Also: Digital pathology startup Proscia raises $37 million in Series C funding.
Pharmacy benefit manager Capital Rx raised $106 million in a Series C funding round led by B Capital. The round included participation from General Catalyst and existing investors Transformation Capital and Edison Partners. Capital Rx said its total funding pot now totals $175 million.
The company offers the JUDI platform, pharmacy benefits software that includes tools for building and implementing plans, adjudicating claims, exchanging data, prior authorization, and billing.
“Capital Rx has the clearest vision we’ve seen in the market for how to transform the infrastructure of healthcare to enable better care at a lower cost,” Dr. Robert Mittendorff, general partner at B Capital, said in a statement. As part of the investment, Mittendorff will join Capital Rx’s board of directors.
“AJ and team have made incredible progress in modernizing and unifying the operating platform for prescription drug pricing and delivery, showing industry partners, employers and American consumers that a new level of care delivery and patient experience is possible for prescription drug access and pricing.”
The round was led by Advent Life Sciences with participation from new investors Emerson Collective, SoftBank Vision Fund 2, British Patient Capital, Mubadala Investment Company and the Minderoo Foundation. Existing investors F-Prime Capital, Eight Roads, Questa Capital, Global Ventures and Maverick Ventures also participated.
The latest raise brings the company’s total funding to $130 million. Proximie most recently announced a $38 million Series B in April 2021.
The startup uses augmented reality technology to allow clinicians to remotely attend and participate in surgeries. Data from those procedures can be recorded and analyzed later with an eye toward improving outcomes. The funding will go toward developing and scaling its platform.
“Our vision is to democratize surgery through better data by connecting every OR and cath lab in the world,” CEO and founder Dr. Nadine Hachach-Haram said in a statement.
“We began this journey enabling surgeons to virtually join any OR. Now, we’re using this capability to digitize the operating room, bringing patients the collective expertise of the best surgeons in the world – where data collected and shared on Proximie can help them receive life-saving care, no matter where they live.”
Digital pathology company Proscia announced it scooped up $37 million in Series C financing.
The round includes participation from Highline Capital Management, Triangle Peak Partners and Alpha Intelligence Capital, as well as existing investors, including Scale Venture Partners, Hitachi Ventures, ROBO Global, Emerald Development Managers and Razor’s Edge Ventures.
Proscia said the investment brings its total raise to $72 million, building on a $23 million Series B round from 2020. It plans to use the funds to build its commercial operations, including by hiring for sales, marketing and support teams, as well as adding distribution partnerships.
“Pathology deserves the same revolutionary technology that has transformed the rest of medicine and our lives,” CEO David West said in a statement. “Our Series C will enable us to continue delivering this innovation to the scientists and pathologists who are using it to improve patient outcomes. We are thrilled to partner with incredible investors who believe deeply in our mission as we take the next step in our journey.”
