US-based patient engagement software provider Truepill, which counts healthcare provider Optum as a backer, closed its series D round at $142m yesterday, bringing its total funding to $256m.
Investment advisory firm TI Platform Management and Initialized Capital provided the series D funding at a valuation of $1.6bn.
Truepill has developed a software platform used to help healthcare providers communicate with their customers for a range of services such as diagnostics, pharmacy and telehealth.
The company plans to use the funding to expand its customer network to include the likes of health product brands, government agencies and school systems. It also wants to add hundreds of people to its workforce and open six pharmacies and fulfilment facilities across the US early next year.
Optum participated in Truepill’s $75m series C round in September 2020 through strategic investment arm Optum Ventures. It was led by growth equity firm Oak HC/FT and also featured TI Platform Management, Sound ventures and Y Combinator.
Optum Ventures, TI Platform Management, Initialized Capital and Sound Ventures also took part in the company’s $25m series B round in July 2020 alongside undisclosed other investors. It had previously raised $10m in series A financing from Initialized Capital, Y Combinator, Sound Ventures, Tuesday Capital and unnamed others in March 2019.
Truepill’s co-founder and president, Sid Viswanathan, said: “The last year has made it abundantly clear that consumer-friendly health experiences are a universal need, whether you are a healthcare company modernising how you treat patients, an insurance provider looking to create better e-commerce offerings or simply an employer trying to create a safe work environment.
“Now that Truepill’s infrastructure is firmly in place across telehealth, diagnostics and pharmacy, we are focused on partnering with companies of all shapes, sizes and specialties to build innovative healthcare programmes, whether it is insurance-backed [direct-to-consumer] prescriptions, a return-to-office covid-19 testing platform or beyond.”
