Solera to Scale Program Impact, Raises $42 M in Series C Funding

Solera to Scale Program Impact, Raises $42 M in Series C Funding

Healthcare Tech Outlook | Friday, January 03, 2020

The series C round funding for this company accounting to a total of $42 million for enhancing the healthcare outreach. 

FREMONT, CA: Solera Health recently announced a $42 million funding round carried out by HCSC Ventures. The series C round funding obtained by Solera is till date, the largest amount accounting to total funding of $72 million. 

The funder HCSC Ventures--a subsidiary of Health Care Service Corporation--has focused on investing in innovative companies in the healthcare sector. The firm helps to improve the customer experience, lower medical and administrative costs, and enhance the quality of care. 

The Phoenix-based company can now extend the application of its novel marketplace and payment innovation model to provide health plans and digital health solutions paid through medical claims for overcoming clinical outcomes with the latest infusion of capital. Solera allows employers to leverage from a network of communities. The firm now has more than 60 million lives accounted under contracts. 

Solera believes in changing lives by leading people towards enhanced health care in their communities. The company drives the success of the program by matching people to the most suitable program offering the necessary needs and has significantly reduced health care costs. Over the last year, Solera’s network has transformed to imbibe a wide range of lifestyle modification programs, which include diabetes management, hypertension, stress, sleep apnea, tobacco cessation, and weight management. This latest round of capital has provided Solera with a pathway to scale the program much further than its proven model for chronic disease prevention and control. This program will address the behavioral health and social determinants of health (SDOH), including food insecurity, medically customized meals, transportation, falls prevention, and social isolation.

For widening the impact horizons of the company’s network, Solera also entered into a working partnership with Blue Cross Blue Shield Institute. The partnership will kick start a nationwide campaign to tackle SDOH at a community level. The document health improvements and costs savings via the company’s curated network of healthcare providers can be improved and payment provisions to address SDOH in a flexible and impactful manner. 

The company now has various investors who have participated in the latest round of funding including BlueCross BlueShield Venture Partners/Sandbox Advantage Fund, Adams Street Partners and SJF Ventures. Sahil Choudhry from HCSC Ventures has joined Solera’s board of directors after the series C investment.

Weekly Brief