MARLBOROUGH, Mass., Oct. 10, 2019 /PRNewswire-PRWeb/ -- Persivia Inc. ("Persivia" or the "Company"), the AI-driven value-based care solution provider, has announced today that it has closed a $15 million financing from Petrichor Healthcare Capital Management ("Petrichor"), completing its Series C round to support an array of growth initiatives.
The financing highlights an impressive growth trajectory for the Company. Persivia has grown from 65 customers at the end of 2015 to over 330 hospitals and provider groups on its platform today, a CAGR of over 70%. In the past six months, Persivia has added over 50 hospitals participating in the value-based Bundled Payments program and has also partnered with a large hospital group for Chronic Care Management deployment.
"We have a leading product for the healthcare ecosystem which is uniquely positioned to facilitate all stakeholders in the sector. Over the last four years, we have largely operated in stealth mode, relying on word-of-mouth referrals from loyal customers, with a keen focus on the development of our platform. This capital raise will be used to further build our sales and marketing efforts and drive awareness of our solutions to the wider healthcare industry. Our platform is very unique in using AI to support all data sources in all venues of care and for all value-based care models. If you are a system with 23 different EHRs, multiple Hospitals, 12 different claims feed and participate in Medicare Advantage, an ACO, Bundled Payments, CPC+ and/or take Commercial and Medicaid risk, there is no better platform for you in the industry today. We typically replace 5-6 different isolated point solutions when deploying to such a customer," said Dr. Mansoor Khan, Founder and CEO of Persivia. "With this financing, we will now focus on driving large scale sales and marketing efforts to such customers," announced Mansoor.
"We are pleased to partner with Persivia as they advance into their next stage of growth. The Persivia team has established an impressive customer base and revenue profile solely on the back of its superior product capabilities. We look forward to helping the Company drive growth as they broaden their sales and marketing to a larger group of customers. Persivia is a prime example of a founder-led, innovation-driven business with a next-generation solution tailored to a healthcare landscape that has too long been plagued by underdeveloped IT offerings," said Tadd Wessel, Founder and Managing Partner of Petrichor, who will also take a seat on Persivia's Board.
About Persivia Inc.:
Persivia Inc. offers healthcare providers the industry's most comprehensive platform for managing multiple concurrent Value Based Care programs and data from dozens of sources. Built on the Soliton® AI engine, Persivia's CareSpace® platform provides care coordination and analytics capabilities incorporating the industry's most comprehensive AI-based clinical knowledge database. Persivia is committed to easing the growing burden of Value Based Care on healthcare providers and to transforming the healthcare ecosystem in the US.
About Petrichor Healthcare Capital Management:
Petrichor Healthcare Capital Management partners with world-class healthcare managers and businesses to provide customized investment structures and support. The Petrichor team of investment professionals comes from highly-regarded financial institutions including OrbiMed Advisors and Fortress Investment Group. Collectively, the team has completed over 75 investments representing more than $5 billion in invested capital and has held over 25 board seats. Petrichor maintains a deep in-house understanding of healthcare products and services, including scientific, technical, and commercial expertise. This healthcare expertise, together with a breadth of experience investing across sectors, geographies, and capital structures, provides a strong competitive advantage.