Rethink First, a behavioral health technology company, has scored a new strategic investment from K1 Investment Management LLC, a private equity (PE) firm that focuses on high-growth software and technology companies.
Financial terms of the partnership were not disclosed.
New York City-based Rethink First provides cloud-based software solutions, training and clinical tools to help support people with autism and other developmental disabilities. Employer benefit plans, applied behavior analysis (ABA) clinics, school districts and managed care organizations use its solutions.
Prior to this investment, Rethink had raised $12.4 million dollars, according to the fundraising tracker website Crunchbase.
Meanwhile, Manhattan Beach, California-based K1 typically helps its investment targets grow organically and through acquisitions. Investments vary on a business-to-business basis, but existing management teams usually continue to guide the organizations that K1 backs, according to the company’s website.
Such will also be the case for Rethink, according to a press release announcing the news.
The investment will help the Rethink scale its operations in the behavioral health, managed care, education and employer markets. It will also allow the company to add new offerings and technologies, according to the press release.
One such offering includes telehealth.
K1 recently worked with Rethink on its acquisition of TheraWe, a pediatric telehealth therapy platform, which focuses on ABA care. The goal of the HIPAA-compliant mobile video platform is to bridge the gap between pediatric therapy centers and families in the home.
Additional growth plans include the accelerated advancement of Rethink’s current products, as well as more acquisitions, according to Ron Cano, Managing Partner at K1.
K1 will assist Rethink’s leadership in making it happen.
“Rethink is a platform with tremendous opportunity to expand its capabilities and reach,” Eran Rosenthal, COO and Co-Founder at Rethink, said in the press release. “The recent launch of our neurodiversity product and our new telehealth offering continue to address the needs of our customers. We are eager to embark upon the accelerated growth path that K1’s partnership is fueling.”