D.C.-based healthcare tech startup Socially Determined announced Tuesday that it raised more than $7.3 million in Series A funding, with potentially more on the way.
Investors in the round include health systems, executives and VC firms, including Maplewood, 3M Co., Ziegler Link-Age Funds, ProMedica; Peoria, OSF HealthCare and LRVHealth.
Socially Determined is a healthcare analytics company focused on the social determinants of health. It spent the past year securing investments as it looks to scale its data analytics platform and add more service providers to its client list.
But the raise, initially targeting $5 million to $10 million, isn’t finished, CEO and co-founder Trenor Williams told the WBJ.
“We are bringing a couple more strategic investors into the round and expect to close our Series A financing by the end of the year,” he said in a statement to the Business Journal.
Socially Determined will use the capital to further develop its SocialScapeTM platform, invest in talent and build out sector-specific sales and marketing programs.
The move follows a $2.5 million seed round last year and a combined $1 million personal investment by its three co-founders. It also took home $50,000 earlier this year at a pitch competition run by LifeBridge Health and CareFirst BlueCross BlueShield.
Co-founded in 2017 by Trenor Williams, Ryan Bosch and Anthony Beverina, Socially Determined sells a subscription cloud platform that integrates information around factors including transportation, food insecurity and housing conditions that affect how patients access healthcare. It uses that data to analyze those factors' impact on patient outcomes, health system navigation and cost of care.
The startup has amassed 23 employees between its District headquarters and an office in Blacksburg, Va. It’s currently providing analytics for the city's Produce Rx program along with a client list including D.C. Greens, Giant Food, AmeriHealth Caritas District of Columbia and five local health centers.
"Our technology integrates clinical disease burden, utilization patterns, social risk and demographic data—and creates a business case for a health outcomes program," Williams said in a statement. "Addressing issues like food insecurity and housing instability not only positively impacts the lives of individuals, but it provides a real cost-savings to health systems, plans, and business stakeholders."
The fresh raise and growth plans join a wave of successful health tech innovators in the region.
LifeFuels recently launched its flagship product, an app-connected, nutritional water bottle. And Arcellx just landed an $85 million Series B round for its cancer-fighting treatments.
