Chicago-based healthcare management platform SonarMD announced on Monday that it has raised $10 million in funding, giving patients and providers both a reason to be happy.
SonarMD, founded in 2015, focuses on “high beta” patients — a term used to describe those with complex, chronic conditions like inflammatory bowel disease and Crohn’s disease that involve costly drugs to remediate.
The platform works to provide those patients with high-quality healthcare at the lowest cost possible, both for the provider and for the patient. It also works as a patient engagement platform, which allows users to gain more insight and agency into their care.
“Our goals are to give providers enhanced tools and incentives to allow them to more effectively provide care management and care coordination to the patient population,” said Devin Gross, CEO. “If we do that, patients that experience these chronic conditions are going to have more proactive outreach, reduced hospitalizations, reduced ER visits and better clinical outcomes.”
The ability to continue to invest in our technology and add other resources here in Chicago is super exciting.”
BS Venture Partners and Arboretum Ventures facilitated the investment as a joint venture.
“They’re both really committed to investing in businesses that can change healthcare,” said Gross. “They believe in what we’re doing and have been great partners.”
Funding will be used to expand the SonarMD team by 15 to 20 over the next year and enhance the platform with additional provider- and patient-focused features.
“The ability to continue to invest in our technology and add other resources here in Chicago is super exciting and we’re looking forward to scaling,” Gross said.
