Cadence (Cadence Care), a leading provider of remote patient monitoring solutions, raised $100 million in a Series C funding round.
The Series C round was co-led by Spark Capital. Thrive Capital, General Catalyst, Coatue, B Capital, Corewell Health Ventures, Memorial Hermann, and, with participation from Duke Health.
Cadence came out of stealth in 2021 with $41 million in funding and a partnership with LifePoint Health to install the system at its facilities.
Including the latest funding, Cadence raised a total of $241+ million in funding to date. In December 2021, Cadence raised $100 million in a Series B round led by Coatue Management, bringing its valuation to more than $1 billion.
As of today, Cadence is working with more than 20 leading health systems, serving more than 100,000 active patients, and has demonstrated significant clinical improvements in peer-reviewed literature.
Cadence is building AI with a specific mandate: extend our clinical workforce while driving down the costs that accumulate when chronic disease goes unmanaged between visits.
Chris Altchek, founder and CEO of Cadence, said: “We built Cadence to solve the clinical labor constraint at the heart of the chronic disease crisis. Our AI automates care under close supervision, guided by our medical group, governed by our health system clinical protocols, and reimbursed through billing infrastructure and at-risk contracts,” said Chris Altchek.
“We’re treating 100,000 patients with that system today, alongside partners committed to changing the status quo in chronic care. This investment builds the infrastructure to treat millions, added Chris Altchek.”
By keeping patients consistently engaged between visits, Cadence creates the real-time data foundation needed for AI to be effective in enabling enhanced care. The median response time for incoming vitals alerts is now just 3.5 minutes, with 55% resolved appropriately without the need for human adjustment.
Across peer-reviewed studies and real-world deployments, Cadence’s model has produced validated outcomes including a 230% increase in heart failure patients on guideline-directed medical therapy and a 70% relative increase in blood pressure control for hypertension patients, as well as a 27% reduction in hospital admissions and a $1,302 per-patient annual reduction in total cost of care.
Published results are consistent across rural and underserved communities and show that Cadence’s model of Remote Patient Care returns more than $3 to Medicare for every dollar spent.
Digital health companies, including remote patient monitoring, have secured more than $180 billion in funding to date, according to our recent Funding Database. More recently, Zócalo Health, a provider of AI-powered virtual primary care for Latino patients, raised $15 million in Series A funding. Including the latest Series A round, Zócalo Health has raised $22.75 million in funding to date.