Digital health company Praia Health announced the closing of a $20 million oversubscribed Series A financing led by Frist Cressey Ventures, with participation from SignalFire, Epsilon Health Investors, and Providence Ventures. This funding round will support the platform’s ability to revolutionize the delivery of individualized health solutions at scale and enable digitally driven health system transformation.
Community Health Network, an Indiana-based health system, recently licensed the Praia Health Consumer Platform for implementation this year. And 17 digital health partners have joined the Praia Health Ecosystem Partner program, including Atlas Health, Cedar, DexCare, Foodsmart, Fortuna Health, Kyruus Health, Livara Health, Medbridge, Modivcare, Omada Health, Rosarium Health, Season Health, Vale Health, Wellthy, Wildflower Health, Validic, and Xealth. As Praia Health’s clinical integration partner, Xealth enables digital solutions to be incorporated into the clinician experience and brings over 50+ connected digital health partners into the Praia Health ecosystem. In addition, Praia Health has secured Panda Health, the AVIA Marketplace, Xealth, and West Monroe as channel partners for the platform.
Through its low-code ecosystem enablement capabilities, the Praia Health platform transforms how third-party consumer solutions can be integrated into a health system’s digital experience. And Praia Health securely manages the data exchange between the solution, the health system’s electronic medical record solution, and other health system data sources, increasing the flexibility and speed of third-party integration while dramatically reducing its cost.
Incubated at Providence, Praia Health has been in use at Providence since January 2022 and currently supports over 3.5 million user accounts. With novel identity and personalization technology at its core, Praia Health is the driving force behind Providence’slogged-in digital experiences offering digital self-serve and navigation capabilities, care options including on-demand virtual care, and individualized program, service, and resource recommendations.
This new company is being led by health care industry and startup veteran Justin Dearborn who has been serving as executive-in-residence within the Providence Digital Innovation Group (DIG) since September 2023. And Praia Health’s platform is the fourth incubated technology at DIG under the leadership of Sara Vaezy, Providence’s chief strategy and digital officer. Navid Farzad a partner at Frist Cressey, Yuanling Yuan a partner at SignalFire, and Vaezy, joined Dearborn on Praia Health’s Board of Directors.
KEY QUOTES:
“Praia Health represents our dedication to support both our patients and caregivers, bringing identity-driven personalization to the communities we serve. Through our incubation model, we have been able to create solutions that uniquely benefit our patients and caregivers.”
– Rod Hochman, M.D., president and CEO of Providence
“At Frist Cressey Ventures, we are committed to identifying companies with potential to revolutionize the health care landscape. Praia’s adoption of the digital flywheel concept showcases a commitment to dynamic, consumer-centric engagement that closely aligns with our mission of fostering innovation and driving positive change in health care.”
– Senator Bill Frist, M.D., co-founder and partner of FCV
“Praia Health will enable us to remove the traditional barriers to patient care by personalizing individuals’ health journeys and seamlessly connecting them to the right services, products and resources—in an automated way. Praia Health is a game-changer, enabling us to better serve our patients, our partners, and our caregivers through digital transformation.”
– Patrick McGill, M.D., EVP and chief transformation officer of Community Health Network
“Partnerships and cross-industry collaboration are new imperatives for health systems, and an open, efficient platform for data sharing and consumer engagement is a prerequisite that hasn’t existed. There is deep value associated with streamlining the delivery of the broad spectrum of consumer-facing solutions that a health system wants to deploy today—both operationally and from a patient and caregiver satisfaction perspective. We’re excited to see that both health systems and digital health solution companies are already recognizing the value as well.”
– Justin Dearborn
“The Providence incubation model has some incredible advantages—enabling us to prove out the technology in a real-world setting and work alongside other health systems and technology partners during the incubation process. I’m thrilled with our remarkable funding partners who will help us as we move forward to drive transformation and impact at scale.”
– Sara Vaezy, Providence’s chief strategy and digital officer
