How Quartet’s use of data and AI is attracting blue-chip investors and board members.
Images courtesy of Quartet.
The data-driven start-up Quartet Health must have found a leftover present under the tree: $40 million.
That’s how much the New York City-based company raised in its Series C funding round, led by F-Prime Capital Partners and Polaris Partners, according to an announcement this week. All existing investors, including GV (formerly Google Ventures) and Oak HC/FT, contributed to the drive, along with Deerfield Management, a new backer. The financing blitz brings Quartet’s total cushion to $87 million, according to the company.
Quartet uses data and machine learning to pave over healthcare information holes between primary care and behavioral health providers and patients, according to the start-up. Its “collaborative technology platform” also incorporates insurance providers, vying for lower costs and better patient outcomes. The innovation pinpoints “high-need” patients and provides them access to precision medicine, using data-driven insights.
“Making collaboration between primary care physicians and behavioral health specialists work is a must if we are ever going to improve the overall health of the country,” Quartet’s founder and CEO, Arun Gupta, MPA/ID, said in a statement. “The bridge between mental and physical health is being built with technology leading the charge.”
He then touted his company’s recent growth and its support from premier healthcare and tech organizations.
Quartet intends to use the windfall to accelerate its expansion across the United States. In the announcement, the start-up said it will launch in New Jersey, its sixth major market and first statewide venture, partnering with Horizon Healthcare. Quartet already operates in Pennsylvania, Massachusetts, Louisiana, Washington, and Northern California.
It will also beef up its engineering and products, machine learning team, and provider network. The up-and-comer plans to focus on partnerships and “new business development functions,” according to the company.
Further, Quartet grew its board of directors. The panel welcomed Carl Byers, an executive partner at F-Prime Capital and the former athenahealth chief financial officer; Ken Goulet, a former executive vice president at Anthem; and Lanham Napier, the former CEO of Rackspace and a co-founder of BuildGroup.
Byers has been involved with Quartet for a number of years, and he said is impressed by its “rapid maturation process,” a trot that has outpaced many other healthcare companies. “Quartet is harnessing technology and innovative thinking to drastically improve the delivery of care,” he said. “I am excited to join Quartet’s board and to work even more closely with the company in striving to bridge the gap between physical and mental care.”