Fold Health raises $6 million led by Iron Pillar – The Economic Times
Health tech platform Fold Health announced an additional $6 million funding on Wednesday, led by Iron Pillar.
Other participating investors included Dr. Rushika Fernandopulle, founder and former CEO of Iora Health, Dr. Christine Cassel, former president and CEO of National Quality Forum, Dr. Molly Coye, former board member of Aetna, Sridhar Krishnan, former chief growth officer of Cigna and Anurag Jain, managing partner of Perot Jain.
The capital injection will be used to continue scaling the San Francisco and Pune-based startup’s platform and hiring talent. “We have nine customers with about 15,000 lives among them. This year, we should be at 10x or more in the next 12 months,” founder and CEO Abhijit Gupta told ET.
The primary health care company currently employs 40 people in Pune and nine in the United States, he added.
Founded in 2021, Fold Health, which recently opened its research and development office in Pune, is also looking to rapidly expand its workforce in the US.
Fold Health’s platform is an end-to-end solution for healthcare providers that integrates with electronic health records and allows customers to use software tools to automate tasks.
The latest financing brings the company’s total capital raised to $12 million. It had previously raised $6 million from angel investors including Athenahealth founder and former CEO Jonathan Bush and former chief technology officer Prakash Khot, General Catalyst partners Gokul Rajaram and Anand Chandrasekharan, Matrix Health managing partner Avnish Bajaj, among others.
Founder and CEO Gupta along with co-founder and president Ram Sahasranam had previously co-founded Praxify Technologies, which was acquired for $63 million in June 2017 by Watertown, Massachusetts-based health tech company Athenahealth.
“Abhi and Ram are seasoned entrepreneurs with a deep understanding of the challenges primary care faces as they transition to value-based care. Their domain expertise, combined with a massive US healthcare market poised for disruption, create a unique VBC built from scratch. technology stack and strong adoption from their early customers and prospects have made the Iron Pillar team excited to support Fold,” said Mohanjit Jolly, partner at Iron Pillar.
“When Praxify started in the US, the country’s healthcare market was $1.6 trillion. In a decade it has risen to $4.6 trillion, but nothing fundamental has changed for the healthcare provider or patient outcomes. Providers have experienced burnout before,” Gupta told ET.
The startup’s software package spans three areas. ClinOps Efficiency Engine automates work including closing care gaps, transition care management, completion of annual wellness visits, engagement of high-risk patients, attribution growth, and protection.
With the Care Team Enablement Suite, it unifies patient data, task management, omnichannel communication and scheduling to align collaborative care teams.
The Patient Enablement Suite provides white-label patient web and app experiences that make it easy for patients to interact with their care team, including self-scheduling, map access, notification management, and wearable data integration.
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