Canvas leads $10 mln Series A in HealthLoop

HealthLoop, which provides a cloud-based physician-and-patient-engagement platform, announced today it has raised a $10 million Series A round led by Canvas Venture Fund and including Subtraction Capital. The Mountain View, Calif-based company previously raised $3 million in seed funding from various individuals and firms, including Kapor Capital. The funding is the first deal Canvas has made from its new $175 million fund, which closed in October August 2013. As part of the deal, Rebecca Lynn, managing director of Canvas, has joined the board.

PRESS RELEASE

HealthLoop Raises $10M in Series-A Round

Mountain View, California – December 9, 2013 – HealthLoop, a pioneer in digital physician-and-patient-engagement, announced a $10 million Series-A investment today. The announcement was made by founder Dr. Jordan Shlain, speaking onstage at the Health 2.0 mHealth Summit in Washington, DC.  The Series-A round was led by Canvas Venture Fund, an early-stage venture fund managed by the Morgenthaler Technology Investment Company. Other investors include Subtraction Capital. The financing will be used to enhance HealthLoop’s cloud-based platform and accelerate development of its groundbreaking clinical follow-up protocols.

In healthcare, the trust established between patients and clinicians is paramount to achieving the best outcomes. HealthLoop leverages technology to extend these pivotal relationships beyond the exam room, keeping doctors and patients connected between visits with clinical information that is insightful, actionable, and engaging. The platform is the vehicle for HealthLoop’s peer-reviewed follow-up plans, which automate the routine aspects of care while tracking patient progress and monitoring clinical areas of concern. Under the hood, HealthLoop’s analytics engine sifts through patient-generated data in real-time, directing the care team’s time and attention to patients who need them the most. HealthLoop elevates the patient experience and engenders continuity by keeping the entire care team ‘in the loop’.

“Medicine, at its best, is a conversation between a doctor and a patient,” says founder Dr. Jordan Shlain. “But conversations take time, and time is the most depleted resource in our healthcare system today. We’re reimagining the doctor-patient experience, using technology to empower these pivotal relationships.”

Dr. Shlain is a nationally recognized physician, named one of the top 100 healthcare innovators by HealthSpottr. In addition to being a full time doctor, he has been appointed commissioner by the Mayor to the San Francisco Health Service Systems Board, and sits on the board of the bipartisan Washington, DC policy think tank, Hope Street Group. Dr. Shlain has been ‘hacking the healthcare system’ throughout his career, pioneering methods of care delivery that shatter the status quo.

Dr. Shlain describes HealthLoop as an idea that was born from “innovation by irritation”, in response to a patient who experienced symptoms that went unnoticed and unreported between visits, ultimately leading to emergency care. “I started methodically following up with all of my patients between visits using spreadsheets,” said Dr. Shlain, “but that quickly became untenable. One of my patients – a Silicon Valley entrepreneur, who loved what I was doing – dared me to turn the idea into software. I hired a software developer, and built HealthLoop as a tool for my practice.”

“After looking at hundreds of health IT startups, we felt HealthLoop was the best positioned for success because it strengthens the relationship between a doctor and a patient,” said Rebecca Lynn, Managing Director of the Canvas Venture Fund, “The HealthLoop team has an outstanding vision for the future of healthcare and the expertise to execute on it.” Lynn added that requirements under the Affordable Care Act will add to HealthLoop’s momentum as regulations begin to emphasize outcomes and the patient experience.

Lynn will be joining the HealthLoop board of directors. She is also the founder of the annual health IT startup competition called “DC to VC” where Washington DC policy makers, venture capitalists and startup entrepreneurs converge to showcase top industry innovations. HealthLoop was a finalist at the 2012 DC to VC conference.

“In order for our healthcare system to make a successful shift from volume-based care to value-based care, physicians need insight into what’s happening right now, with all of their patients.” said CEO Todd Johnson. “We’re helping doctors and patients drive towards the best possible outcomes, while eliminating excess cost and boosting productivity.  With Canvas’ vote of confidence, we are excited to advance our position in the market to be the industry’s de-facto solution.”

Prior to joining HealthLoop, Todd was the founder and CEO of Salar, a Baltimore, MD-based provider of acute care physician charge capture and documentation solutions, which was sold to Transcend Services, Inc. in 2011.

About HealthLoop
HealthLoop is a Mountain View-based startup, which was founded Dr. Jordan Shlain, a primary care doctor in San Francisco. HealthLoop provides a cloud-based platform that automates follow-up care; keeping doctors, patients and caregivers connected between visits with clinical information that is insightful, actionable, and engaging. HealthLoop’s peer-reviewed follow-up plans automate the routine aspects of care while tracking patient progress and monitoring clinical areas of concern. HealthLoop’s analytics engine sifts through and filters the deluge of patient-generated data in real-time; focusing the care team’s time and attention on patients who need them the most.

About the Canvas Venture Fund
The Canvas Venture Fund, managed by Morgenthaler Technology Investment Company, is focused exclusively on early-stage venture investments. It invests broadly in software and services, with specialties in health IT, financial services, big data/analytics, SaaS, and machine learning. The fund was formed by the managing directors who led or serve on the boards of Evernote, Lending Club, Siri, MuleSoft, NexTag, Practice Fusion, Doximity, NuoDB and Nuance. Other portfolio companies and an intro video can be found at www.canvasvc.com.

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