Solace, a healthcare navigation platform, announced it secured $14 million in Series A funding, bringing its total raise to $21 million.
Inspired Capital led the funding round with participation from existing investors Torch Capital and Craft Ventures and new investors Coalition Operators, Anne Wojcicki, the late Susan Wojcicki and RiverPark Ventures.
WHAT IT DOES
Solace, founded in 2022, matches patients with advocates who help them navigate their healthcare journey. It also allows providers to refer their patients to Solace health advocates.
The company offers its own EHR for advocates to update and access patient medical records to help with the navigation process.
Advocates help manage doctor’s appointments, ensure continuity of care, maximize insurance coverage, centralize records and notes, and make sense of paperwork.
Solace advocates are fully covered by Medicare, most Medicare Advantage plans and some health insurance carriers.
The California-based company will use the funds to develop its platform further, expand its network of advocates, and expand its coverage among Medicaid and private insurers.
“No matter how great your insurance plan is or how well-off you are, when you experience a devastating health event, you’re forced to manage a complex web of paperwork, prior authorizations, provider availability, scheduling appointments and insurance claims entirely on your own — all during one of the most stressful moments of your life. This is why Solace exists,” Jeremy Gurewitz, cofounder and CEO of Solace, said in a statement.
MARKET SNAPSHOT
Several digital health companies offer care navigation assistance to patients and providers.
Sharecare is a virtual healthcare navigation platform for individuals, employers, government organizations, communities, health plans and providers.
In June, the publicly traded company entered into a definitive agreement to be purchased by healthcare investment firm Altaris in a $518 million deal that would see the digital health company go private.
Glen Tullman’s company, Transcarent, is a platform focused on the self-insured employer market. In May, it announced the launch of an AI-enabled consumer-facing platform dubbed WayFinding, which offers clinical guidance, benefits navigation and care delivery.
The same month, Transcarent raised $126 million in Series D investment, bringing the unicorn company’s total raise to $450 million and valuation to $2.2 billion. The Series D funding came just two years after the company secured $200 million in a Series C round.
Healthee, formerly Insurights, offers a platform that answers employees’ questions regarding their healthcare benefits, coverage and treatment. It also provides open enrollment support and preventative care recommendations.
Healthee secured $32 million in a Series A funding round in March.
The HIMSS AI in Healthcare Forum is scheduled to take place September 5-6 in Boston. Learn more and register.
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