NEW YORK, June 9, 2015 /PRNewswire/ -- AbilTo, Inc., the leading provider of behavioral change programs proven to improve medical health and lower cost for high-cost medical populations, today announced that it has closed a $12million Series C round of financing. The new funding will allow the Company to accelerate the deployment of engagement, care delivery and infrastructure capabilities. HLM Venture Partners (HLM) led the round, and Yumin Choi, Partner, HLM, has joined the company's board of directors. Previous investors BlueCross BlueShield Venture Partners, .406 Ventures and Sandbox Industries/ also participated in the financing.
"We were fortunate to have several high-quality venture capital firms interested in our Series C, but HLM's 30-year track record of healthcare investments and their reputation for leadership were simply unbeatable," said Michael Laskoff, CEO of AbilTo. "Yumin's energy, knowledge and commitment will be an excellent addition to an already outstanding board."
AbilTo was founded in 2008 to leverage emerging technology to deliver proven behavioral change therapy for the benefit of large medical populations, including cardiac patients, new mothers and those suffering from diabetes, as well as individuals suffering from depression/anxiety and chronic pain. Today, AbilTo offers 16 programs – delivered by telephone or the Internet. Earlier this year, AbilTo and Aetna co-authored an article in The American Journal of Managed Care (AJMC) showing substantial reductions in re-hospitalization rates among heart patients graduating from AbilTo's cardiac program.
"HLM has been closely following the space for some time. AbilTo is recognized as the leader in the field of remote behavioral health," said Choi. "The Company has already achieved national scale, best-in-class engagement rates and proven clinical results; it is poised for enormous growth in the coming months."
"HLM has an exceptional track record in healthcare investing and a strong reputation for helping its portfolio companies to leverage its longstanding relationships in the space," said Liam Donohue, Partner, .406 Ventures. "It's a pleasure to welcome Yumin to the board."
Added Tom Hawes, Managing Director, Sandbox Industries, "Sandbox and HLM have invested together in the past, and I am pleased to be doing so again. AbilTo is driving meaningful change in healthcare, and HLM's involvement will help the company to do that even faster."
About HLM Venture Partners
HLM Venture Partners is a leading venture capital firm focused on health care information technology, technology-enabled health care services and medical devices. During the past 20 years, the firm has provided more than $400 million in capital to many dynamic and innovative emerging health care companies to fuel their growth and build sustainable enterprises. HLM has longstanding relationships with senior leaders of some of the country's largest health care organizations and is an active sponsor of new, emerging health care business models and entrepreneurs. HLM has offices in Boston, MA and San Francisco, CA. For more information, visit www.hlmvp.com.
About BlueCross BlueShield Venture Partners, L.P.
BlueCross BlueShield Venture Partners, L.P. is a corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield Plans. For more information, please visit www.bcbsvp.com.
About .406 Ventures
.406 Ventures is an early-stage venture capital firm that invests in innovative information technology and services companies founded by the finest entrepreneurs. .406 Ventures is led by a veteran team of industry entrepreneurs, operators and investors who apply real-world experience, deep industry knowledge and networks, and strong company-building skills to create value for entrepreneurs and investing partners. .406 Ventures is typically the lead, first institutional investor, in early-stage investments in healthcare IT and services; cybersecurity, Big Data, and cloud software companies. For more information, please visit www.406ventures.com.
About Sandbox Industries
Sandbox Industries is a Chicago-based venture capital firm focused on bridging the gap between large, successful corporations and innovative emerging companies. Sandbox, founded in 2003, exclusively manages the BlueCross BlueShield Venture Fund. For more information, please visit www.sandboxindustries.com.
About AbilTo, Inc.
AbilTo, Inc. (pronounced "able to") combines best-in-class patient engagement with behavior change treatment programs that allow health plans and plan sponsors to improve health outcomes, while lowering overall spending, for high-cost medical populations. Benefitting groups include heart patients and diabetics, as well as those suffering from depression/anxiety and chronic pain. All sixteen of our programs utilize best-practice protocols and are delivered nationally by teams of licensed therapists and behavior coaches. Program participants experience improved health, better recovery and in the case of heart patients, fewer hospitalizations. For more information, visit www.abilto.com.
SOURCE AbilTo, Inc.