DexCare secures $20M Series A Funding
Seattle: Today DexCare, Inc., a newly formed digital health company, announced a $20M investment led by Define Ventures and including Frist Cressey Ventures, Kaiser Permanente Ventures, SpringRock Ventures, and Providence Ventures.
DexCare, a Platform-as-a-Service (PaaS), is intelligent digital care operating system that manages health system capacity and demand across all lines of care. It has secured half a dozen customers, including Community Health Network, the Froedtert and the Medical College of Wisconsin health network, Houston Methodist, and Providence. Concurrent with funding, DexCare has been spun out as a separate company after being incubated at Providence within its Digital Innovation Group.
DexCare was developed by Providence, one of the largest and most digitally-advanced health systems in the United States. Initially developed as the platform for Providence’s ambulatory care business, DexCare has been driving patient acquisition, navigation, and capacity optimization for the organization since 2016.
“DexCare was instrumental as we transformed our ambulatory care model to better meet the needs of patients over the past few years. In 2020, scalability of the DexCare platform was instrumental in our response to COVID,” said Rod Hochman, M.D., president and CEO, Providence. “We’re proud that this internally developed and incubated technology is now ready to be made available to other health systems—furthering the Providence vision of health for a better world.”
“We’re thrilled to see the incredible support for DexCare—from consumers, health systems, and investors. Never before have consumers been faced with so many options for digitally-enabled care as health systems have invested in their digital capabilities in the wake of COVID-19. At the same time, the rise in the number of point solutions has led to a significant increase in complexity among the myriad offerings, as well as confusion for consumers. The need could not be greater for a rich platform that unifies consumer demand, health system resources, and applications to make digital care truly work for all consumers and health systems,” said Derek Streat, co-founder, and CEO of DexCare.
DexCare will be run by health technology veterans Derek Streat and Sean O’Connor, who have been working inside Providence as entrepreneurs-in-residence for close to a year. Lynne Chou O’Keefe, Founder and Managing Partner of Define Ventures, and Aaron Martin, Executive Vice President and Chief Digital Officer of Providence will join Streat on DexCare’s Board of Directors.
The Providence Digital Innovation Group is a health innovation center within Providence that identifies the biggest problems in health care and enables technology breakthroughs that advance health.
