Providence Spin-Out DexCare Closes $75M in Series C Funding
Seattle-based DexCare Inc., a platform-as-a-service company that spun out of Washington-based Providence in 2021, closed a $75 million Series C funding round, which brings the total it has raised to $146 million.
Initially developed as the platform for Providence's ambulatory care business, DexCare has been driving patient acquisition, navigation and capacity optimization for the organization since 2016, according to company officials.
Early customers included Community Health Network, the Froedtert and the Medical College of Wisconsin health network, Houston Methodist, and Providence. Other customers include Kaiser Permanente, Mass General Brigham, the company said.
DexCare defines itself as a care-access platform to manage the logistics of digital-care delivery. The platform enables healthcare systems to forecast and predict demand and manage how and where care is “merchandized” to consumers – throughout the digital ecosystem. By simplifying large, complex, and legacy datasets, DexCare says, it resolves workforce constraints, and provides the levers to precisely coordinate scheduling, across services and modalities, to optimize capacity and operational costs.
Since its spin-out from Providence in 2021, DexCare says, it has remained on a rapid growth trajectory, developing partnerships with many U.S. health systems, and reaching more than 57 million patients all 50 states.
“We’re just emerging from an unpredictable moment in history that cast a spotlight on a strained U.S. healthcare system,” said Derek Streat, CEO of DexCare, in a statement. “The trauma caused on the front lines, as health systems rushed to care for their communities, stressed an already high level of provider and nurse burnout. The pandemic taught us that consumers want convenience and choice, and that health systems need controls to manage the supply of care – DexCare delivers both."
The funding round was led by ICONIQ Growth, which has partnered with companies such as Adyen, Datadog, GitLab, Miro, and Snowflake. The funding round included participation from existing partners Transformation Capital, Kaiser Permanente Ventures, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures.
