On February 18, 2021 Carevive Systems (Carevive), the leading oncology-focused health technology company centered on understanding and improving the cancer patient experience, reported the completion of a Series C equity investment of $18 million (Press release, Debiopharm, FEB 18, 2021, View Source [SID1234575322]).
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The oversubscribed $18 million equity round was led by Philips Health Technology Ventures, and also includes Debiopharm Innovation Fund, and OurCrowd’s digital health fund, Qure Ventures, as well as prior investors HLM Venture Partners, LRVHealth, Cerner, and founder Madelyn Trupkin Herzfeld.
"I’m delighted to be starting off my tenure with an announcement like this," said Bruno Lempernesse, Carevive Chief Executive Officer, who was appointed in December 2020. "This financing will advance Carevive’s patient-centered mission to improve the way cancer care is delivered. I’m proud to be leading such an innovative company with committed industry-leading investors supporting us."
"The funds will allow Carevive to bring its software and analytics platform, which uniquely connects clinical data with patients’ real-world reported experiences, to even more clinicians, patients, life science companies, and payers," added Lempernesse.
"We have been following Carevive’s development for some time," said Allen Kamer, Managing Partner at Qure Ventures. "Carevive made significant progress in the last year, is now in dozens of hospitals around the US and was selected by Pfizer as the first Patient-Reported Outcomes (PRO) challenge winner for Carevive PROmpt. We are excited by the company’s growth and the addition of Bruno, a veteran of the health and data analytics industry, to Carevive’s senior leadership team."
Carevive’s platform allows clinicians to tailor cancer care management programs for each patient’s needs, informed by real-world patient experiences and outcomes, not just clinical data. Its remote symptom management system means patients need to take fewer trips to health centers. And Carevive’s data and analytics are helping researchers design innovative cancer care delivery models, payers to reimburse treatments effectively and life science companies to develop personalized therapies for cancer.
"Carevive is an up-and-coming company in an up-and-coming space," said Robert Fleming, Managing Director of Bowen Advisors, the Boston-headquartered investment banking advisory firm which represented Carevive in the raise. "The round was oversubscribed during the pandemic, which just goes to show the excitement in the market for Carevive, its technologies and its leadership team."
Looking forward, Carevive will be making important investments in technology, data analytics, and infrastructure. In addition, a key focus will be increasing Carevive’s remote patient management functionality (Carevive PROmpt), growing Carevive’s Oncology Pragmatic Trial Investigator Network (Carevive OPT-IN), to conduct real-world studies evaluating patient experiences, and building stronger evidence for treatment and symptom pathways.