Proceeds will fuel growth, innovation and transformation of healthcare delivery
ATLANTA — March 22, 2018 — BioIQ, a healthcare technology company driving the shift to value-based care, announced today it has raised $26.5M. The financing was led by HealthQuest Capital, with Arboretum Ventures and select insiders joining the syndicate. BioIQ will use the funding to fuel continued growth and support its mission to help transform the U.S. healthcare system and impact more than 100 million lives.
“BioIQ is committed to helping all people understand their health risks and connect to personalized interventions. Our intelligent technology fundamentally changes how individuals navigate the national healthcare system, resulting in greater convenience, improved access, higher quality outcomes and reduced costs,” said Justin Bellante, CEO, BioIQ. “This capital gives us additional resources to strengthen and expand the value of our solutions to clients, further helping them drive the shift to value-based care.”
BioIQ works with some of the largest health plans, employers and health service providers in the nation, as well as a network of retail pharmacies, laboratories and accountable care organizations. These partnerships facilitate consumer navigation and the secure exchange of healthcare data — all part of a streamlined, simplified approach to care gap closure and preventive health testing. Since its inception in 2005, BioIQ has launched thousands of successful programs serving millions of participants.
Said Todd Creech, Partner at HealthQuest Capital, “We look forward to working with the BioIQ team and helping them achieve a new level of growth and success as they deliver quality care solutions for payers, providers and patients.”
With this capital investment, BioIQ will continue to expand its reach into new markets and accelerate product growth and innovation. The company’s dramatic growth has been driven by increased demand among health plans and employer organizations including four of the five largest health plans in the U.S. and many of the leading Fortune 100 companies.
Paul McCreadie, Managing Director at Arboretum Ventures added, “BioIQ has developed a unique solution to driving meaningful patient engagement across health system and provider clients to deliver better health outcomes at lower cost. We’re excited to be partners in this exciting opportunity.”
About HealthQuest Capital
HealthQuest Capital makes early growth investments in innovative commercial-stage healthcare companies that are improving both patient outcomes and healthcare economics. Investments focus on medical products, diagnostics, healthcare IT and technology-enabled healthcare services. The HealthQuest investing team includes deep operational, clinical and scientific expertise and worldwide relationships throughout the healthcare industry that can be leveraged to add value to its portfolio companies. HealthQuest Capital is headquartered in Belmont, California with west coast and east coast offices. Learn more at www.healthquestcapital.com.
About Arboretum Ventures
Arboretum Ventures is a venture capital firm specializing in the healthcare sector. Founded in 2002, the firm manages $450 million across four investment funds. The investment team targets capital efficient companies that can meaningfully reduce healthcare costs and improve efficiency in focus areas of medical devices, diagnostics, healthcare IT and healthcare services. Arboretum is headquartered in Ann Arbor, Michigan. More information is available at www.arboretumvc.com.
BioIQ simplifies health testing for health plans, employers and enterprises of all sizes and empowers people to take action to improve their health. The BioIQ Platform provides tools for orchestrating health testing programs and biometric screening events across multiple vendors, as well as multi-channel communication tools for engaging and motivating participants at every step of the way. BioIQ also provides a means to intervene when risks for chronic conditions are found — with a unified solution for keeping at-risk populations up-to-date with health testing, along with data analysis for managing risks and resources to help people live their healthiest lives. Since 2005, BioIQ has launched thousands of successful health testing programs serving millions of participants.