Castlight Health, a US-based healthcare transparency company backed by strategic investors including US-based healthcare company Cleveland Clinic, raised $100m yesterday.
Backers of the series D round raised included mutual fund T Rowe Price, financial advisory firm Redmile Group, two unnamed mutual fund and the company’s previous investors. The round took the total amount raised by Castlight since it was founded in 2008 to $181m.
Castlight allows employers to provide cost and quality data for medical services for their employees.
Castlight’s investors also include UK-based foundation Wellcome Trust as well as US-based banks Allen & Company and Morgan Stanley, which invested through Morgan Stanley Investment Management, as well as venture firms Maverick Capital, Oak Investment Partners, US Venture Partners and Venrock.
Toby Cosgrove, chief executive of Cleveland Clinic, said: "Traditionally, individuals have been very passive participants in managing their health care, as they have no insight into the cost and quality of the services. Transparency in health care can lead to higher-quality, lower-cost health care, as well as more consumer engagement. With its innovative technology and strong understanding of the market, Castlight is well positioned to make health care transparency a reality and transform how users make decisions."