Investment by PeakSpan Capital, U.S. Venture Partners, Cisco Investments, and the Texas Medical Center will help Luma Health eliminate massive barriers to care by modernizing communication across the entire patient journey.
Luma Health, the only total patient engagement platform, today announced $16 million in Series B equity funding, bringing total equity funding to $25.7 million. Led by PeakSpan Capital and with strategic investments from Cisco Investments, the Texas Medical Center, and continued investment from U.S. Venture Partners, Luma Health will use this round of funding to scale and meet the demands of its high-velocity growth.
Clinics and health systems across the country are increasingly demanding comprehensive solutions that drive patient access, facilitate patient communication, and help grow their business. Fueled by that demand, Luma Health has achieved stellar results by partnering with over 300 healthcare organizations across the US, reaching more than 7.5 million patients, a 150% growth in the past year.
“Luma Health has transformed the healthcare industry by seamlessly connecting patients with providers with a smart, simple, and flexible patient engagement solution,” said Brian Mulvey at PeakSpan Capital. “Providers are feeling the pressure to find better ways to connect with their patients, and Luma Health’s intelligent suite of solutions, real-time electronic health record integration, and commitment to being a trusted partner with their customers make them the clear winner.”
Luma Health helps healthcare providers extract greater value from their EHRs by unlocking key insights to improve access and communication across the entire patient journey, from scheduling to maximizing patient outcomes. This year, Luma Health formalized its partnership with Epic and announced additional EHR integration partnerships with athenahealth’s Marketplace and Nextech Systems to deliver increasingly seamless experiences. Additional collaborations include Uber Health and Cisco Webex Teams to help patients get the care they need when transportation or mobility barriers may be in the way.
This new round of funding will help Luma Health continue to invest in patient access and communications by offering providers the solutions they need to acquire, engage, and retain increasingly sophisticated patients. Luma Health also plans to hire additional talent to expand the platform providers and patients both love, increasing its footprint among healthcare organizations ranging from small clinics to large health systems.
“This latest round of funding will help us expand and get more patients to the care they need while also helping healthcare clinics and systems modernize their patient communication,” said Luma Health’s co-founder and CEO, Adnan Iqbal. “We are proud to have an all-star squad here at Luma Health, and we’re thrilled to continue building upon our work over the past four years.”
Texas Medical Center Venture Fund, William F. McKeon, President and CEO: “Luma Health addresses the entire patient journey, not just a specific segment of it. Luma Health unlocks value for its customers through unprecedented patient-centric insights, and the TMC Venture Fund eagerly anticipates the continued development of this innovative solution.”
Cisco Investments, Rob Salvagno, head of corporate development: “Cisco invested in Luma Health because we understand how innovation and technology can maximize the value and impact of telehealth for patients. Luma Health’s approach to patient engagement through technology offers providers immediate access to address patient needs, even if they aren’t able to make it to the doctor’s office.”
Alexander Valley Health Center, Samantha Guthman, chief operating officer: “As the only health center serving thousands of patients in a 20-mile radius, we implemented Luma Health’s patient engagement technology to integrate with our EHR system for more patient data insight and to help improve our patients’ access to care. Now, nearly all of our patients have opted to mobile texting which has taken pressure off of our nurses and led to a 1,500 monthly drop in calls, as well as lowered our no-show rate from 14% to 8%. The capacity increase has been critical as we continue to grow our facilities to treat more patients and expand to specialty care services.”
PeakSpan Capital is a growth equity firm based in New York City and Silicon Valley, with a focused mission to be the partner of choice for growth stage entrepreneurial teams who are building amazing software targeted at business buyers of all sizes — from very small businesses to large enterprises. PeakSpan combines deep domain expertise within a select number of themes with a homegrown, proprietary technology platform providing visibility into company and market performance, to help entrepreneurs drive resilient, risk-adjusted value creation. To learn more about PeakSpan Capital and its portfolio, please visit https://www.peakspancapital.com/.