Vida Health, a virtual chronic care platform, has raised $110 million in a Series D funding round led by General Atlantic, with additional participation from Centene (NYSE: CNC), AXA Venture Partners and Ardea Capital Partners, among other investors.
Headquartered in San Francisco, Vida Health provides virtual integrated care for chronic conditions, treating both physical and behavioral health issues. It combines artificial intelligence with support from human coaches and therapists, helping people manage conditions such as diabetes and hypertension, as well as stress, anxiety, depression and other behavioral health. The goal is to drive long-term behavior change to address the root causes of each condition.
Vida’s clients include a host of big name employers and health plans, such as Boeing, Visa, Humana, Blue Cross Blue Shield and Centene — the lattermost of which has deployed Vida in 20 states for its health insurance marketplace product, Ambetter.
As the coronavirus has given rise to virtual health solutions, Vida’s business has boomed. Since the beginning of last year, the company has more than tripled its revenue, while also expanding its network of therapists, coaches, dietitians and diabetes educators by more than 400%. On top of that, Vida also launched a Spanish experience.
The company’s mental health offering has played an important role in its recent growth. In the past 12 months alone, Vida saw a 6,000% increase in therapy sessions on its platform. As such, it’s building upon its behavioral efforts with its newly raised financing.
Specifically, the company plans to use its new Series D funding to add to its network of providers, especially on the mental health front, according to a press release announcing the news.
Additionally, it’s expanding its nationwide mental health coaching program, which sets up patients who have non-clinical needs with coaches, who can help them with stress, mindfulness and sleep. As a result, the program frees up licensed therapists to treat patients with higher-level, clinical needs.
Additionally, Vida will use the new funding to deepen its machine learning capabilities and broaden its commercial efforts, according to the press release.
“Our mission is vast but simple: transform the lives of millions of people suffering from chronic mental and physical conditions,” Vida founder and CEO Stephanie Tilenius said in the press release. “This new capital accelerates us toward our goal of impacting the lives of 100 million people globally through reversing the symptoms and costs of chronic disease. We’re thrilled to add marquee healthcare investors to help us scale our company and continue to develop the most efficient and innovative care solutions in the market.”