BOSTON — Boston-based Iora Health, a primary care provider network, announced an investment of $126 million as part of their latest funding round.
India-based Premji Invest, the billion dollar investment group of Wipro Ltd chairman Azim Premji, led the funding round and was joined by existing investors Cox Enterprises, Temasek F-Prime Capital, Devonshire Investors, .406 Ventures, Flare Capital Partners, Polaris Partners, and Khosla Ventures.
With a two-year compound annual growth rate of over 70%, the company has 48 practices across the U.S. serving thousands of Medicare beneficiaries. Iora patients averaged over four visits in 2019 with twice as many electronic interactions with their care teams. The proven model drives a steep decrease of over 40% in hospitalizations as a result of better engagement and health.
“At Premji Invest, we see the dire need – and ripe opportunity – for innovation in healthcare,” said Dhiraj Malkani, partner, Premji Invest. “The team at Iora is at the forefront of this transformation. The impact they have already made on the thousands of patients they serve is impressive and we’re most excited about the future development and growth that will lead to making even larger impact on both people and the bottom line.”
Iora will use the Series F funding to accelerate growth and refine and optimize their care model. Additionally, Iora is increasing its investment in its proprietary collaborative care platform, Chirp, to deliver new and improved features to be certified as a Medicare Certified Electronic Health Records (EHR) system. Two of the most important new features are the capability to generate and consume standardized electronic patient information, and the ability to share such information to specialists and non-Iora providers via a standard encrypted messaging protocol called Direct.
“I founded Iora Health with the clear intent of not only building a successful company that transforms lives through our high impact, relationship-based care but also to transform the entire healthcare industry,” said Rushika Fernandopulle, MD, MPP, CEO and co-founder of Iora Health. “We are doing this today through incredibly talented and empathetic teams, proprietary technology that is designed to support our care model and thoughtful relationships with our patients and plan partners to be able to deliver this care. The funding round announced today is a testament to the model we have, the progress made and the industry’s – and especially our investors’ – confidence in the future impact Iora will make on the industry and more specifically on all of our patients’ lives.”