Healthcare startup’s two new investors have oversubscribed Series A round; growth fueled by demand for innovative solutions that lower costs and improve health outcomes
Los Angeles, Calif. (April 7, 2016) – Building on a year of milestones, mobile engagement solutions provider mPulse Mobile today announced significant achievements attained in the first quarter of 2016. Among its successes are additional venture capital investments totaling more than $13M, several new key customers, and patent approval of its hallmark secure messaging solution.
mPulse Mobile helps its more than 50 U.S. health plan, provider, and pharmaceutical clients solve some of the industry’s most expensive challenges including missed appointments, medication adherence, and gaps in care, through more effective consumer engagement. It was recently granted a patent by the U.S. Patent and Trademark Office for its secure mobile messaging solution, which fosters dialogue between its customers and their consumers.
Less than a year since the company’s founding, the latest financial investment in mPulse Mobile, from partners Cambia Health Solutions (Cambia) and Rincon Venture Partners, brings the total amount raised to more than $13M, oversubscribing and closing the Series A round. In January, the company announced it secured $10M in its first close of funding from HLM Venture Partners, OCA Ventures, Merrick Ventures and Jumpstart Ventures. In August 2015, it closed on $1.7M in a round of bridge funding.
“Over 75 percent of consumers use smartphones to manage their lives, but most are unable to reliably interact on their mobile devices with the healthcare system,” said Cambia Assistant Director of Strategic Investment Matt Karls. “Cambia invests in companies that meet consumers where they are in our quest to create a person-focused and economically sustainable healthcare system. mPulse Mobile is a strong and valued partner and a key addition to our portfolio.”
“As a Southern California-based investor in SaaS technology companies that deliver strong value propositions, mPulse Mobile was a great portfolio fit. We’re proud supporters of trailblazers in the region working to innovate the healthcare industry through the use of mobile technology,” added Rincon Venture Partners’ Managing Director, Jim Andelman.
The most recent addition to its quickly expanding roster of clients, Delaware Health Information Network (DHIN), has engaged mPulse Mobile to develop a customized two-way mobile messaging solution to connect consumers more deeply with personal health information – their own and loved ones’. The mobile messages will alert consumers when medical results have been delivered to their care provider team, and when their medical records have been accessed by third-party partners. DHIN is the first statewide health information network in the country, providing an electronic network for hospitals, physicians, laboratories, and other clinical entities to quickly, accurately, and securely exchange health-related results and reports.
“When consumers are active participants in their care, outcomes are better and costs are lower. DHIN creates value for its customers through leveraging technology to improve speed and quality of care, and mPulse Mobile is the ideal partner to assist us in more efficiently and effectively engaging consumers in their health,” said Randy Farmer, COO, DHIN. “mPulse Mobile’s expertise and success in developing innovative solutions at the cross-section of healthcare and mobile qualifies them as a consummate partner.”
With rapid growth comes the need for exceptional employee talent. Over the next year, mPulse Mobile plans to add roughly 20 team members across tech, behavioral science and analytics, account management, and sales and marketing.
“The demand for mobile solutions in healthcare is evident by the speed at which we’ve flourished over the past year, and particularly in the first three months of 2016,” said Chris Nicholson, CEO, mPulse Mobile. “As the healthcare industry continues to place an attuned focus on implementing strategies to lower costs and better outcomes, and recognizing the importance of meeting consumers where they are, we look forward to building on the momentum we’ve generated thus far by continuing to work with best-in-class companies to achieve their goals.”
About mPulse Mobile
mPulse Mobile offers healthcare organizations consumer-focused mobile engagement solutions that improve member and patient engagement and create administrative efficiencies. mPulse Mobile enables the leading health plans, providers and pharmaceutical companies to improve the health and wellbeing of consumers by making healthcare communications relevant to the modern lifestyle.