Octave Bioscience, the US-based creator of a healthcare management platform neurodegenerative diseases, closed a $32m series B round yesterday featuring corporate venturing vehicles Blue Venture Fund and Echo Health Ventures.
The round was co-led by venture capital firm Northpond Ventures and healthcare investment firms Deerfield Management and Casdin Capital, and it included all the company’s existing backers.
Blue Venture Fund represents 36 BlueCross BlueShield health insurers and Echo Health Ventures was formed by healthcare provider Cambia Health Solutions and healthcare investment firm Mosaic Health Solutions.
Octave has developed an end-to-end care management platform for neurodegenerative diseases such as multiple sclerosis that combines measurement tools with analytical data models to help support care decisions.
The series B proceeds will help the company finish development of its products offering, expand its clinical data and begin its first commercial activities.
Blue Venture Fund (then BlueCross BlueShield Venture Partners) led a $14m series A round for Octave in 2018, investing with Echo Health Ventures, Section 32 and undisclosed individuals. It came after the company received $2.5m in seed funding the previous year.
