a16Z-Backed Medical Technology Company Pearl Health Secures $75M Series B Funding
Pearl Health, a technology company that helps independent physician practices participate in value-based care models, banked $75mn in its oversubscribed Series B funding round led by Andreessen Horowitz’s Growth Fund and Viking Global Investors, with participation from AlleyCorp and SV Angel.
The fresh capital is a combination of $55 million in equity and an anticipated $20 million credit line. The total funding amounts to over $100 million to date. The startup announced an $18 million Series A in September 2021.
Pearl’s tools aim to distill patient information into easier-to-digest reports and track important metrics, like readmission rates and whether patients are going to annual wellness visits.
Co-founded in 2020 by CEO Michael Kopko, the New York City-based company has 804 physicians from 120 practices across 29 states on its platform. These physicians care for about 43,000 Medicare-covered lives, according to Kopko.
Other companies that aim to provide support and technology services to practices in value-based care arrangements include UpStream Healthcare, which recently raised $140 million in Series B funding, and Aledade, which nabbed $123 million in a Series E round last year.
