AbilTo said Tuesday that it has raised $6 million in Series B financing. BlueCross BlueShield Venture Partners and Sandbox Industries led the round with participation from .406 Ventures. In conjunction with the funding, Tom Hawes, managing director at Sandbox Industries, has been added to AbilTo’s board of directors. Based in New York City, AbilTo is a provider of behavioral health programs that help adults overcome mild and moderate depression associated with medical events and life transitions.
NEW YORK, NY – March 18, 2014 – AbilTo, Inc., the leading provider of remotely delivered, behavior interventions for high-cost medical populations, announced that it closed a $6 million Series B financing led by BlueCross BlueShield Venture Partners and Sandbox Industries. Tom Hawes, Sandbox Industries managing director, will join the company’s board of directors. .406 Ventures, which led AbilTo’s Series A just 10 months ago, also participated in the round.
“Over the past year, health plans have increasingly recognized AbilTo’s success identifying, engaging and delivering behavioral interventions that measurably improve a patient’s health while materially reducing the cost of care,” explained AbilTo CEO Michael Laskoff. “This has created exciting new opportunities, which the additional capital will allow us to pursue. Stay tuned for some exciting announcements over the coming months.”
Sandbox Industries Managing Director Tom Hawes added, “AbilTo’s behavioral interventions positively impact a patient’s state of mind and medical health while reducing financial burdens for health plans and plan sponsors. Sandbox Industries and Blue Cross Blue Shield Venture Partners look forward to working with the company as it extends its offerings to a growing list of health plans.”
“In a short period of time, the company has built an outstanding team, expanded to all 50 states, added world class customers and achieved significant revenue,” said Liam Donohue, co-founder and general partner of .406 Ventures. “We have increasing conviction that AbilTo is uniquely positioned to play an increasingly important role in the evolving healthcare landscape. It is great to be part of company that so clearly improves a patient’s life and has such clear financial benefit – it’s a win-win.”
AbilTo (“able to”) works with health plans and employers to help individuals overcome emotional challenges brought on by medical events and life transitions. The Company’s eight-week, evidence-based behavior change programs use a proven, best practice approach to help participants make measurable, lasting improvements in physical and mental health, leading to fewer unnecessary medical visits and reduced healthcare expenditures. All services are delivered remotely and securely using a video link or telephone. AbilTo is a privately held company based in New York, NY; it completed a Series A financing round with .406 Ventures in May 2013. For more information, please visit www.abilto.com.
About .406 Ventures
.406 Ventures is an early-stage venture capital firm that invests in innovative information technology and services companies founded by the finest entrepreneurs. .406 Ventures is led by a veteran team of industry entrepreneurs, operators and investors who apply real-world experience, deep industry knowledge and networks, and strong company-building skills to create value for entrepreneurs and investing partners. .406 Ventures is typically the lead, first institutional investor, in early-stage and de novo investments in healthcare IT and services, IT Security, Big Data, and cloud software companies. For more information, please visit www.406ventures.com.
About BlueCross BlueShield Venture Partners, L.P.
BlueCross BlueShield Venture Partners, L.P. is a $305 million corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield Plans. For more information, please visit www.bcbsvp.com.
About Sandbox Industries
Sandbox Industries is a Chicago-based venture capital firm focused on bridging the gap between large, successful corporations and innovative emerging companies. Sandbox, founded in 2003, exclusively manages the BlueCross BlueShield Venture Fund. For more information, please visit www.sandboxindustries.com.