Lark Health, a US-based preventative healthcare provider backed by electronics producer Omron, has completed a $100m series D round led by investment firm Deerfield Management Company.
Deerfield was joined in the round by PFM Health Sciences, Franklin Templeton, Castlepeak, King River Capital, IPD Capital, Olive Tree Capital and private investor Weili Dai.
Founded in 2010, Lark helps users manage chronic diseases and other preventative healthcare needs through an online platform that uses conversational artificial intelligence, coaching and cognitive behavioural therapy. It will use the capital to boost research and development and expand its platform to more users.
Lark closed a $55m series C round in October 2020 led by King River Capital that also featured Franklin Templeton, SteelSky Ventures, Olive Tree Capital, Lightspeed Ventures, Asset Management Ventures, Weili Dai and Jonathan Fielding.
Trinity Capital and Bridge Bank provided a $15m debt facility alongside the series C round, which pushed the company’s total equity and debt financing to $100m. Omron had invested an undisclosed amount in the company in June 2017 through corporate venturing unit Omron Ventures.
The company had secured $3m in June 2013 and a subsequent $3.1m four months later, according to regulatory filings. It had already received $1m in seed funding from Lightspeed Ventures and undisclosed angel investors in 2011 when still focusing on a sleep aid app.
Julia Hu, Lark’s co-founder and chief executive, said: “Since the beginning of the pandemic, there is more demand for virtual care than ever before, leaving health plans and providers with an urgent need to deliver seamless virtual care experiences.
“This funding is an incredible validation of Lark’s approach of leveraging conversational AI and data science to help payers transform how they deliver care digitally, whether they need to quickly stand up a virtual primary care experience or close care gaps for people living with chronic conditions.”
