By Nathan Rubbelke – Reporter, St. Louis Business Journal | Feb 18, 2020, 1:20pm EST
St. Louis-based digital health startup CareSignal said Tuesday it has raised funding from four investors, bringing its total capital raised to $7 million.
The funding for CareSignal, formerly Epharmix, comes from health care investors UnityPoint Health Ventures, Nueterra Capital, 1984 Ventures and existing investor OSF Ventures. Two of the investors, OSF Ventures and UnityPoint Health Ventures, are the venture arms of CareSignal customers OSF HealthCare and UnityPoint Health, respectively.
“OSF Ventures is pleased to continue its financial support of CareSignal,” said Mayank Taneja, director of venture investments at Peoria, Illinois-based OSF Ventures. “As a pioneer in adoption of patient-centric innovative solutions, OSF HealthCare is proud to be a growing customer and partner of the company. Their technology enhances our ability to communicate with our patients and react to their needs. Improved patient outcomes along with a compelling value proposition make this a solution of choice for us.”
UnityPoint Health Ventures, the investment arm of Iowa-based health system UnityPoint Health, announced its $1 million investment into CareSignal in 2019.
“In order to bring the best possible solution to market, we need customers that are true partners,” said CareSignal CEO Blake Marggraff. “Going back a few years, I couldn’t have even thought to have asked for partners that saw so much ROI and so much potential in the product and the company, respectively, that they chose to back us financially.”
Started in 2015, CareSignal has developed a remote patient monitoring platform used by health systems, payers and physician groups. The company’s founders include Marggraff, Chief Medical Officer Avik Som, Chief Developer Evan Huang and Chief Financial/Operations Officer Joe McDonald.
The new financing for CareSignal comes amid a pivotal transition for the startup. In January, the startup announced its rebrand as CareSignal. The company said then that it bolstered its product, adding enrollment, re-engagement and care coordination service lines to supplement its platform.
With its new funding in tow, Marggraff said CareSignal plans to invest in its sales and marketing operations as it looks to expand its footprint nationally by bringing on board more health care payer and provider customers. The company has expanded its headcount in recent weeks, bringing its staff to more than 20 employees. The digital health startup is headquartered at the 4220 building in the Cortex district.