Cecelia Health Grabs $13M Series B Round
NEW YORK, NY, Cecelia Health has completed a $13 million Series B funding round.
Cecelia Health, a leading technology-enabled diabetes and other chronic disease management company, announced today it has completed a $13 million Series B funding round. The investment was co-led by Rittenhouse Ventures and Endo Investors, and includes investments from Boston Millennia Partners, SustainVC, G100 Capital, and others. The funding will enable the company to accelerate and further scale the adoption of the company's technology enabled coaching and telemedicine solutions and expand Cecelia Health's digital health capabilities.
"The market opportunity and demand for Cecelia Health's telehealth solutions has grown exponentially since the onset of COVID-19 due to our demonstrated track record for significantly improving the health outcomes and quality of life for people living with diabetes and other chronic conditions," said David Weingard, Founder and CEO of Cecelia Health. "The new investment capital from Rittenhouse, Endo, Boston Millennia, SustainVC and G100, and the executive access they will provide to new health plan, pharmaceutical and medical device companies and self-insured employers will enable us to accelerate our mission to transform lives at scale. I'm also excited to have Saul Richter from Rittenhouse, and Eric Edidin from Endo Investors join the Board as part of this funding round."
Cecelia Health has emerged as a leader in using expert clinicians that leverage a technology-enabled digital health platform. Cecelia Health has most recently demonstrated the long-term value of an integrated and specialized virtual care model and ability to fill critical telehealth gaps for patients via the telemedicine assistance it is providing to top diabetes clinics during the COVID-19 pandemic.
"The support provided by Cecelia Health to people with diabetes is truly life changing," said Eric Edidin, President of Endo Investors. "I have seen this firsthand, as my family is a user of a Cecelia Health certified diabetes educator. Our firm is excited to lead this round with Rittenhouse Ventures and partner with the team at Cecelia Health as they continue to solve for fundamental access, affordability, new technology adoption, patient experience and other challenges people with diabetes face on a daily basis."
With over one million remote patient interactions, Cecelia Health has been a pioneer in delivering telehealth and chronic disease management solutions. The company's scalable telemedicine and digital health model is designed to quickly serve a broad population of patients at a low cost. A recent independent study, conducted by the Jaeb Center for Health Research with funding from the Helmsley Charitable Trust, demonstrated successful remote continuous glucose monitor (CGM) initiation and sustained CGM use to improve diabetes outcomes and quality of life for people living with diabetes via the support of Certified Diabetes and Education Specialists (CDCES) from Cecelia Health.
Dana Callow, Managing General Partner at Boston Millennia Partners said, "Cecelia Health fits our belief that therapeutic adherence is a combination service and product business. The Cecelia Health team is committed to the mission of improving patients' health as well as reducing the cost of care. They also recognize the need for commercial success to achieve that mission. We look forward to working with the team as we help to augment their strategy in the pharmaceutical, payor and provider marketplaces where BMP has deep experience and relationships."
Cecelia Health will leverage the new funding to deliver the first of its kind commercial Virtual Clinic that will offer CGM training, education on medication adherence and lifestyle and behavior change, mental health screening and counseling, all supported by algorithms that will recommend necessary dosage and titration changes that will be reviewed and approved by Cecelia Health's CDCESs and Endocrinologists. The Virtual Clinic will be supported by Cecelia's vast national network of diabetes professionals.
Later this month, Cecelia Health will serve as a contractor to The Jaeb Center for Health Research to conduct a study of a virtual diabetes and mental health clinic with funding from The Helmsley Charitable Trust.
"We're eager to start connecting Cecelia Health with healthcare organizations in our network as they continue to change the landscape of chronic condition management," said David Niles, President of G100 Capital. "Our investment in Cecelia Health is driven by our confidence in its team and its proven track record of delivering superior patient outcomes and we believe this new capital will enable them to have a significant impact on the healthcare industry at large."
About Cecelia Health
Cecelia Health positively transforms the lives of people living with chronic diseases. Our technology-enabled personalized coaching solution optimizes patient health outcomes at high ROI for our customers and healthcare partners via a personalized mix of expert clinician and digital health interactions. Through an innovative telehealth model evolving from coaching to care, we work with partners to coach their members/patients and provide unique data-driven insights to health plans and ACOs seeking to improve quality measures, and pharmaceutical and medical device companies seeking to improve adherence.
We employ an optimized mix of personal and digital channels to deliver the right touch at the right time. The Cecelia Health clinical team is composed of nurses, dietitians, exercise physiologists, pharmacists, and social workers who are passionate about empowering people with chronic conditions to live rich, healthy and fulfilling lives. Cecelia Health engages in numerous joint initiatives with the Juvenile Diabetes Research Foundation, American Diabetes Association, the Diabetes Research Institute, the Association of Diabetes Care & Education Specialists, and The Jaeb Center for Health Research.
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