BlueCross BlueShield Venture Partners, a corporate venturing vehicle for 33 insurance providers, has led a $14m series A round for Octave Bioscience, a US-based care management service for patients with neurodegenerative diseases.
Echo Health Ventures, the venture capital firm formed by healthcare providers Cambia Health Solutions and Mosaic Health Solutions, an offshoot of insurer Blue Cross and Blue Shield of North Carolina, also took part, as did VC firm Section 32 and unnamed angel investors.
Octave has developed a healthcare management platform for neurodegenerative conditions such as multiple sclerosis, which will be fully developed using the capital from the series A round. It raised $2.5m in seed funding from unnamed investors in September 2017.
Kurt Sheline, principal at Echo Health Ventures, said: “We believe Octave has the potential to truly personalise care management for a patient population with significant unmet need.
“We are excited to partner with such a talented team toward improving health outcomes and containing costs of care.”