DexCare Closes $50M Series B Funding Led by Transformation Capital to Advance Its Digital Care Operating System
DexCare, Inc., a data-driven intelligence company focused on healthcare access, today announced a $50M Series B funding led by Transformation Capital, with participation from all existing investors, Kaiser Permanente, Providence Ventures, Mass General Brigham, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures. In less than one year, DexCare has closed two oversubscribed funding rounds totaling $71M to-date.
"Hospitals are moving to hybrid care and need a single solution to attract new patients and to connect them both virtually and in-person with their own caregivers," said Derek Streat, Co-founder and CEO of DexCare. "This investment will help us accelerate platform development and go-to-market progress for our growing number of premier health systems such as Kaiser Permanente, Providence, Mass General Brigham, CHS, Houston Methodist and others. Transformation Capital's digital health focus will help us achieve these goals along with our current line-up of top healthcare-focused partners."
"DexCare brings a comprehensive patient access and intake platform to health systems," said Todd Cozzens, Co-founder and Managing Partner at Transformation Capital. "Competition for patients is a major issue in 2022 for hospitals. DexCare's integration with social media drives access to new patients, books an immediate televisit with specialist care providers and secures virtual and in-person appointments and follow-up maximizing the health system's own providers. A must-have tool in our new world of hybrid care."
DexCare is a Platform-as-a-Service (PaaS) for health systems that intelligently orchestrates digital demand and health system capacity. DexCare has developed an enterprise-grade real-time demand aggregation and appointment booking platform across all lines of care. Health systems across the country have implemented DexCare to expand access to care in more intelligent and data-driven ways that meet the needs of patients while achieving a more balanced and operationally efficient utilizatio of their resources. In 2021, DexCare expanded its platform to power access across a variety of applications including:
The new funds will be used to support and accelerate DexCare's growth with investments in product and technology innovation, customer experience, and recruiting world class talent. The funding also enables DexCare to meet customer demand to expand into additional new service lines and care modalities.
"We understand the impact of the DexCare solution to expand access for digitally-enabled care in a manner that balances and optimizes demand with provider availability. We are excited to invest in DexCare as we believe it addresses a pressing and persistent need for health systems," said Liz Rockett, Managing Director, Kaiser Permanente Ventures.
The latest round of funding comes amid a COVID-driven 'great awakening' that recognizes the value of consumer-facing health technologies in delivering high quality, affordable, on-demand care. With DexCare's technology, the combination of focused digital health applications and interoperable operating systems will unlock significant opportunities to deliver targeted, cost-effective, personalized care that produces optimal outcomes for all parties involved.
"DexCare was essential in digitally transforming our ambulatory care model to better serve the needs of patients and was also a key part of Providence's digital response to COVID," said Aaron Martin, Executive Vice President and Chief Digital Officer, Providence. "We're excited that the platform incubated by the Digital Innovation Group, and that has added so much value to Providence over several years, is seeing such an enthusiastic reception from other health systems. We're looking forward to the innovations the DexCare team will deliver to customers as a result of this latest fundraise."
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