Vital Secures $24.7 Million in Series B Funding
Vital Secures $24.7 Million in Series B Funding to Advance Its Artificial Intelligence-Driven Software for Patients, Hospitals and Health Systems
Funding to Accelerate Reach of Solutions, Already on Pace to Impact One Million Patient Lives in 2023
CLAYMONT, DELAWARE — Vital, a leading artificial intelligence (AI)-driven digital health company improving the patient experience, today announced that it has raised $24.7 million in Series B funding to fuel expansion and support the rapid growth of its modern software. Vital's solutions make it easier for healthcare providers and health systems to communicate with and engage patients during emergency department (ED) and inpatient visits. The investment round led by Transformation Capital, with support from Threshold Ventures, strategic health system investors and Vital CEO / Mint.com creator Aaron Patzer, brings Vital's total funding to over $40 million.
The funding announcement comes at a time in which health systems are reporting unprecedented financial and operational challenges, where the patient experience has emerged as a key differentiator. The company's success amid this environment is grounded in its capacity to innovate quickly and drive meaningful value for its health system partners. Vital's platform, powered by AI and natural language processing (NLP), keeps patients in-network, generates millions in revenue for health systems and improves the care experience through actionable and personalized patient content, automated communication and real-time feedback.
Vital achieved significant growth over the past year, partnering with over 40 new hospital clients including facilities across Allina Health, CommonSpirit Health and Emory Healthcare, expanding its software solutions into the inpatient setting, launching new features including its Experience Management and Lab Results tools, and adding seasoned industry veterans in technology and health to its teams. The Series B financing fuels continued operational and technology advancement, with plans to further expand the team and launch new features aimed at enhancing clinical decision support, care coordination and patient experience. The company is on pace to impact over one million patient lives and support 100,000 clinical tasks in 2023.
“With consumer-grade software and AI led by Mint.com founder Aaron Patzer, Vital has proven its ability to break down information silos, connect and engage with patients to deliver a superior experience, and reduce clinician burden across the ED and inpatient settings,” said Todd Cozzens, Managing Partner at Transformation Capital. “The Vital team continues to rapidly innovate for its health system partners and is poised to become the leading patient experience and advocacy platform and we expect monumental growth in 2023 and beyond. Vital has revolutionized the patient journey much like Mint.com did for personal financial management.”
Launched in 2019 and co-founded by Aaron Patzer and Emergency Medicine Physician Dr. Justin Schrager, Vital is a leader in the acute care patient experience with over 100 hospitals and 31 health systems nationwide. Vital's ERAdvisor software for the emergency department and CareAdvisor solution for inpatient care settings provide a modern, consumer-focused experience, driving revenue and staff satisfaction, while impacting thousands of patients and families every day. The company's easy-to-use solutions are accessible via a patient's mobile phone and available with no download or password required.
“Healthcare providers and health systems are faced with a growing list of pressures that all-too-often make it difficult to provide the best care for patients,” said Aaron Patzer, CEO of Vital. “Our beautiful and intelligent software keeps patients engaged and informed, while automating tasks for staff who manage emergency department visits and inpatient stays. With this funding, we will advance the impact of our technology for patients, families and clinicians.”
About Vital
Vital is redefining patient experience with software that gives more control, clarity, and predictability to emergency department visits and hospital stays. Using advanced artificial intelligence (AI), Vital transforms complex health record data into easy-to-use, personalized interfaces that inform and engage over one million patients per year – no downloads or passwords required. With Vital, patients can better understand progress toward discharge, request service and comfort items, set goals, view labs, share health status with family, book follow-up care, and much more. Over 100 hospitals use Vital to improve patient satisfaction, drive growth and patient loyalty, achieve better clinical outcomes, and reduce workload for care teams.
Founded by Mint.com creator Aaron Patzer (@apatzer) and Emergency Physician Dr. Justin Schrager, Vital is a HIPAA-compliant cloud-based experience layer that integrates with any electronic health record system. For more information, please visit vital.io or follow us on LinkedIn or Twitter.
Contacts
Media Rita Murphy / Jessy Green SVM PR: vital@svmpr.com