Subsidiaries of healthcare provider MemorialCare Health System and health services firm Cigna co-led an $18m series B round for US-based medical diagnostics technology developer AristaMD yesterday.
Cigna Ventures and MemorialCare Innovation Fund were joined by CU Healthcare Innovation Fund, an affiliate of University of Colorado Anschutz Medical Campus, in addition to medical clinic Stanford Health Care and venture capital firm Avalon Ventures.
AristaMD has created a telehealth system called eConsult that enables primary care providers to conduct patient assessments in collaboration with experts at external locations. The cash will support its expansion throughout the US.
The company has now secured a total of $46.3m in debt and equity financing according to press releases and regulatory filings.
The total includes $11m that came in a 2016 series A round led by Avalon Ventures and backed by Correlation Ventures. Philadelphia College of Osteopathic Medicine’s Primary Care Innovation Fund is also an investor.
Tom Richards, Cigna’s global lead for strategy and business development, said: “Cigna is squarely focused on improving access to affordable, predictable and simple care – quickly and efficiently connecting customers to the most effective health care providers, how, when and where they need it.
“Our partnership with AristaMD, and its virtual-first solution, will accelerate how we deliver on that promise, working together to drive greater connectivity between primary care providers and extensive networks of specialists to improve outcomes and lower costs for the people we serve.”
