Remote monitoring and virtual care platform Cadence raised $100 million in a Series B financing round led by Coatue Management, bringing its valuation to more than $1 billion.

Existing investors including General Catalyst and Thrive Capital also participated. 

The funding comes months after the company emerged from stealth with $41 million and a partnership with health system LifePoint Health to install the system at its facilities. 

WHAT IT DOES

Cadence offers a remote patient monitoring platform for managing chronic conditions, like COPD, hypertension, heart failure and Type 2 diabetes. Patients have connected devices that track their vitals, including heart rate, blood pressure, blood glucose and weight. 

Providers use this data to make changes to their patients’ care plans if necessary. Clinicians and patients can also call or text one another if there’s a concerning result, and engage in telehealth appointments as needed.

Since the company’s launch in August, it has been working with health systems to help patients in rural areas with guideline directed medical therapy for heart failure.

“Cadence is building an innovative digital healthcare infrastructure with the most forward-thinking, patient-centric health systems in the country,” CEO and founder Chris Altchek said in a statement.

“Our partners will define a new standard for the delivery of healthcare at home over the next decade, reducing disparities in care, especially among those who have been unable to easily access quality healthcare."

MARKET SNAPSHOT

Remote patient monitoring and virtual care are fast-growing trends in the health technology space. Managing chronic conditions is of particular concern, as the CDC estimates six in ten adults in the U.S. have at least one chronic disease. 

Sound Life Sciences, a University of Washington spinout, recently scored FDA 510(k) clearance for its prescription app that allows a smartphone or smart speaker to remotely monitor changes in breathing, which can then be reported back to the user or a clinician. 

Amazon recently launched its Alexa Together subscription service, pitched as a way for family members to use the Alexa voice assistant to monitor older family members in their homes. It also partnered with third-party services to integrate fall-detection technology into the service. 

Other players include Current Health, which was snapped up by retail giant Best Buy; Biobeat, which launched a “hospital at home” version of its product early this year; and OnSky Health, which released its continuously contact-free vital-sign-sensing system in October.