NEW YORK--(BUSINESS WIRE)--Quartet, a clinically-guided technology company integrating behavioral and physical healthcare, today announced that the company has raised $40 million in Series B funding. The Series B was led by GV (formerly Google Ventures), with participation from existing investors Oak HC/FT Partners, F-Prime Capital Partners, and Polaris Partners. Quartet will use the capital to scale its platform to more major markets across the country and further build out its team of technologists, data scientists, and clinicians.
Individuals with behavioral health conditions account for over half of healthcare utilization in the United States. The majority of these individuals have concomitant physical health illnesses and receive fragmented, sporadic, and often inaccessible mental health care. Milliman estimates there to be $293 billion in avoidable US healthcare costs due to this lack of integration.
“Treating behavioral health is haphazard for both patients and providers. Quartet is one of the most promising companies to emerge in the behavioral health sector in recent years,” said Krishna Yeshwant, General Partner at GV. “The company helps primary care providers and behavioral health specialists by matching the right patients with the right healthcare professionals, which frees capacity to meet the needs of a greater number of patients.” With the new round of funding, Krishna Yeshwant will also join the company’s Board of Directors.
Quartet partners with payers and provider systems to make accessible behavioral care more convenient, effective, and integrated. The company creates care pathways between primary care providers and a curated network of behavioral health providers and makes a host of convenient access options available to patients, including telepsychiatry, online cognitive behavioral therapy (CBT), and appointments with Quartet’s network of providers. The platform is powered by advanced data science algorithms that identify patients and physicians in need and monitors the efficacy of the treatments initiated.
Quartet was founded in 2014 by CEO Arun Gupta and Chairman Steve Shulman, who previously served as the CEO of Magellan Health, one of the nation’s leading behavioral health managed care companies. The company raised a $7 million Series A in January 2015 led by Annie Lamont at Oak HC/FT, who previously backed companies including athenahealth and Health Dialog. Since then, Quartet launched several major health system and payer partnerships and added Congressman Patrick J. Kennedy to its Board of Directors. Kennedy authored the landmark Mental Health Parity and Addiction Equity Act of 2008.
“We are delivering really exciting improvements in the way everyday Americans receive care and have the opportunity in front of us to scale that to millions of patients,” says CEO Arun Gupta. “We're excited to add GV to the group of investors, customers, and team members who see the importance of getting behavioral care right. We expect them to add considerable value as we launch several new markets this year."
Quartet’s mission is to enable every person in our society to thrive by building a collaborative behavioral and physical health ecosystem. We partner with risk-sponsoring provider systems and payer organizations in order to increase access to behavioral health resources in their communities. Quartet’s technology and clinical services capabilities serve primary care providers, behavioral health providers and patients. We are a team of engineers, data scientists, clinicians and healthcare experts working to realize a society where behavioral health services are accessible, outcomes-driven, and integrated into primary care. For more information, visit www.quartethealth.com.