IRVINE, Calif.--(BUSINESS WIRE)--Moving Analytics, the leading telehealth provider of cardiovascular prevention programs, today announced it has raised a $20 million Series A financing round. The round was co-led by Wellington Access Ventures and Seae Ventures with participation from Philips Ventures, SteelSky Ventures, Aphelion Capital, Nueterra Capital, and Citi Ventures. The new capital brings the company's total funding to $30 million. In addition to the raise, Jason Robart, Co-Founder & Managing Partner at Seae Ventures, and Nick Pappas, Partner at Philips Ventures, will join Moving Analytics’ Board of Directors.
“There is a huge gap in care after a heart attack or heart surgery – which leads to an increase in mortality and a lower quality of life,” said Harsh Vathsangam, Co-Founder and CEO of Moving Analytics. “Nationally, less than 20 percent of eligible patients enroll in aftercare with participation amongst women and people of color being in the single digits. We are on a mission to conquer cardiovascular disease as the leading cause of death by making aftercare more accessible and empowering people with tools to adopt healthy lifestyles.”
“The Moving Analytics team has built a company that is defining virtual cardiac rehab and saving lives,” said Frederik Groce, deal lead for Wellington Access Ventures. “We are excited to partner with them as they continue to scale access to cardiac care services to patients across the country.”
Jason Robart Co-founder & Managing Partner at Seae Ventures and Moving Analytics Board Member, added: “As a former health plan executive, it is clear to me that Moving Analytics' platform can materially improve health outcomes for cardiac patients and reduce costs. We're thrilled to co-lead this financing round with our friends at Wellington Access Ventures.”
Historically, cardiac rehab has been delivered primarily in-person by hospitals, but these programs tend to be far away from most people, have limited hours of operation, and have waitlists that typically exceed 60 days. The COVID-19 pandemic made matters worse as many hospitals shut down their cardiac rehab programs permanently due to budget, staffing shortages and patient safety concerns. On the positive side, the pandemic has led to favorable reimbursement policies for telehealth and increased comfort among older populations toward utilizing telehealth.
Moving Analytics partners with health plans, cardiology offices and cardiac rehab facilities to expand access to secondary prevention, improve patient outcomes and lower costs. The company’s end-to-end, virtual cardiac rehab program, Movn, is based on over 30 years of clinical research and supports patients who have recently had a cardiac event with the tools and clinical support they need to recover and avoid a readmission. The program has seen 40 percent lower readmission rates compared to no care, three times higher completion rate, a 50 percent reduction in hypertension, and 70 percent reduction in depression.
“We see Moving Analytics as a leading innovator in developing and scaling post-acute cardiac virtual care which is a vital piece of the end-to-end care pathway,” said Nick Pappas, Head of Investments, Philips Ventures and Moving Analytics Board Member. “The company has demonstrated proven outcomes for patients, with compelling data from well-known health system and payer customers. Their approach helps eliminate barriers to traditional post-acute care including mobility, scheduling, missed work, and consistent data tracking.”
Moving Analytics will use the new funds to accelerate hiring to meet growing customer demands, expand its provider network to serve patients in all 50 states, and refine and scale its programs to better support and manage the unique needs of women and multicultural populations in preventing cardiovascular disease. The company will also advocate for more favorable policies to promote the awareness and adoption of virtual cardiac rehab.
For more information, visit https://www.movinganalytics.com.
ABOUT MOVING ANALYTICS
Moving Analytics is the leading national telehealth provider of remote cardiac rehab and cardiovascular prevention programs. The founders (Harsh Vathsangam, Ade Adesanya, Shuo Qiao) are on a mission to empower people with the tools to achieve their best cardiovascular health through its suite of evidence-based, telehealth cardiovascular programs. Moving Analytics’ programs were developed in partnership with Stanford University and are based on more than 30 years of published research. The company is the only HITRUST certified solution on the market and works with several leading healthcare organizations including Veterans Affairs Administration, Healthcare Services Corporation, Highmark Health plan, Kaiser Permanente, Capital District Physicians Health Plan, Mayo Clinic and New York State Department of Health.