Coatue Bet Values Digital Health Startup Cadence at $1 Billion
(Bloomberg) -- Cadence, a digital health-care startup that specializes in virtual patient monitoring, reached a $1 billion valuation after raising $100 million in an equity funding round led by Coatue Management.
Other participating investors include General Catalyst, Thrive Capital, former Trump administration official Adam Boehler, and NBA player Mason Plumlee’s Free Solo Ventures, Cadence founder and Chief Executive Officer Chris Altchek said in an interview.
The company expects to employ 155 clinicians by June 30, 2022, and seeks to provide care to patients suffering from chronic conditions such as hypertension, cardio-obstructive pulmonary disease and type-2 diabetes. Over time, it plans to manage additional illnesses.
“A lot of these conditions can be successfully treated in the home at a much lower cost,” said Altchek. On the Cadence platform, patients use devices to share vitals and participate in regular follow-up visits with clinicians, enabling medications to be tested and early interception of disease, he said.
The funding will help fuel expansion into all 50 U.S. states, said Altchek. The startup, founded last year and launched in 2021, is operational, or soon to be, in eight states including North Carolina, Michigan and Washington. It’s aiming to work with the largest hospital systems in the country, Altchek said.
“Cadence’s remote patient monitoring and virtual care can have a transformative impact on patients, physicians, and our health-care system,” said Aaron Weiner, Coatue’s head of health care and managing director. “There is an urgent need throughout the U.S. for the kind of care Cadence is making possible, and we’re very proud to partner with them to change the health-care system at large and to make access to great care possible regardless of where someone lives.”
Chelsea Clinton’s Metrodora Ventures is among Cadence’s early investors.
Cadence in August said it had partnered with LifePoint Health, a move through which it expects to provide remote care to more than 100,000 patients across the U.S.
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