Healthcare navigation platform Solace announced it has secured $14 million in Series A funding, bringing its total funding to $21 million.
The funding round was led by Inspired Capital, with participation from existing investors Torch Capital and Craft Ventures, and new investors Coalition Operators, Anne Wojcicki, the late Susan Wojcicki, and RiverPark Ventures.
What it does
Founded in 2022, Solace matches patients with advocates who can guide them through their medical journey, and also allows healthcare providers to refer patients to Solace's medical advocates.
To aid in the navigation process, the company provides its own EHR to help advocates update and access patients' medical records.
Advocates can help you manage doctor appointments, ensure continuity of care, maximize insurance coverage, centralize records and notes, and understand documentation.
Solace advocates are fully covered by Medicare, most Medicare Advantage plans, and some health insurance companies.
The California-based company plans to use the funding to further develop its platform, expand its network of advocates and extend coverage to Medicaid and private insurers.
“No matter how good your insurance plan is or how wealthy you are, when a major health event occurs, you still have to manage complex paperwork, prior authorizations, provider availability, appointment scheduling, and insurance claims — all during one of the most stressful times in your life. That's why Solase exists,” Solase co-founder and CEO Jeremy Gurewitz said in a statement.
Market Snapshot
Several digital health companies offer care navigation assistance to patients and healthcare providers.
Sharecare is a virtual healthcare navigation platform for individuals, employers, government agencies, communities, health plans and providers.
In June, the publicly traded company signed a definitive agreement to be acquired by healthcare investment firm Altaris for $518 million, taking the digital health company private.
Glenn Talman's company, Transcurrent, is a platform focused on the self-insured employer market. In May, the company announced the launch of an AI-enabled consumer platform called WayFinding that provides clinical guidance, benefits navigation and care delivery.
That same month, Transcurrent raised $126 million in Series D funding, bringing the unicorn's total funding to $450 million and valuation to $2.2 billion. The Series D funding came just two years after the company secured $200 million in its Series C round.
Healthee (formerly Insurights) provides a platform to answer employee questions about health benefits, coverage and treatment, and also offers open enrollment support and preventive care recommendations.
Healthee secured $32 million in a Series A funding round in March.
The HIMSS AI in Healthcare Forum is scheduled to take place in Boston on September 5-6. More information and registration available here.
