US-based primary care provider Iora Health has raised a Series F funding round of $126 million led by Premji Invest, the personal investment vehicle of Wipro Ltd. chairman and Indian tech titan Azim Premji.
The round also saw the participation of existing investors Cox Enterprises, Temasek F-Prime Capital, Devonshire Investors, .406 Ventures, Flare Capital Partners, Polaris Partners, and Khosla Ventures, the company said in a statement.
Based in Boston, Iora claims to transform healthcare by providing care models for patients that ensure improved outcomes while lowering overall health care costs. Its services allow patients to enjoy access to care, office and non-office-based encounters (e.g. phone, text messages, and email), an accessible and transparent medical record and robust educational offerings.
Iora, which has 48 practices across the U.S. and claims a two-year compound annual growth rate of over 70%, says its 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.
“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 Iora Health co-founder and CEO Rushika Fernandopulle.
Iora will use the Series F funding to accelerate growth and refine and optimize its care model. Additionally, the company 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.
The new funding for Iora follows a $100 million Series E funding round closed in 2018 from Singapore’s Temasek Holdings, .406 Ventures, Devonshire Investors, F-Prime Capital, Flare Capital Partners, GE Ventures, Humana, Khosla Ventures and Polaris Partners.
Prior to that, the company’s Series D round came in October 2016 when it raised $75 million in a Series D round also backed by Temasek.