Tridiuum Nabs $9.5M Series B
PHILADELPHIA, PA, Digital health company Tridiuum has secured $9.5 million in Series B financing.
Tridiuum has secured $9.5 million in Series B financing, which includes equity capital from lead investor Sopris Capital and strategic co-investor Fresenius Medical Care Ventures, and debt funding from Silicon Valley Bank. Series A investors Ben Franklin Technology Partners of Southeastern Pennsylvania and Martinson Ventures participated as well.
Tridiuum's $9.5M series B is nearly double the average funding/investment made in Greater Philadelphia companies in 2017, based on PitchBook investment activity data.
"Tridiuum stands out in an expanding field that is addressing the compelling need to integrate behavioral health and physical health," said Mark Groner, principal, Sopris Capital, who joins the Tridiuum Board of Directors. "The company simply exceeded our investment criteria, particularly having a unique product offering, an impressive recurring revenue stream, a number of growth initiatives already in development, a scalable business model, and a strong management team that can execute."
Groner continued: "What makes the Tridiuum digital solution unique is not only that it is supported by almost two decades of the company's own clinical research and experience, but it also includes proprietary metrics to gauge and track a patient's progress. The company is doing important work."
Strategic investor Albert (Al) Wiegman, head of Fresenius Medical Care Ventures GmbH, added: "The healthcare industry is itself in a challenging situation and must focus on improving the quality of care while simultaneously lowering the total cost of care. People who have behavioral health issues are likely to have higher medical costs, and we can no longer consider the physical and the behavioral as separate and distinct. Tridiuum is focused on accelerating their integration."
"The investment will further expand Tridiuum's growing market share in digital integrated behavioral health and allow the company to expand its sales force, marketing efforts, and strategic product development," said Tridiuum CEO Mark Redlus. "It will further accelerate our ability to make significant positive impact in not only patient outcomes, but also to increase access to behavioral healthcare," Redlus continued, hinting that there are major new features in the works.
A period of marked growth
"The funding follows a period of marked growth, with customer revenue up 307 percent since 2015," said Tridiuum CFO Ed Camarota. "And," he noted, "the company has just moved into new, larger office space, tripling its footprint from 4,000 square feet in Wayne, Pa., to 12,000 square feet in Philadelphia's Center City District (at 1650 Arch Street), to accommodate an expanding staff.
About Tridiuum Inc.
Tridiuum's behavioral health solution accelerates identifying, treating and managing behavioral health across the continuum of care. Its cloud-based platform, Tridiuum1, delivers improvements in access, management and outcomes- for patients, providers, and health systems. A predictive analytics-based engine, the Tridiuum1 platform delivers actionable insights at the point of care. The company's scalable behavioral health outcomes management technology, including its unique metric to quantify behavioral health, the Behavioral Health Index score, can seamlessly integrate with most electronic health records and health-IT software. Today, more than 600 clinical facilities use Tridiuum's proprietary solution, with more than 2,500 behavioral health providers using the platform to assess more than 4,000 patients a day.
About Sopris Capital Associates LLC
Sopris Capital invests in the equity of emerging companies that have proven products, market acceptance, and a management team that can capitalize on the opportunity. The firm specializes in tech-enabled businesses and healthcare, working closely with companies to shape strategy, build management organizations, attract customers, initiate acquisition programs, and develop critical industry relationships.
About Fresenius Medical Care Ventures GmbH
Fresenius Medical Care Ventures was established to invest in start-ups and early-stage companies in the healthcare sector. The investments are targeted to support Fresenius Medical Care's corporate strategy to grow continuously in the company's core business and to expand into new business areas. Fresenius Medical Care Ventures complements its corporate innovation initiatives by external innovation. For more information, visit www.fmcv.com
About Silicon Valley Bank
For 30 years, Silicon Valley Bank's financing and banking solutions -- including credit and liquidity offerings -- have helped life science and healthcare businesses hit their milestones by mitigating the financial stress of unpredictable development timelines, regulations and reimbursement cycles that can stand in the way of innovation and growth.
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