SeeChange Health Secures $15 Million in Series C Financing Additional Funding Provided By Continuing Investors
SAN FRANCISCO, Jan. 7, 2013 /PRNewswire/ -- SeeChange Health, an innovator in value-based benefit design solutions to improve health and reduce health care costs, announced it has secured its third round of $15 million in Series C financing from existing investment participants Psilos Group and Maverick Capital. SeeChange Health will use the capital to further its market expansion, to continue on its current growth path, and to advance ongoing product development.
"Our investors' continued support speaks to their confidence in our mature and innovative business model of value-based benefit design solutions that give people an incentive to make healthy choices," said Martin Watson, CEO of SeeChange Health. "This round of investment augments our rapid growth model – our SeeChange Health Solutions platform now serves more than one million consumers and SeeChange Health Insurance is the fastest-growing health plan in California and Colorado. Given customer demand, we will continue to experience significant growth in both businesses in 2013."
Health plans and employers seeking a solution that improves upon the early versions of health management and wellness programs are fueling SeeChange Health's rapid growth. SeeChange Health Solutions is the first Software as a Service (SaaS) turnkey solution that allows health plans and self-funded employers to offer highly customized engagement and incentive programs to encourage and motivate employees to improve their health. Implementation can be accomplished within weeks, given the platform's ability to integrate with any Health Plan or TPA's existing technologies and applications.
"There is a dramatic shift in the employer-provided health care market focused on encouraging and engaging employees in their wellbeing and using this as a cornerstone of designing benefit solutions, and SeeChange Health is well positioned to lead this trend," said Al Waxman, senior managing member of Psilos and chairman of SeeChange Health's Board of Directors. "The SeeChange Health approach to individual accountability is an important leap in our continued struggle to manage health care costs and generate better outcomes for health care consumers."
About SeeChange Health
SeeChange Health delivers plans, technology and services aimed at creating better health and quality of life for employees, increasing workforce productivity, and lowering health care costs by encouraging individuals to play an active role in managing their health to prevent, detect and treat serious health conditions. SeeChange Health Insurance provides value-based benefit plans to fully insured employer groups in California and Colorado. SeeChange Health Solutions provides a completely customizable consumer engagement and health incentive technology platform to employers, health plans and third party administrators delivering the cost-controlling advantages of value-based benefit plans. With headquarters in San Francisco, SeeChange Health is focused on reducing health care costs through proactive health management and early detection of health conditions. For more information, visit www.SeeChangeHealth.com.
About Psilos Group
Psilos Group Managers, LLC ("Psilos") is a healthcare investment firm focused on providing venture and growth capital to companies operating in the healthcare economy. The firm believes that successful healthcare innovation must reduce cost, improve quality, and align incentives across payers, providers and patients. Founded in 1998, Psilos has $580 million under management and invests across three core healthcare sectors: healthcare services, healthcare information technology and medical technology. Funds managed by Psilos have invested in companies such as ActiveHealth, AngioScore, Definity Health, HealthEdge, Extend Health, Mauna Kea Technologies, and VeraLight, among many others, which have played, and continue to play, key roles in the transformation of the U.S. healthcare economy. Psilos has offices in New York, the San Francisco Bay Area, and in Santa Fe, New Mexico. For more information, go to http://www.psilos.com.
About Maverick Capital
Maverick Capital is a global investment firm with offices in New York, San Francisco, London, Hong Kong, Philadelphia and Dallas. Maverick's investment team seeks to grow and preserve capital for its investors, primarily through a long/short hedged equity strategy. Since the Firm's inception in 1993, Maverick has strategically invested in private companies that represent disruptive business models or technologies. Maverick actively partners with portfolio company teams through the deployment of its resources and deep fundamental research capabilities to help entrepreneurs build their businesses.
SOURCE SeeChange Health