US-based healthcare logistics operator Aledade has raised $20m in a series B1 round featuring internet technology conglomerate Alphabet and Maryland Venture Fund, an early-stage vehicle owned by the state of Maryland.
Venture capital firm Biomatics Capital led the round, which also featured Venrock and Arch Venture Partners, while Alphabet took part through corporate venturing subsidiary GV.
Founded in 2014, Aledade operates primary care physician networks called accountable care organisations (ACOs), which aim to give doctors greater control of financial resources, strategy and coordination.
Patient records and cost projections are aggregated by Aledade’s big data-based engine and can be accessed through a central dashboard. Julie Sunderland, co-founder of Biomatics Capital, will join the company’s board of directors in conjunction with the round.
Aledade will use the money to secure additional contracts with commercial care providers and state-run healthcare insurance schemes such as Medicare. Additional cash will help expand its ACO network, which includes more than 200 independent medical surgeries.
Arch Venture Partners led Aledade’s $30m series B round in 2015 with participation from Venrock, which had provided $4.5m in series A funding for the company the previous year.
Farzad Mostashari, founder and chief executive of Aledade, said: “In the last six months alone, we have gone from zero to 100,000 commercially insured patients in our network.
“With this new funding, we will push ahead to bring the Aledade model of care to all patient and payer populations across the healthcare system.”