Somatus Scoops Up $64M Series C Funding
MCLEAN, VA, Somatus, a market leader in value-based kidney care, today announced it has completed a Series C funding round of $64 million.
The funding round was led by Longitude Capital and co-led by Optum Ventures and Deerfield Management Company, and included participation from existing investors Blue Venture Fund, Flare Capital, and Town Hall Ventures. This investment round, combined with prior funding, brings the Company's total capital raised to over $105 million since its launch in 2016.
The completion of this financing marks another major milestone for Somatus. Through new and expanded partnerships with leading health plans, the Company has experienced significant growth and now provides comprehensive and holistic kidney care services to more than 20,000 chronic kidney disease and end-stage kidney disease patients across six states. Somatus will use the funding to continue to scale its model nationally and invest in technology and product development to better support patients and health plan partners.
"Since our inception, we have set out to do one thing: be the best provider of integrated care for those with or at risk of developing kidney disease," said Somatus Co-Founder and CEO, Ikenna Okezie, MD. "Fueled by the tenacity of our team, the trust of our patients, and the support of our partners and investors, we have made great strides in the pursuit of our mission and helped spur needed transformation in the kidney care sector. This investment allows us to accelerate those efforts while solidifying ourselves as a preferred partner for health plans and a trusted advocate for patients."
The Somatus model uses actionable intelligence from its propriety RenalIQÂ® technology platform to power field-based care team efforts and connect major kidney care stakeholders. Multiple data sets are used to predict undiagnosed disease as well as the severity and velocity of disease progression, utilization, and the likelihood of an unplanned dialysis start. A highly specialized team of renal clinicians and community-based team members use evidence-based care pathways and personalized outreach to grow patient trust and develop a comprehensive care plan focused on helping members achieve better kidney health. The model has seen high levels of engagement and adoption from patients and delivered significant quality and cost outcomes for partners.
"Somatus is at the forefront of revolutionary change in an industry that has forced patients to accept the status quo for far too long," said Longitude Capital Managing Director, Gregory Grunberg, MD. "Somatus is transforming how the industry cares for patients with chronic kidney disease by not only meeting them where they are but also by aligning all kidney care stakeholders to support the health and wishes of patients. This patient-centric model is a win-win solution for patients, partners, and providers."
"Somatus' team-based management of kidney disease ensures people get the expert, engaged, compassionate care they need and deserve, more affordably," said Larry C. Renfro, managing partner of Optum Ventures. "This progressive approach to treating chronic disease is increasingly important for health care payers and care providers who are dedicated to achieving better health outcomes for the patients and populations they serve."
"Many of the 37 million Americans living with chronic kidney disease are unaware they have it or do not have the resources or support to help manage it," said Julian Harris, MD, Partner at Deerfield. "Somatus has led industry efforts to overcome this challenge and delivered a model that not only offers this population a path to better kidney health, but also hope that they can live the life they want. We are thrilled to invest in their mission and support them in their efforts to impact the lives of millions."
Over the course of the next year, Somatus will continue to expand its nationwide footprint, launch new partnerships, add top talent to the existing 300-person team, and work with its payer and provider customers to deploy a full array of kidney care and dialysis delivery solutions. The Company will also be releasing its patient-facing mobile application designed to help patients monitor their kidney health goals, connect virtually with care team members, watch on-demand micro-learning modules, and track their transplant journey.
Somatus partners with leading health plans, health systems, and nephrology and primary care groups to provide integrated care for patients with or at risk of developing kidney disease. As the market leader in value-based kidney care, Somatus' vertically integrated clinical services and technology delay or prevent disease progression, improve quality and care coordination, and increase the use of home dialysis modalities and rates of kidney transplantation. The company is headquartered in McLean, Virginia, and founded by a team of world-class healthcare operators, successful entrepreneurs, and leading clinicians treating kidney disease. For more information, please visit www.somatus.com.
About Longitude Capital
Longitude Capital is a private investment firm that makes venture growth investments in biotechnology, medical technology and health solutions companies that seek to improve clinical outcomes, enhance quality of life and/or reduce system costs. Longitude Capital invests in both privately held and publicly traded life science companies through a variety of investment approaches. Longitude Capital has offices in Menlo Park, CA, Greenwich, CT and Boston, MA. For more information, please visit www.longitudecapital.com.
About Optum Ventures
Optum Ventures is the independent venture fund of Optum, a leading information and technology-enabled health services business dedicated to helping make the health system work better for everyone, and part of UnitedHealth Group. Optum Ventures invests in digital health companies that use data and insights to help improve consumers' access to health care services and how care is delivered and paid for, and that make the health care system more reliable and easier to navigate. For more information, visit www.optumventures.com.
Deerfield is a healthcare investment management firm committed to advancing healthcare through investment, information and philanthropy.
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