Healthcare startup company Luma Health announced today it has raised $130 million in a Series C funding round from FTV Capital, along with participation from returning investors.
Producing Unique Patient Experience
The new business funding round comes on the heels of Luma’s 2x growth year-on-year (YoY) since its inception in 2015 and pushes the total funding raised to $160 million. The patient engagement startup company has seen 900% growth over the past three years to become one of the 5,000 fastest-growing private business organizations, it said.
"In the tight-knit community of enterprise healthcare, word of Luma Health has gotten out. With this investment, we will continue to meet the demands of leading healthcare delivery systems nationwide and deliver on our promise to our customers: helping transform the complexities of healthcare into convenient, seamless experiences for their patients,” said Adnan Iqbal, co-founder and CEO of Luma Health.
Founded six years ago, the startup company has developed a platform that seeks to innovate and automate the healthcare system. Today, the platform is used by over 550 hospitals, health centers, and other clinic networks across the US.
The startup company has so far deployed more than 25 customizable solutions that, together with its integration platform, produce unique patient experiences. Luma’s platform integrates with dozens of electronic health records and major vendors from the healthcare IT ecosystem, centralizing and automating communication with patients.
"A partnership with Luma Health was the only choice for FTV," said Alex Mason, a partner at FTV Capital, one of the leading growth equity investment companies.
FTV Capital provides business funding and guidance to innovative startup companies across enterprise technology and services, as well as fintech sectors. Mason added that FTV was searching for a healthcare startup company that could reimagine the patient journey.
Mason was also impressed to hear from Luma Health customers first-hand about “the depth and breadth of its platform and vision made it clear that Luma Health is the future of patient engagement."
The startup company collaborates with a diverse mix of business customers and industry experts. The list consists of state-level primary care institutions, healthcare partners like Azara Healthcare, and health communities such as Patient Access Collaborative.
Luma Health has allowed numerous digital transformation projects to satisfy patient needs at health systems, including Montefiore Medical Center, Cook County Health, Banner Health, and Franciscan Alliance, among others. One of these initiatives was the swift rollout of mass COVID-19 vaccination campaigns.
Jeff Johnson, the VP of Innovation and Digital Business at Banner Health, said he assessed more than 100 potential partners. In the end, Banner Health opted for Luma Health due to its comprehensive platform. The startup company has all the necessary tools to fuel Banner’s business shift to digital and allow it to transform and innovate rapidly, Johnson added.
Luma Health said it plans to use the new business funding to facilitate the development of its platform. The startup company will also continue to meet the ever-growing digital transformation needs of healthcare systems, hospitals, and more.
Healthcare startup company Luma Health secured $130 million in a Series C business funding round led by FTV Capital, which was joined by a mix of existing investors.