US-based behavioural health technology provider Quartet Health raised $40m yesterday in a series B round led by GV, the corporate venturing division of conglomerate Alphabet.
F-Prime Capital Partners, the investment vehicle of financial services conglomerate Fidelity, venture capital fund Oak HC/FT Partners and VC firm Polaris Partners also contributed to the round.
Founded in 2014, Quartet Health offers a platform that patients can use to help manage their conditions. Users can talk to therapists and psychiatrists through a dedicated app, while care providers receive updates on a patient’s progress and can use the platform to refer, bill and schedule appointments.
The capital will go towards scaling Quartet’s platform and will also drive recruitment across its clinician, data science and technology teams. Krishna Yeshwant, general partner at GV, will join the company’s board of directors.
Quartet previously received $7m in a January 2015 series A round was led by Oak HC/FT and backed by Fidelity Biosciences (which has since been restructured into F-Prime), Shulman Ventures and Polaris Partners.
Arun Gupta, chief executive of Quartet Health, said: “We are excited to add GV to the group of investors, customers, and team members who see the importance of getting behavioural care right. We expect them to add considerable value as we launch several new markets this year.”
Quartet Health should not be confused with the similarly named Quartet Medicine, a pharmaceutical company that closed a $23m series A round backed by Novartis and Pfizer in October 2015.