By Nancy Dahlberg
Founded in 2013, Carevive Systems is an oncology-focused health technology company focused on understanding and improving the cancer patient experience. The startup, headquartered in North Miami, enables providers to deliver better quality cancer care, and patients to be more engaged in their care, improving survival outcomes.
On Thursday, the company announced it has raised an oversubscribed Series C round of $18 million. This is apparently the expansion and completion of a Series C round of funding announced by the company in February 2020 and reported by venture trackers Crunchbase and Pitchbook at that time as being $15 million raised. With the new expanded funding round, the company has raised just over $25 million.
The round was led by Philips Health Technology Ventures, and also includes Debiopharm Innovation Fund, and OurCrowd’s digital health fund, Qure Ventures, as well as prior investors HLM Vesvnture Partners, LRVHealth, Cerner, and co-founder Madelyn Trupkin Herzfeld.
The funds will allow Carevive to bring its software and analytics platform, which connects clinical data with patients' real-world reported experiences, to more clinicians, patients, life science companies, and payers, said CEO Bruno Lempernesse on Wednesday.
"I'm delighted to be starting off my tenure with an announcement like this," said Bruno Lempernesse, Carevive Chief Executive Officer, who was appointed in December 2020. "This financing will advance Carevive’s patient-centered mission to improve the way cancer care is delivered. I'm proud to be leading such an innovative company with committed industry-leading investors supporting us.”
Early this month, Lempernesse, previously the CEO of Boston-based Acorn, replaced Carevive co-founder Madelyn Trupkin Herzfeld as CEO. She is executive chairman of the company. Before co-founding Carevive, Herzfeld founded and managed the Institute for Medical Education and Research in Miami. Before that, the Wharton grad worked in investment banking at Bear Stearns and Pinnacle Partners.
With Carevive's platform, clinicians can customizer cancer care management programs for each patient's needs, informed by data from real-world patient experiences and outcomes as well as clinical information. It features a remote symptom management system to decrease the need for trips to health centers. In addition, the company said, Carevive's analytics are helping researchers design innovative cancer care delivery models and life science companies to develop personalized cancer therapies.
"We have been following Carevive's development for some time," said Allen Kamer, Managing Partner at Qure Ventures. "Carevive made significant progress in the last year, is now in dozens of hospitals around the US and was selected by Pfizer as the first Patient-Reported Outcomes (PRO) challenge winner for Carevive PROmpt®. We are excited by the company’s growth and the addition of Bruno, a veteran of the health and data analytics industry, to Carevive's senior leadership team."
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