The startup said it will use the Series A funds to continue developing its software.
Alleva, which makes software geared toward behavioral health providers, raised $12 million in Series A funding.
The round was led by Ankona Capital, with participation from its existing investors. The startup had previously raised an undisclosed seed funding round last year.
WHAT IT DOES
Alleva offers an EHR for behavioral health practices. Its tools include data analytics to analyze revenue and opportunities for growth, patient outreach and scheduling software, a patient-facing app, and telehealth integration.
The company said it will use the capital from the Series A to support its growth and continue to develop its EHR.
“The focus of this raise is to continue to bring sophisticated technology to more users in the behavioral health space,” Steven McCall, CEO of Alleva, said in a statement.
“Customers who leverage their existing EMR data with our business intelligence tool have improved efficiency and profitability, often exceeding their business goals. More importantly, they’ve seen improved outcomes for their patients. We’ve created a paradigm shift in treatment and set the bar for what data can do. We look forward to working with the Ankona team to expand our market penetration.”
RELATED: Northwell invests $3M in AI firm seeking to better understand patients’ emotions
MARKET SNAPSHOT
Though digital health funding fell again in the third quarter this year, Rock Health’s investment report noted nonclinical workflow tools are the top-funded value proposition so far this year, which may signal the continued importance of addressing clinician shortages and burnout. There are also a number of startups in the digital mental health space, and it continues to lead in terms of funding by clinical area.
Another company that offers digital tools to help mental health providers manage their practices is Grow Therapy, which recently announced a $75 million Series B round.
Alma also makes software and support tools for behavioral health clinicians. The startup revealed a $130 million Series D raise over the summer.
Motivo Health, which virtually connects new mental health providers with supervisors to complete their licensure requirements, scooped up $14 million in Series A funding in August.
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