Tomorrow Health, a New York (United States) based startup that envisions providing healthcare at home, announced on 15th April 2021 that it has secured US $ 25 million in its series A funding round. The round was led by Andreessen Horowitz along with participation from Obvious Ventures and BoxGroup.
Investors: Andreessen Horowitz or a16z, as it’s often called, is a California based venture capital firm. It was founded in 2009 by Ben Horowitz and Marc Andreessen. It describes itself as a stage-agnostic investment firm that invests in promising technology companies across the consumer, healthcare, crypto, enterprise and fintech spaces. It currently has a whopping US $ 16.6 billion in assets under management across multiple funds.
“The home health space is still living in the Dark Ages and desperately needs an upgrade. Tomorrow Health is setting a new, patient-first standard for how we improve the process”—Julie Yoo, general partner at Andreessen Horowitz.
Purpose of investments: The current round brings the total funds raised by Tomorrow Health to around US $ 32.5 million. It will use the funds to add new talent to its team and expand its infrastructure technology.
About Tomorrow Health:
Tomorrow Health was founded in the year 2018 by Gabriel Flateman and Vijay Kedar. It essentially leverages its innovative technology to enable its customers to get their products and medical supplies in a timely and efficient manner.
With about 1 in 4 ageing people using durable medical equipment (DME) and the pandemic increasing the number of DME users, the spending on DMEs is expected to reach US $ 75 billion in the US. Tomorrow Health partners with the payors, providers and suppliers, and utilises its next-generation technology to enable patients to get their supplies in a streamlined and effortless manner.
So far Tomorrow Health has partnered with around 125 health plans and hospital systems. Further, it is currently accepting DME suppliers onto its platform and collaborating with insurers to enable reliable home care.
What the CEO has to say:
“We believe the home should be a patient’s primary point of care, and we are focused on providing patients with the right products, guidance and support to make that a reality. One size does not fit all in healthcare or medical equipment. From walkers and rollators after a fall, to oxygen concentrators and respiratory supplies for COPD and ongoing recovery from COVID-19, it is essential that patients receive equipment tailored to their conditions with speed and reliability. We are committed to getting each patient’s individual needs fulfilled in partnership with the highest-quality suppliers and to remove the stress and complexity that have become synonymous with navigating at-home care.”—Vijay Kedar, co-founder and CEO of Tomorrow Health.
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