Strive Health ensures $550 million to advance value-based kidney care model
The company announced Tuesday that value-based kidney care company Trive Health has raised $550 million in Series D funding. Financing is $300 million in equity funds and $250 million in debt financing.
Denver, Colorado-based health work with payers, health systems, primary care groups and kidney doctors. The company provides home and virtual support for chronic kidney disease, end-stage renal disease, dialysis and kidney transplants. It uses technology and artificial intelligence to determine which stages of the disease patients are among them and the best interventions. It also connects patients to nursing teams including nurse practitioners, registered nurses, case managers and nursing coordinators.
The financing is led by New Enterprise Partners (NEA), including participation from affiliates of CVS Health Ventures, Capitalg, Echo Health Ventures, Tege Hall Ventures, Redpoint and BlackRock. Hercules Capital leads debt funds.
“Clinician-led healthcare solutions at meaningful scale will have the greatest impact on AI implementation when improving the outcomes of chronic disease management and preventive care – but these companies also happen to be rare,” NEA Co-Ceo said in a statement. “NEA remains Strive’s mission to deploy its innovative care model to slow the development of kidney disease, and we are excited that Strive’s impact has the potential to multiply with more than a billion dollars in capital growth.”
Chris Riopelle, Strive’s co-founder and CEO, said the funding will be used to invest in AI, grow businesses with current and new partners, and expand its care services to adjacent conditions such as congestive heart failure.
When asked about the company's exit strategy, Riopelle said the company is currently only focusing on growth.
“Of course, all normal pathways exist: other large investors, public companies, other strategic investors, but we are not focusing on that today,” he said in an interview. “We are just focusing on the path at hand and given this new capital position, [exiting] It's just something we have to think about every day, and it's great. ”
Currently, there are more than 35 million people in combat kidney disease in the United States, and 90% are unaware of their condition until they become more severe and require dialysis or transplantation. It is an effort to believe that its model can move the needle on this statistics. Since the company was founded in 2018, it has completed more than 1.3 million patient touchpoints and has generated more than $400 million in savings for its partners.
“Seven and a half years ago, we set out to change kidney care in the United States and fundamentally change the standards of care,” Riopelle said. “We know that these patients can be helped before ending dialysis. We believe that using data analytics and machine learning and AI, we can identify patients as quickly as possible in the process, deploy teams … interact with that patient in a very centralized way.”
Working to be healthy is not the only company that provides kidney care support. Others include Monogram Health and Somatus.
Photo: Abscent84, Getty Images
