Eleanor Health raises $20M
Eleanor Health has raised $20 million in an oversubscribed Series B financing round, the company announced Monday.
The global private equity firm Warburg Pincus led the funding round, with significant participation from existing investors such as Town Hall Ventures, Echo Health Ventures and Mosaic Health Solutions.
The funding will help the company expand its value-based substance use disorder (SUD) treatment model and build out its technology platform, according to a press release announcing the news.
Currently, Eleanor Health operates 18 locations and a fully virtual model across six states, where it provides comprehensive care to those struggling with SUD. The provider does that through population and value-based partnerships with Medicare, Medicaid and employers.
The value-based nature of Eleanor Health’s model allows the provider to go beyond addressing standalone SUD symptoms to tackle patients’ co-occurring mental and physical health conditions, as well as their social determinants of health.
As a result, Eleanor Health has been able to deliver “unprecedented” outcomes for its patients since its founding in 2019. The company highlighted some of those results in the press release announcing its recent fundraising news.
They include an 84% reduction in emergency department and inpatient stays; a 70% report improvement in depression and anxiety; and a 84% improvement in substance use, among other outcomes.
“Since launching in 2019 with co-founders Dr. Nzinga Harrison and Srishti Mirchandani, Eleanor Health has seen significant growth as a result of the outcomes achieved through our medical home model focused on the unique needs of people affected by addiction,” Corbin Petro, CEO and co-founder of Eleanor Health, said in the press release. “The infusion of capital from Warburg Pincus and continued support of our existing investors will be instrumental in furthering our ability to engage, treat and produce high-quality outcomes while reducing the total cost of care for patients.”
The new funding will help the provider continue to scale its business by adding additional payer contracts, with the goal being to manage more than 50,000 members by 2022. Additionally, Eleanor Health will use the funding to build out its analytics and technology platform to identify, engage and treat those most in need of Eleanor Health’s services.
Wysa raises $5.5M
Wysa — an artificial intelligence-powered mental health platform — has raised $5.5M in Series A funding, the company announced Thursday.
W Health Ventures, a Boston-based digital health investor, led the round, with additional participation from the Google Assistant Investment program, as well as existing investors pi Ventures and Kae Capital.
Wysa will use the new funding to support its offering to employers, as well as to scale Wysa’s sales team and therapist network, according to a press release announcing the news.
Wysa is available to individuals and through employer benefits programs. It uses an emotionally intelligent bot to help users deal with stress, depression and anxiety by way of confidential messaging. For employers, it also offers a solution that embeds into existing company benefits and caters to the full spectrum of workers’ mental health needs.
To date, Wysa has 20 enterprise partners worldwide, some of which include Accenture Global, Aetna International and L’Oreal.
Overall, the company has raised $9.4 million in funding, according to the fundraising tracker website Crunchbase.
Little Otter launches with $4.2M investment
Little Otter — a pediatric behavioral health startup — has launched with $4.2M in pre-seed and seed investment led by Torch Capital, according to Forbes.
The company was founded by Dr. Helen Egger, the former chair of child and adolescent psychiatry at NYU Langone Health, and her daughter, Rebecca Egger, a computer scientist.
The goal is to use technology and data science to help address the nationwide shortage of child psychiatrists. While nearly one in five children in the U.S. has a behavioral health issues, about 70% of counties nationwide lack a single child psychiatrist.
Little Otter gives users access to clinicians and a digital platform to support the behavioral health of children and their families. Using telehealth, it provides therapy, parenting support, education and medication management for kids with anxiety, ADHD, depression and other behavioral issues.