Tomorrow Health — a home-care technology start-up that can deliver about 40,000 different types of medical supplies to patients’ homes — announced even larger Series B funding after raising $25 million in April.
Tomorrow Health has raised $60 million in a Series B funding round, bringing the startup’s total funding to $92.5 million after raising $25 million in Series A last year. This round was chaired by BOND, with additional contributions from Andreessen Horowitz, Obvious Ventures, BoxGroup and Sound Ventures.
The funds will allow Tomorrow Health to expand partnerships with healthcare plans, grow in new markets and continue investing in technology, the company said.
“We’ve been growing pretty quickly and we’ve seen pretty tremendous demand in the markets that we’re going into,” Shivani Stadvec, Tomorrow Health’s director of marketing, told Home Health Care News. “We’re going to be investing quite a bit in technology, and we want to extend that impact to our patients and their families.”
Tomorrow Health is able to streamline operations and delivery in an Amazon-like manner by providing equipment such as wheelchairs, walkers, ventilators, and other commonly used devices in home care. The company works with more than 125 health plans and hospital systems in 29 states.
Tomorrow Health was originally created to address the difficulties home care facilities had in sourcing manageable, reliable, and consistent medical equipment and supplies for patients.
One way to achieve this is to connect everyone involved in the homecare industry through technology, Stadvec said.
“When we think about technology, we think about connecting all the stakeholders involved,” she said. “Everyone from the payers, the insurance companies, the prescribers, physicians, patients and the home care providers – by connecting them with the infrastructure and our technology, this home care ecosystem is really being rewired.”
The idea is to automate the delivery system of devices as much as possible and shift the way patients and other stakeholders receive devices into a more technologically advanced future.
“We believe our technology streamlines this process,” Stadvec said. “We work directly with healthcare plans and act as a technology layer over their existing networks.”
Expanding on the company’s aggressive growth plans, Stadvec said Tomorrow Health isn’t aiming to serve 100,000 patients or even a million patients. The company’s goals are bigger than that, as it knows what opportunities lie ahead in the home care space.
“We’re very excited to essentially build on that growth,” she said. “Our vision is to care for 100 million patients at home. As we think about how to get there, it’s about scaling that impact, driving new partnerships and moving forward [add to] our team and building our technology. Ensuring that our infrastructure can actually function at this scale.”
In a world where society expects the convenience of having groceries delivered to their door and cars picking them up whenever and wherever, the same should be expected for healthcare, Stadvec said.
“The pace of technology [in this space] hasn’t kept up with modern expectations,” she said. “I think the reason this has worked in other markets is a combination of consumer demand and aligned incentives. We believe that if we actually align those incentives and really try to fundamentally change that infrastructure to cover the full scope, we’re doing something very different.”