Springtide, an interdisciplinary, multi-site practice treating children with autism spectrum disorder (ASD) and developmental delays and disabilities, raised US$ 18.1 million in Series A round of equity financing.
The funding round was led by Deerfield Management Company and Optum Ventures. Representatives from Deerfield and Optum Ventures will join Springtide’s board of directors. Deerfield invests across healthcare. Optum Ventures is the independent venture fund of Optum, a leading information and technology-enabled health services business dedicated to helping make the health system work better for everyone. Optum Ventures will also provide strategic guidance and support from its vast network of healthcare and analytic assets.
The funds will be utilized to enhance Springtide’s clinical operations and ensure quality of care as it expands into new markets. Springtide will focus on commercializing its technology platform for remote care extensions, data capture for automated reporting and outcomes measurement and parent engagement.
Launched by Redesign Health, a healthcare innovation platform, Springtide aims to improve the entire spectrum of healthcare by offering fast and streamlined insurance eligibility and onboarding, data-driven lesson planning tools, automated data capture for outcomes reporting and measurement, and a telemedicine extension into the home and school.
It provides a range of services tailored to each child’s needs, including applied behavioural analysis, speech therapy, occupational therapy, and physical therapy. It also offers video treatments, parent coaching, family scheduling and engagement tools, enhanced support, supervision and quality reviews for therapists collaborating together on a child’s care.
“The need for a new approach to autism is tremendous. Most families seeking care for their child with autism find the experience confusing, costly and filled with long forms and waitlists. Our vision is to support our kids and families with a 24/7 model, starting with in-center care and expanding the Springtide way through a suite of unique technology tools across all settings, ranging from the home to school, to any organization that supports kids with autism,” said Jia Jia Ye, CEO of Springtide.
Springtide’s team consists of senior leaders from Parsley Health, Cityblock Health, Oscar Health, and One Medical, including Springtide’s CEO Jia Jia Ye who is a former executive at One Medical and Oscar. She had played an instrumental role in scaling those organizations nationally.
What Investors have to say
“The rapidly growing autism care market is highly fragmented and uncoordinated, which creates significant challenges for children and their families who deserve to have access to care that is consistent with exceptional quality. Springtide offers an interdisciplinary, in-center care experience with a tech-enabled wraparound for families who want their children to get all of their care in one setting. With an emphasis on outcomes measurement, we hope that Springtide can serve as a platform for care and research, ultimately establishing the gold standard in this field,” said Julian Harris, M.D., partner at Deerfield.
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