McLean kidney care startup Somatus Inc. has raised $64 million in Series C financing.
Longitude Capital led the round alongside Optum Ventures and Deerfield Management Company. Existing investors Town Hall Ventures, Blue Venture Fund and Flare Capital also participated.
This raise brings the 4-year-old company’s total funding to more than $105 million, the company said Tuesday, following an $11 million raise in 2018 and a $5 million raise in 2017.
Somatus, which now serves more than 20,000 kidney disease patients across six states, said it plans to use the capital to scale its model across the U.S. and invest in its technology.
The funding will fuel the company’s larger plan, which involves expanding its comprehensive care model for patients with chronic kidney disease and end-stage renal disease, to meet them where they are, prevent hospital visits and readmissions — and ensure a foothold in the fast-growing dialysis market while improving outcomes for these patients.
Within the next year, Somatus said, it will continue to broaden its footprint, initiate new partnerships, grow its 300-employee staff and launch a mobile app for patients to monitor their health. The priority list also includes working with health care providers and insurers to roll out dialysis and kidney care for more patients.
“Fueled by the tenacity of our team, the trust of our patients, and the support of our partners and investors, we have made great strides in the pursuit of our mission and helped spur needed transformation in the kidney care sector,” said Dr. Ikenna Okezie, co-founder and CEO of Somatus. “This investment allows us to accelerate those efforts while solidifying ourselves as a preferred partner for health plans and a trusted advocate for patients.”
Somatus was founded in 2016 by Okezie, a former group vice president for DaVita HealthCare Partners, a kidney care juggernaut with a 13,000-physician network. He formerly served as managing director for D.C.-based health and education consultancy The Advisory Board Co. and as an engagement manager for McKinsey & Co.
