Solera Health Secures $18.3M in Funding, Looks Beyond Diabetes Prevention
Solera Health has up until now dedicated itself to the mission of preventing diabetes using digital health interventions.
Solera makes a platform that connects community organizations with digital chronic disease prevention programs such as the CDC’s National Diabetes Prevention Program (DPP). The technology makes referrals to the programs easier, helps customers manage payments and reimbursement, and aggregates data from the programs. This makes it easier for community groups to enroll people in the prevention programs. Solera works with Weight Watchers, Lark, Retrofit, Noom, Canary Health, health app MyDietician, the Michigan Health Improvement Alliance, Black Women’s Health Imperative, WellCoaches, and Jenny Craig. It has 40 million covered lives.
But with the new round of funding, there are other preventable diseases on its horizon.
Solera Health…has raised $18.3 million in a round led by Adams Street Partners, with additional participation from Blue Cross Blue Shield Venture Partners, Sandbox Industries and SJF Ventures. The round, Solera’s largest to date, brings its total funding to $30.3 million.
With this new round of funding, the company is beginning to look to other chronic disease management and prevention programs that could benefit from the same infrastructure. In the past, the company has indicated depression and hypertension as possible target areas for the future.
Medicare has recently also decided to reimburse for diabetes prevention programs, so the funding will also “support expansion of Solera’s existing programs to the demand created by [that decision]”.
“Solera Health was immediately compelling as they had such a unique vision and approach for addressing challenges typically related to preventive services administration,” Tom Bremner, a Partner at Adams Street Partners, said in a statement. “Brenda and her team saw a need for a DPP integrator who could manage engagement, enrollment, billing and reporting, and they built a company around bridging this gap in the healthcare ecosystem. This round of funding will support the company’s ongoing efforts to alter an antiquated approach to the administration of preventive benefits and transform the healthcare delivery model as we know it.”