US-based digital health company Lark Health has secured $55m in a Series C funding round, along with a $15m venture debt credit facility with Trinity Capital and Bridge Bank.
Franklin Templeton, SteelSky Ventures, and Olive Tree Capital are the new investors that have participated in the funding round.
The funding round also participation of its existing investors Lightspeed Ventures, Asset Management Ventures, UCLA Fielding School of Public Health, and Marvell cofounder Weili Dai.
The current investment round takes the company’s total equity and debt funding to more than $100m to date.
Franklin Venture Partners team director Ryan Biggs said: “There is a clear need for virtual care solutions that use A.I. to help scale high-touch, frequent, and personalized care to millions of people.
“Lark’s cognitive behavioral therapy framework and ability to integrate with existing health monitors and clinical programs make it uniquely suited to meet this moment in health care, and that’s what has led to incredible momentum with both national and regional health plans.”
Lark will expand its relationship with health plans affiliated to Anthem
The company intends to use the funding to expand its relationship with the commercial payers and telehealth providers for prevention and management of chronic diseases.
The company is expected to expand its association with health plans affiliated to Anthem, to strengthen the digital learning through the health plans’ mobile app.
Lark claimed that it is the preferred provider of Diabetes Prevention Program (DPP) to Anthem-affiliated health plans, and its DPP has received the full recognition from the CDC.
Anthem chief digital officer Rajeev Ronanki said: “Anthem’s affiliated health plans strive to build a digital-first experience that can deliver innovative products and services, focused on improving consumers’ health and wellbeing.
“Lark’s use of conversational A.I. to scale personalized, evidence-based, and engaging healthcare services can help achieve health outcomes on-par with programs based on in-person interactions.”
Lark will deploy AI powered platform to provide personal counselling
Lark provides programmes with unlimited, continuous personal counselling to its members, in an easy-to-use, text message-like modality in real-time.
The company will offer counselling through an AI powered platform, for diabetes, cardiovascular disease, prediabetes, smoking cessation, stress, anxiety, and weight management.
Also, the platform will incorporate smart connected devices including blood pressure cuffs, scales, and glucose meters to remotely monitor conditions.
The company said that the use of AI has enabled it to scale personalised care at a lower cost, compared to other management services for chronic conditions, which depend on telephonic or in-person resources for coaching interaction.
Lark Health CEO Julia Hu said: “Our mission has always been to provide personalized and immediate care driven by AI to people with and at-risk of chronic conditions, and this new funding and expanded relationship with Anthem are tremendous votes of confidence in Lark’s approach to virtual care.
“It is more important than ever before that millions of people at-risk of or managing chronic conditions have access to compassionate care at home, and we are excited to work with innovative commercial payers, telehealth providers, and others to build the future for virtual care.”
