Health/Life Sciences

Windfall health-tech spinout DexCare raises $50M

DexCare CEO Derek Streat. (DexCare Photo)

Seattle health-tech startup DexCare, spun out of Providence’s digital innovation group, announced a $50 million funding round Thursday.

Providence initially started DexCare in 2016 to help with digital patient acquisition for its same-day care business, Providence Express Care Virtual. DexCare’s software platform helps manage health system capacity and appointment booking, navigating patients to the most appropriate care setting.

DexCare is now used at other venues across Providence and by Kaiser Permanente, Mass General Brigham, Houston Methodist and other customers.

“Hospitals are moving to hybrid care and need a single solution to attract new patients and to connect them both virtually and in-person with their own caregivers,” said CEO Derek Streat in a statement. “This investment will help us accelerate platform development and go-to-market progress for our growing number of premier health systems.”

Streat previously co-founded C-SATS, a Seattle startup that uses technology to grade surgeons and was acquired by Johnson & Johnson in 2018, and he also founded AdReady and Medify.

The new funding comes on the heels of a $20 million funding round last March, which helped expand the company’s platform capabilities. The platform covers a variety of health systems, from national health systems to academic centers, and care modalities, including video and phone appointment. The system integrates with social media and can book an immediate televisit.

“DexCare brings a comprehensive patient access and intake platform to health systems,” said Todd Cozzens, managing partner at Transformation Capital, which led the funding round. “Competition for patients is a major issue in 2022 for hospitals.”

Other spinouts from Providence’s Innovation group include Xealth, which recently raised $24 million, and Circle, which was acquired by Wildflower Health. Providence also runs Providence Ventures, a $300 million venture capital fund that invests in early-to-mid-stage healthcare companies.

Providence is also an investor in Seattle-area healthcare data company Truveta and was involved in forming the company.

The new Series B funding round also included participation from existing investors Kaiser Permanente, Providence Ventures, Mass General Brigham, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures. Renton, Wash.-based Providence is the largest healthcare provider in Washington and operates about 50 hospitals and 800 other facilities in multiple states.

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