SYDNEY & SAN FRANCISCO--(BUSINESS WIRE)--New venture capital fund, King River Capital (KRC) today announced it had completed an initial investment into California-based, high growth software company Lark Technologies. The announcement comes as King River Capital completes its second close of investment capital after a first close earlier in the year. The Lark transaction has also enabled co-investment participation from KRC’s limited partners, many of whom are Australian investors.
Lark Technologies is the leading digital chronic disease prevention and management platform that uses AI-based coaching to deliver improved health outcomes at lower cost. In the US alone, the Centers for Disease Control and Prevention estimates that 90% of the nation’s $3.3 trillion in annual healthcare spending is for people with chronic medical and mental health conditions.1 Lark’s clinically validated, proprietary technology uses AI and clinical science to create personalized care interventions for its nearly two million users across its CDC Fully Recognized Diabetes Prevention (DPP), Wellness, Diabetes Care, and Hypertension programs.
“Lark is leading the transformation of the healthcare sector by deploying AI in innovative ways that create superior health outcomes and better economics for people and businesses. We are excited to partner with Lark’s outstanding management team to transform the prevention and management of chronic conditions,” said King River Capital co-founder and partner, Megan Guy.
“As a bridge between Silicon Valley and Australia, King River Capital is committed to not only showcasing the best of Australia’s start-up scene to the United States but also using our networks and presence in the U.S. to give Australian investors access to the highest performing Silicon Valley start-ups,” said King River Capital co-founder and partner, Chris Barter.
“After exceeding the fund’s initial capital raising targets and completing its first US and Australian investments, King River Capital is off to a terrific start. We have a strong pipeline of investment opportunities to deploy capital against,” said King River Capital co-founder and partner, Zebediah Rice.
About King River Capital
King River Capital (KRC) was founded in 2019 as a venture capital fund dedicated to investing in exceptional teams that are building innovative companies in Australia and the US. With operations in Sydney and San Francisco, KRC invests in high-growth software and AI-driven technology businesses that are solving critical problems, typically in the Series A through Series C rounds. The firm aims to cultivate a diverse, energized ecosystem of entrepreneurs, operators, and partners that will build the world’s iconic companies and create a better future.
About Lark Technologies, Inc.
Lark Health is the leading chronic disease prevention and management platform using proven, AI-augmented health coaching to deliver better health outcomes at scale. Lark uses cutting edge AI combined with connected devices to provide real-time, personalized, 24/7 support and counselling to help users make healthier choices and manage their conditions. Lark’s CDC-recognized Diabetes Prevention Program, Wellness Program, Diabetes Care Program, and Hypertension Program support nearly two million users and have demonstrated clinically validated improved health outcomes published in 11 peer-reviewed journals and analyst reports. Lark works with three of the top five payers and several large, self-insured employers to help their members live healthier lives. Founded by CEO Julia Hu, the company was named “Top 10 Most Innovative Companies in the World” alongside Uber and Airbnb, and Google’s “Best of the Year”. To learn more, visit www.lark.com.
1 Centers for Disease Control and Prevention National Center for Chronic Disease Prevention and Health Promotion – accessed 14 May 2019 at https://www.cdc.gov/chronicdisease/about/costs/index.htm.