NEW YORK CITY, Jan. 26, 2023 /PRNewswire/ -- Pearl Health, a leading technology company focused on physician enablement and risk bearing in value-based care, today announced that it has raised $75 million in its oversubscribed Series B funding round, led by Andreessen Horowitz's Growth Fund and Viking Global Investors, with participation by AlleyCorp, SV Angel's Growth Fund, and other leading investors. The round is comprised of $55 million in equity capital and an anticipated $20 million in a line of credit, and brings Pearl's total funding to date to more than $100M.
"We are grateful to have the support of such esteemed investors as we continue to build technology that enables physicians to provide better care for their patients and helps our healthcare system transition from volume to value," said Pearl Health Co-Founder and CEO Michael Kopko. "This latest round of funding, combined with our previous investments, will allow us to expand our network and accelerate the development of innovative solutions that place providers at the center of healthcare delivery and cost management."
Pearl Health's technology uses data science to help primary care providers focus their attention on the patients who are most likely to need it, enabling physicians and clinical staff to move toward a more proactive care model that allows them to invest in preventative care and provide more holistic, personalized treatment.
"Pearl Health arms providers with data insights and superpowers to help them manage the health of an entire patient panel," said Vineeta Agarwala, Andreessen Horowitz General Partner, Bio + Health, and Board Director for Pearl Health. "We believe this technology should enable providers across the country to be at the forefront of our healthcare industry's transformation towards value, achieving improved outcomes and lower total cost of care."
Over the past year, more than 800 primary care providers across the country partnered with Pearl, resulting in more than 10x year-over-year growth and expanding the company's reach from 10 to 29 states. This growth reflects a powerful trend in healthcare toward physician enablement technology and programs that help providers perform in new value-based care payment models.
"Pearl Health has done a great job of developing software to help providers achieve their goals around value-based care," said Scott Kupor, Managing Partner at Andreessen Horowitz, who recently joined Pearl Health's Board of Directors. "This new round of funding will help them significantly expand their market presence and bring their solution to a much wider audience."
With this new round of funding, Pearl Health is well positioned to continue to expand its reach within primary care, develop new partnerships, broaden the offerings it makes available to its provider partners, and invest more in research & development to accelerate innovation.
"Patients deserve medicine aligned with their true needs," said Pearl Co-Founder and Executive Chairman Jeffrey De Flavio, MD. "Pearl's physicians have the tools to deliver more effective and compassionate care."
"We are proud to support companies like Pearl Health that have the potential to drive positive change and disruption in their industries," said AlleyCorp Founder and CEO Kevin Ryan. "We are excited to see the impact that Pearl Health will have on patient outcomes and are proud to be a part of their growth since day one."
Read more about Pearl Health's Series B in this blog post:
About Pearl Health
Pearl Health is democratizing access to value in healthcare. Led by provider enablement, risk-bearing, and technology experts, Pearl offers software and services that help providers reimagine how they visualize, understand, and care for their patients. Pearl supports primary care organizations and providers in their transition to value-based care and surfaces data and insights that help them deliver better, more proactive care, decrease total cost of care across patient panels, and optimize performance in risk-bearing models like Medicare's ACO REACH. Since its founding in 2020, Pearl has raised more than $100M in funding from investors such as Andreessen Horowitz, Viking Global Investors, AlleyCorp, SV Angel, and Silicon Valley Bank, and has grown to serve customers in 29 states and Washington, DC. Learn more at www.pearlhealth.com
About Andreessen Horowitz
Founded in Silicon Valley in 2009 by Marc Andreessen and Ben Horowitz, Andreessen Horowitz (known as "a16z") is a venture capital firm that backs bold entrepreneurs building the future through technology. a16z is stage agnostic, investing in seed to venture to late-stage technology companies, across industries including bio + healthcare, consumer, crypto, enterprise, fintech, and gaming. a16z has $35B in assets under management across multiple funds. www.a16z.com
About Viking Global Investors
Founded in 1999, Viking is a global management firm that manages over $37 billion of capital for its investors. It has offices in Greenwich, New York, Hong Kong, London, and San Francisco and is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.vikingglobal.com
Founded by serial entrepreneur Kevin Ryan, AlleyCorp founds and invests in transformative companies globally. As one of the most active early-stage investors in New York, we invest primarily in pre-seed and seed rounds and make select Series A investments. We share the founder's mindset because we're founders too: a seasoned team of startup operators, we launch new companies every year at our New York headquarters. Companies we've incubated include MongoDB (NASDAQ: MDB), Business Insider, Gilt Groupe, Zola, and Nomad Health. We invest and incubate out of dedicated funds for General Technology and Healthcare, with a focus on enterprise software, marketplaces, nano & materials science, and digital health. We also operate an Impact fund. For more information visit www.alleycorp.com
About SV Angel
SV Angel is a San Francisco-based venture fund. Over the last 30 years of helping portfolio companies like Google, Facebook, Twitter, Github, Airbnb, Stripe and many others, our core values of trust, loyalty, and integrity along with our founder-first approach has driven our strategy. We are a service organization, investing in founders who share these values. We support entrepreneurs in building lasting companies by assisting at key inflection points and leveraging our network to help them propel their businesses forward. www.svangel.com
SOURCE Pearl Health