Carevive Systems, an oncology-focused health technology company, has raised $18 million in an oversubscribed Series C equity round.

The round, led by Philips Health Technology Ventures, includes Debiopharm Innovation Fund, Qure Ventures, and prior investors, like Cerner and LRVHealth. The company surpassed its initial goal of $10 million, closing at $18 million, a testament to the excitement surrounding the company’s platform and mission, said Madelyn Trupkin Herzfeld, co-founder of Carevive Systems, in an email.

“I think it speaks to the enthusiasm among investors for a truly patient-centered company that is able to do the work that we’re doing and is poised for the sort of growth we’re looking at,” she said.

The company’s platform helps clinicians create personalized treatment plans for cancer patients. The care plan delivered to patients includes the treatment outline, information about their care team as well as what to expect from their cancer care journey, said Bruno Lempernesse, CEO of Carevive, in an email.

Patients are then enrolled in Carevive PROmpt, the company’s remote patient management program. When patients report a symptom, they receive an updated care plan. If the reported symptom warrants further care, the platform alerts the patient’s care team, Lempernesse said.

Further, the company collects and analyzes aggregated patient experience data, which can be used by researchers and others involved in cancer care to improve care quality and inform drug development.

Carevive Systems plans to use the new funds to deploy its remote patient management program at more health systems quickly, which will accelerate patient access to the care management platform, said Lempernesse.

In addition, the company plans to expand its Oncology Pragmatic Trial Investigator Network, the clinical research arm of the company.

Though there are other patient-reported outcomes platforms on the market, Carevive sets itself apart by integrating with EHRs and contextualizing the patient experience with clinical data, Lempernesse said. The company also goes beyond monitoring patient experience and offers computerized pathways to help care teams manage and resolve patient symptoms.

The need for this type of cancer care technology is especially clear amid the Covid-19 pandemic. Cancer care was severely disrupted as a result of the public health crisis, with providers suspending services to protect cancer patients from exposure to the deadly new coronavirus. Patients with cancer face a significantly higher risk of Covid-19 infection and experience worse outcomes, research shows.

“Creating a workflow to remotely monitor and manage patient symptoms using Careive PROmpt, that will mitigate avoidable healthcare utilization, is critical during this pandemic,” said Lempernesse.

Photo: Feodora Chiosea, Getty Images