A US physician-founded startup called HealthLoop announced it had raised USD10 million in Series A financing. The investment round was led by a new USD175 million investment vehicle recently launched by ex-partners of Morgenthaler Ventures called Canvas Venture Fund. Canvas' significant investment led to the appointment of its partner Rebecca Lynn to join the healthcare IT startup's board of directors. The funding round was also participated by Subtraction Capital and other institutional investors.
San Francisco Health Service Systems Board commissioner and physician Dr Jordan Shlain established the startup out of his daily experience. Frustrated with providing emergency care to patients who had experienced symptoms that went unnoticed and were not reported during visits, Shlain eventually developed a tool to aid him in tracing patient visits.
In a released statement, Shlain said, "Medicine, at its best, is a conversation between a doctor and a patient. But conversations take time, and time is the most depleted resource in our healthcare system today. We're reimagining the doctor-patient experience, using technology to empower these pivotal relationships."
Lynn, who is also managing director of the Canvas fund, said, "After looking at hundreds of health IT startups, we felt HealthLoop was the best positioned for success because it strengthens the relationship between a doctor and a patient. The HealthLoop team has an outstanding vision for the future of healthcare and the expertise to execute on it."
Healthloop Chief Executive Officer Todd Johnson added, "In order for our healthcare system to make a successful shift from volume-based care to value-based care, physicians need insight into what's happening right now, with all of their patients. We're helping doctors and patients drive towards the best possible outcomes, while eliminating excess cost and boosting productivity. With Canvas' vote of confidence, we are excited to advance our position in the market to be the industry's de-facto solution."
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