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Data analytics company Arcadia raises $125M and more digital health fundings

Data analytics company Arcadia secures $125 million from strategic investor and financing partner Vista Credit Partners, Vista Equity Partners’ credit-lending arm. 

The funds will be used to speed up the company’s platform development and accelerate its go-to-market strategy. 

“Vista Credit Partners is the preferred partner to help us achieve our goals, providing new financing and access to the broader Vista ecosystem, which holds deep expertise and resources for scaling health tech and enterprise software businesses. We look forward to further investing in our platform, our service delivery and customer relations to solidify our position as the leading data platform for healthcare organizations,”  Michael Meucci, CEO of Arcadia, said in a statement. 

Spring Health, which offers digital mental healthcare and navigation services, announced it had raised $71 million, boosting its valuation to $2.5 billion.

In a blog post, the startup said the latest raise would give it flexibility to invest in services “alongside our path to profitability.”

Spring last raised $190 million in Series C funding in 2021. Last year, it acquired Weldon, which provided mental wellness guidance to parents through chats with therapists, social workers and parenting coaches as well as group support and educational content.

Health data aggregation and centralization platform 1upHealth closed a $40 million Series C investment round. 

Sixth Street Growth led the round with participation from existing investors Jackson Square Ventures, F-Prime Capital and Eniac Ventures. Lee Mooney, managing director at Sixth Street Growth, will join 1upHealth’s board of directors.

The Boston-based company offers a cloud-based, AI-enabled, FHIR-native platform that allows patients, developers and providers to aggregate and share health data, including information from EHRs. 1upHealth will use the funds to further develop its Data Cloud product and grow its team. 

“With proposed federal regulations requiring enhanced health information exchange capabilities, 1upHealth is well-positioned to respond to these market forces while helping healthcare organizations enhance the utility of their data using modern database technology,” Mooney said in a statement.

Medication adherence company Scene Health (formerly emocha) raised $17.7 million in a Series B financing round, bringing its total raise to over $25 million.

ABS Capital Partners led the round with participation from existing investors Claritas Health Ventures, Healthworx, Kapor Capital and PTX Capital. 

Cal Wheaton, general partner of ABS Capital Partners, will join Scene’s board of directors. 

Scene Health offers Directly Observed Therapy via asynchronous, livestream and in-person appointments, where nurses, pharmacists and health coaches can watch how patients take their medication, such as an inhaler, to ensure proper use. Patients are also offered medication reminders via the app, which includes financial incentives and educational video content. 

The company will use the money to accelerate its ability to work with Medicaid managed care and Medicare Advantage plans, clinical research organizations and pharmaceutical companies. 

“We are thrilled to be partnering with Scene and its experienced team to expand the scope of Scene’s positive patient engagement and impact while meaningfully reducing the financial burden associated with medication nonadherence for Scene’s varied customers,” Wheaton said in a statement. 

Last week, the company received a $1.67 million grant from the National Institutes of Health to provide its medication adherence offerings to pediatric heart transplant recipients in Florida. 

Ty Vachon will offer more detail in the HIMSS23 session “ML and AI Forum: 2023 AI in Healthcare: The Good, The Bad and The Hopeful.” It is scheduled for Monday, April 17 at 3 p.m. – 4 p.m. CT at the South Building, Level 1, room S100 B.

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