Healthcare in America is a mess with no quick solutions and many people aren’t getting the help they need. Created to bridge mental and physical healthcare, New York City-based Quartet Health wants to make life better for patients with a platform that allows providers to collaborate on treatment plans. Currently available in six U.S. markets, Quartet announced today that it has raised $40 million in Series C funding to expand throughout the rest of the country.
All of Quartet’s previous investors returned, including F-Prime Capital Partners and Polaris Partners, which both led the round, Oak HC/FT and GV. It also added a new investor, healthcare investment firm Deerfield Management. This brings Quartet’s total raised so far to $87 million. In addition to expanding its geographic reach (it currently has operations in California, Louisiana, Massachusetts, New Jersey, Pennsylvania and Washington), Quartet will use the capital on its tech platform, hiring for its machine learning team and building its provider network.
The startup was founded in 2014 by chief executive officer Arun Gupta, a former advisor at Palantir Technologies. Gupta wanted to solve inefficiencies in the healthcare system that prevent patients who have chronic health conditions from getting comprehensive medical care. Quartet’s platform makes it easier for primary care doctors to collaborate with mental health professionals, including therapists, on treatment plans, since many psychological conditions have physical symptoms and vice versa. Quartet also uses machine learning to help providers identify potential health issues, while its network of providers allows doctors to make referrals to mental healthcare providers who also use the platform.
Quartet also announced that it is adding three new directors to its board: F-Prime Capital executive partner Carl Byers; Ken Goulet, the former executive vice president and president of commercial and specialities business at health insurance provider Anthem Inc.; and former Rackspace CEO and BuildGroup co-founder Lanham Napier.
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