US-based addiction mitigation services provider Wayspring received $75m in funding on Tuesday from investors including healthcare services provider Centene and health insurance provider CareSource, rebranding from AxialHealthcare in the process.
Healthcare investment firm Valtruis led the round, which was filled out by Blue Venture Fund, the corporate venturing vehicle representing 35 Blue Cross Blue Shield health insurers, as well as HLM Venture Partners, Highmark Ventures, .406 Ventures and Oak HC/FT.
Wayspring’s platform helps healthcare providers manage their patients’ risk of addiction to pain medication, flagging risk factors and patients who are potentially at risk of developing substance use disorders (SUDs).
Blue Venture Fund, then known as BlueCross BlueShield Venture Partners, co-led a $15m series C round for Wayspring in February 2020 alongside Oak HC/FT, investing with .406 Ventures and Sandbox Advantage Fund. The same quartet had previously provided $16.5m in series B funding in 2016.
The company closed an $8m series A round in 2015 led by .406 Ventures and backed by Blue Venture Fund and Sandbox Industries, following a $1.75m round co-led by Blue Venture Fund and Sandbox Industries the previous year.
Carter Paine, chief executive of Wayspring, said: “We are extremely excited to announce this important investment by some of the leading investors in healthcare.
“The team at Valtruis has a strong track record of investing in and scaling transformational healthcare companies. Together, we are building an innovative solution that holistically addresses the complex and heartbreaking challenges that individuals with SUD and their families face daily.”
