1upHealth announced the closing of a $40 million Series C investment led by Sixth Street Growth with participation from existing investors F-Prime Capital, Jackson Square Ventures, and Eniac Ventures.
The company’s FHIR-native platform – which was designed for interoperability and modern computing — is used by over 75 enterprise organizations including leading national and regional health plans, the highest performing CMS ACOs, international clinical research organizations, and over 20 state Medicaid agencies. And by utilizing the industry’s FHIR standard, modern and open cloud architecture, and restful APIs, 1upHealth helps customers acquire, store, and interact with the data needed to power their business operations and analytics.
What the funding will be used for: 1upHealth will use this latest investment to expand product development and customer growth teams and accelerate efforts to lead the digital transformation of the healthcare industry in the cloud.
Plus the funds raised will be used to accelerate efforts in building the 1upHeath Data Cloud across three key areas:
– Invest in product development and engineering in preparedness for proposed and future CMS regulations
– Enhance 1upHealth data cloud infrastructure for serverless scalability and open access
– Grow Customer and Services teams to support market expansion across payers, providers, pharma, digital health, etc.
KEY QUOTES:
“Over the past decade, industries ranging from manufacturing to retail have all undergone digital transformation and now it’s healthcare’s turn. Our customers are ready. They are more and more motivated by the power of what data and interoperability can do for their business. With the support of one of the top growth equity firms in Sixth Street Growth, we are at the forefront of this transformation and 100% committed to building healthcare’s modern data cloud.”
– Joe Gagnon, CEO of 1upHealth
“The healthcare industry is under significant pressure to improve the quality of care and reduce per capita costs, and leveraging the power and insights of combined claims and clinical data via 1upHealth’s FHIR-standard platform is one way to achieve this. With proposed federal regulations requiring enhanced health information exchange capabilities, 1upHealth is well-positioned to respond to these market forces while helping healthcare organizations enhance the utility of their data using modern database technology.”
– Lee Mooney, Managing Director at Sixth Street Growth, who will join the Company’s Board of Directors
