Lark Health, a provider of chronic disease prevention and management programs, raised $100 million in a Series D funding round.
The round was led by Deerfield Management Company, and it included participation from crossover fund PFM Health Sciences. Franklin Templeton, King River Capital, Castlepeak, IPD, Olive Tree Capital and Marvell Technology Co-founder Weili Dai participated as returning investors.
The Mountain View, California-based company offers an artificial intelligence platform that provides users access to a personalized digital health coach that is available 24/7.
“There has been an unprecedented amount of innovation and investment in technology solutions in an attempt to make care more accessible and effective for those who need it,” said Julia Hu, co-founder and CEO of Lark Health, in an email. “However, all of these new point solutions have led to increased system fragmentation without effectively addressing the gaps in the care journey that exist for millions of people with chronic conditions.”
Lark Health aims to create a more coordinated system of care by providing a text-message interface that patients can use to help them adhere to their care plans. The company offers programs to manage and prevent diabetes and hypertension, as well as behavioral health coaching that supports mental health and lifestyle changes, like tobacco cessation.
In addition, it “gives health plans a scalable way to extend their care management capabilities by identifying at-risk members and guiding them to the appropriate care,” Hu said.
The company plans to use its newly raised funds to further invest in data science and AI technology research and development, expand its virtual care integrations with health plans and employers and explore new markets.
Lark’s Series C funding round closed last November, providing the company with $55 million and a $15 million venture debt credit facility. Soon after, health insurer Highmark expanded its collaboration with the company to make Lark’s digital health coaching programs accessible to more beneficiaries.
Though there are several other companies offering programs to manage chronic conditions, like Vida Health that raised $110 million in May, many rely on live providers or coaches.
“Whereas live, provider-based programs introduce yet another source of fragmented data and care to an already fragmented system and place an additional burden on an already overwhelmed healthcare workforce, Lark’s AI-driven platform provides non-duplicative care that augments the value of existing partner resources,” Hu said.
Since its founding in 2011, Lark Health has raised a total of $185 million in equity and debt funding and is a covered benefit for over 30 million lives. Hu declined to discuss the company’s valuation.
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