Memora Health, a technology company building an intelligent platform for virtual care delivery, patient navigation, and complex care management, today announced the close of $10.5M in financing led by Andreessen Horowitz. Additional investors including AlleyCorp, Martin Ventures, Kevin Durant and Rich Kleiman's Thirty Five Ventures, Sachin Jain, Operator Partners, Edward Elmhurst Health, B Capital, and Aaron Szekel also participated. As part of the financing, Andreessen Horowitz General Partner Vineeta Agarwala will join the Memora Health board.
Healthcare costs in the U.S. are rising, without commensurate gains in quality, outcomes, or patient experience. In 2021, total healthcare expenditure will exceed $4 trillion, with over $700B of this estimated to be preventable. A shift towards value-based incentive structures, combined with new channels for patients to access care, has rapidly accelerated the need for healthcare systems, payors, and life sciences companies to modernize how they deliver care and reach patients. Memora's platform helps organizations extend care beyond the four walls of the clinic, and into settings like the home, where patients spend most of their time.
Memora Health's proprietary care delivery platform uses machine learning to convert fragmented healthcare messaging and workflow data into smart modules that enable clinicians to deliver care more continuously. Memora integrates seamlessly into electronic medical record and patient management systems, supercharging how existing tools are used to deliver care and enabling the automated collection of rich, actionable clinical data outside episodic visits. Memora's platform is built to create an always-learning health system around the entire workflow of modern care delivery: from patient communication, symptom triage, and remote monitoring, to evidence-based pathways, clinical documentation, and reimbursement.
"The processes we use in healthcare are years behind every other facet of our lives. Most healthcare interactions are cumbersome for patients and clinicians because existing systems were not built to deliver care continuously and efficiently," said Memora Health CEO and co-founder Manav Sevak. "As our population and healthcare system change, there is a critical need for technology to transform how we deliver care. Memora is enabling care teams to interact proactively rather than reactively with their patients, and patients to access healthcare information as easily as they can text their families and friends."
Memora has already partnered with over 55 healthcare organizations, including leading systems such as the Mayo Clinic, Penn Medicine, Banner Health, and Dana Farber Cancer Institute. Memora's partners include large health systems, health plans, cancer centers, maternity care leaders, surgical and other specialty departments, primary care groups, and biopharma clinical trial teams. In each of these settings, the Memora platform has yielded impressive clinical results in guiding patients to the right level of care at the right time – including substantial improvements in 30-day readmissions, clinician burden, treatment adherence, remote data collection, and reimbursement.
"We're extremely excited about Memora," said Vineeta Agarwala, MD, PhD, general partner at Andreessen Horowitz. "The digital health industry is experiencing growth like never before, and yet the vast majority of our sickest patients -- and our healthcare dollars -- will continue to flow through established health systems and plans. Expectations are being reshaped across our industry, and Memora is bringing the very best technology infrastructure to the healthcare organizations that are delivering the most complex care."
About Memora Health
Memora Health is on a mission to make patient care more accessible, affordable, and always-on. Memora leverages machine learning to build the operating system for modern care delivery: systems to enable clinicians to practice at the top of their licenses, infrastructure for patients to receive the real-time guidance they need to stay healthy, and a platform for healthcare organizations to align incentives around the well-being of their patients. The Memora team puts patients and care teams at the center of all product design, learning from their stories to iteratively improve. Memora Health is based in San Francisco, CA and has a remote-friendly work culture. Learn more at www.memorahealth.com.