RPM tech provider Athelas hits unicorn status with $132M raised for chronic care management
Remote patient monitoring startup Athelas hit unicorn status after raising $132 million in two consecutive funding rounds that boosted the company's valuation to $1.5 billion.
Athelas creates technologies for chronic care management in the home, partnering with hospitals and health systems so providers can give their patients remote monitoring tools without incurring upfront costs.
General Catalyst led one of the two funding rounds, while Tribe Capital led the other. Sequoia Capital, YCombinator, Greenoaks, Human Capital and Initialized Capital also contributed funding.
Athelas now serves more than 40,000 patients with chronic conditions like hypertension, cardiac disorders and immunosuppression, making it the largest provider of remote patient monitoring services in the U.S., according to the company.
While many chronic care management platforms partner with employers or health plans to deliver remote monitoring services, Athelas works directly with providers, which founder and CEO Tanay Tandon sees as the company’s market advantage.
Tandon and Bodapati designed Athelas One for cancer patients who track their white blood count before undergoing chemotherapy treatments. The device received approval from the Food and Drug Administration (FDA) in 2018.
But the startup soon developed a host of other technologies for chronically ill populations, including a medication adherence tool called PillTrack, which sits on the patient’s bathroom counter and records every time they take a pill. The company also provides LTE-enabled blood pressure, weight, glucose and pulse ox monitoring devices.
Feb. 2, 2022