Spiras Health Receives $14MM Series B Funding, Led by NEA
Original press release posted on Business Wire
NASHVILLE, Tenn.--(BUSINESS WIRE)--Spiras Health, a provider of in-home and virtual healthcare solutions for patients with complex chronic conditions, today announced a $14MM Series B funding round led by NEA, with participation from existing investors Altitude Ventures, FCA Venture Partners, and other strategic investors. The company will leverage the financing for new market launches, sales and marketing team build, R&D with technological development and strengthening its management team.
“This is an exciting day for the Spiras Health team. We are elated and honored that NEA saw our potential for exponential growth, to serve patients in the U.S. suffering from debilitating illnesses,” said CEO and healthcare veteran Scott A. Bowers. “Our mission has been to target and solve some of the most significant issues facing the healthcare system: make specialty care accessible in the patients’ homes, lower total cost of care for payors where heart and lung disease are often primary cost drivers, and improve the lives of those suffering with progressive diseases. With this financing, we have the capacity to serve our mission and provide longitudinal care for those needing long overlooked gaps in services.”
Today, 150 million Americans have chronic disease, accounting for over $2.5 trillion in annual costs. Chronic obstructive pulmonary disease (COPD) and congestive heart failure (CHF) alone account for $80 billion within this statistic. However, these complex populations historically have not been well-managed, resulting in massive avoidable costs for payors and poor care for patients.
“The burden on patients who suffer from chronic lung and heart diseases is significant and the complexity around managing these large patient populations continues to grow,” said Blake Wu, Partner at NEA. “Spiras’ approach is highly innovative and has driven impressive outcomes because it combines a high-touch, tech-enabled clinical model with cost effective scalability while maintaining a high level of evidence-based patient care. We’re thrilled to partner with Scott and the team for this next chapter of growth and expansion.”
With multiple national payors under contract already, including the recently announced agreement with Clover Health, the organization will continue to significantly reduce the need for the most vulnerable patients to visit the ER or hospital. The financing will allow Spiras to expand its refined clinical model for expansion into more markets with health plan partners. Their clinical teams address avoidable costs by bringing personalized services to the patient, increasing access, and improving quality of care through a highly efficient and scalable delivery model.
About Spiras Health
Spiras Health is a clinical provider of care management and other health-related services to individuals with complex and chronic needs. Spiras’ comprehensive approach to care delivery includes a combination of home-based services, telehealth, two-way digital communications and remote patient monitoring. Proprietary predictive modeling identifies and assesses individuals with an elevated probability of avoidable costs. Spiras Health then develops actionable plans of care, addresses barriers including social determinants of health and delivers high quality patient care. Spiras’ multi-modal care approach delivers improved satisfaction and clinical metrics as well as financial savings to its partners, through a geographically and economically scalable delivery model. We’re Hiring! To learn more about Spiras and career opportunities, visit https://spirashealth.com.
About NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions. www.nea.com.