Fold Health raises $6M in a funding round led by Iron Pillar
Fold Health has raised $6 million in funding to expand its outcomes optimisation platform, integrating electronic health records and offering modular tools tailored to providers' unique needs.
Digital health platform Fold Health has raised an additional $6 million in a funding round led by Iron Pillar.
Fold will use the fresh capital to expand its platform and attract top talent, according to a statement. This recent capital infusion builds upon the company's previous raise in 2022, bringing its total funding to $12 million.
Other investors in the company, after the latest round, include Dr Rushika Fernandopulle, the former Founder and CEO of Iora Health (Founder of One Medical later sold to Amazon Care); Dr Christine Cassel, the former President and CEO of the National Quality Forum, an organisation that promotes patient protections and healthcare quality through measurement and public reporting; Dr. Molly Coye, a former Board Member of Aetna; Sridhar Krishnan, the former Chief Growth Officer at Cigna; and Anurag Jain, Managing Partner at VC firm Perot Jain.
Fold Health is a San Fransisco-based digital health company that provides a platform for value-based primary care. The company was founded in November 2021 by Abhijit Gupta and Ram Sahasranam who are serial entrepreneurs and investors in healthcare.
The company says it plans to expand its operations and has recently opened an R&D (research and development) office in Pune this year. It also aims to rapidly increase its workforce throughout the United States.
The existing solutions in the healthcare industry have struggled to adequately support the needs essential for achieving success in outcome-based payment models, such as data-driven, consumer-centered, and prevention-focused care according to Co-founder Gupta.
As a result, many primary care providers have had to rely on disjointed point solutions or invest resources in building their own technology suite, diverting valuable time away from patient care, he says.
"The way we consume healthcare is fundamentally changing, especially exacerbated by the pandemic. You and I as patients are used to getting amazing service touch points from retail, travel, commerce, banking, but in healthcare and satisfaction with the provider relationship and quality of care is at the same level as the pandemic" Gupta added.
Fold Health's platform, according to the Co-founder, integrates with electronic health records. By offering a highly adaptable platform, Fold Health enables customers to use modular tools tailored to their unique requirements. This eliminates the need for healthcare providers to develop software solutions from scratch.
The platform runs on any browser-based system including mobile phones. Fold's software can pick up signals from a patient's wearable such as an Apple Watch or a glucose meter and relay it to the doctor who is taking care of the patient.
The company follows a per patient per month pricing model where the company, following SaaS-based pricing model, charges the customers based on the number of patients they're working with instead of paying for a flat license fee. This helps the company generate frequently recurring revenues, as per Gupta.
Fold's solution is the first EHR (electronic health record)-integrated microservices platform designed for collaborative care teams. According to the founders, prior to Fold, achieving such integration would have required significant investments in various isolated point solutions and customised software.
Gupta previously founded Praxify, a digital health company acquired by Athenahealth, and was part of the founding team at Azingo, a mobile platform acquired by Motorola and later Google.