Digital behavioral health company Tridiuum has raised approximately $7 million in equity financing, as well as roughly $2.5 million in debt financing, a representative of the company told MobiHealthNews.
Sopris Capital lead the Series B round, with Fresenius Medical Care Ventures acting as a strategic co-investor. Silicon Valley Bank provided the debt financing. Other participants included returning Series A investors Ben Franklin Technology Partners of Southeastern Pennsylvania and Martinson Ventures.
What they do
Tridiuum’s cloud-based predictive analytics platform, called Tridiuum1, looks to improve the identification, treatment and management of behavioral health conditions. The service is integrated with EHRs and health systems’ other software, allowing it to deliver actionable insights across the continuum of care — for instance, a web-based assessment completed by patients at the time of their initial visit, or a platform-generated 100-point Behavioral Health Index score that can help providers quickly quantify the severity of a patient’s condition.
According to Tridiuum, more than 600 different clinical facilities are employing the technology. The company has also recently relocated to a new, larger headquarters in Philadelphia.
What’s it for
Tridiuum CEO Mark Redlus said that the new investment will help the company expand its sales team and marketing efforts, as well as pursue new features and other strategic product developments.
"This Series B will be a true growth round for Tridiuum as we establish a regionalized sales force for the Northeast/MidAtlantic, Southeast, Midwest and West Coast, as well as adding inside sales support, business development, product engineers and managers and account management personnel,” he told MobiHealthNews in an email statement. “The funding will help fuel the next generation of our cloud-based products around access and outcomes aimed at release in late Q4 2019.”
Market snapshot
Mental and behavioral health is a big market for digital health, and there are plenty of offerings designed for provider systems, employers, payers and consumers alike. Among these are NeuroFlows’ enterprise mental health platform, which recently raised $1.5 million from investors; Lyra Health’s tool to connect patients to mental health services, which raised $45 million in June; and SilverCloud’s online mental health and wellbeing programs for healthcare organizations, which enjoyed $8.1 million from investors in early 2017.
