Kyros, a Minneapolis-based digital platform intended to help people with substance use disorders navigate the recovery process, has made its first C-Suite hire, bringing on Nick Christianson as its new chief financial officer.
A former senior vice president of finance for Minneapolis-based Bright Health Group Inc. and more recently, CFO for Charlotte-based Troy Medicare, Christianson now joins Kyros, a startup that is anticipating expansive growth in hiring and geographical reach in the near future, CEO Daniel Larson, who founded the company in 2021, told the Business Journal.
“Nick’s understanding of and expertise in health care finance will be a huge asset to Kyros at this next stage in our growth,” Larson said in a press release.
Christianson was recruited to Bright Health (NYSE: BHG), a Bloomington-based startup providing commercial and Medicare health care, from his role at United Healthcare, the press release said. He was at Bright Health from 2016 to 2022 before joining Troy Medicare in April, according to his LinkedIn page.
Kyros launched its platform earlier this year, following a $4.4 million seed fundraising round led by Rally Ventures, a Minneapolis- and Menlo Park, Calif.-based venture capital investment firm, according to a report by the Business Journal at the time.
The platform provides patients with customized support in reaching milestones, sharing their successes and accessing services. It also gives providers a way to connect with patients and streamline operations like billing, liability insurance and clinical supervision.
“Kyros is on the cutting-edge of digital health care for those in recovery,” Christianson said in the press release. “By harnessing the power of technology to increase positive outcomes for the millions of people in recovery they will be able to help many more people. I am thrilled to be joining as they launch their game changing marketplace, expanding services to many more who need them."
So far, Kyros has hired 53 employees and intends to double that number by mid-2023, with employees almost exclusively being those based in the Twin Cities, Larson said.
“Hires, like Nick, speaks to our strategy of harnessing the health tech community here in the Twin Cities,” Larson said.
The platform has 200 providers, ranging from peer recovery specialists to licensed alcohol and drug counselors, serving nearly 1,000 patients, Larson said. So far, Kyros has secured more than $13 million for pre-authorizations from insurance companies to provide its peer recovery services and sees triple-digit growth quarter over quarter, he said.
Kyros intends to open a Series A fundraising round near mid-2023 to support the growth in employees and expansion to new locations, the CEO added. Though the company currently only operates in Minnesota, it will launch in Arizona and Ohio next month, the company says. It is also considering expansion in Georgia, the state of Washington, Colorado and some states in the Appalachia region, Larson added.
