SAN FRANCISCO, Oct. 26, 2021 /PRNewswire/ -- Arine, the leading AI-driven platform that optimizes medication management, reduces costs, and improves outcomes for health plans and providers, today announced that it closed $11 million in an oversubscribed Series A round co-led by 111° West Capital Partners and Katalyst Ventures, with strategic investments from Magellan Health Inc. and SCAN Group.
Medication mismanagement unnecessarily costs healthcare $1 in every $6 spent. Arine's approach meets patients where they are, creates a whole picture of each patient based on clinical, social, and behavioral data, and enables clinicians to provide personalized care. The platform's thousands of algorithms intake and analyze multi-source data to recommend just-in-time clinical interventions for each individual patient at their point of need. These timely interventions reduce the total cost of care and drive a significant ROI for healthcare organizations.
"Arine has experienced fivefold revenue growth by consistently driving a 6-to-1 ROI or better for our clients," said Yoona Kim, co-founder and Chief Executive Officer of Arine. "What differentiates Arine is the delivery of tangible outcomes—we have reduced hospitalizations by more than 40% and reduced total cost of care while improving quality scores for our clients."
As a result of the investment, Arine made three strategic hires for the executive team to lead the expansion. The company has hired Todd Christiansen, RPh MBA as their Chief Growth Officer; Thomas Cooke as Vice President of Business Development; and Amy Mosher Garvey, LCSW as Vice President of Client Success. These key additions to the team bring decades worth of experience in leading companies like Aetna, Cerner, IBM, and Huron Consulting Group.
"Arine's platform benefits patients by combining automation with clinical services, driving significantly improved outcomes," said Susan Choe, Managing Partner at Katalyst Ventures. "Our continued support reflects our belief in Arine's mission and accelerated growth."
111° West Capital's Co-founder and Managing Partner Andrew A. Brooks, M.D. said, "We are thrilled for Arine to be our first investment out of this fund. They have radically transformed decision-making in one of the most costly and inefficient areas of our healthcare ecosystem – pharmaceuticals. With AI engines and deep domain expertise from the management team, their technology is truly impressive."
Arine optimizes medication therapy and treatment plans – saving 1 in every 6 healthcare dollars spent. The company's platform aggregates and analyzes clinical, social and behavioral data to identify gaps in patient care and uses artificial intelligence to address and resolve them on behalf of payors and risk-bearing providers. Since the Company's commercial launch in 2019, Arine's platform has been used to optimize treatment plans, monitor medication performance, and improve outcomes for patients on multiple medications for healthcare organizations covering over 20 million lives across 20 states. For more information, visit www.arine.io.
About 111° West Capital
111° West Capital is a Venture Capital firm focused on high-growth software companies with revenues of $5m to $50 million that are transforming the delivery of health care. 111° West Capital was founded and is led by Medical Physicians who have together established, invested, and exited category-leading digital health companies creating over $5 billion of aggregate exit value. For more information, visit 111westcapital.com.
About Katalyst Ventures
Katalyst Fund partners with early stage companies, applying data driven intelligence to enhance outcomes across Digital Health, Finance, and Enterprise. In partnership with a global network of partners and portfolio companies, Katalyst is connecting founders, investors, and industry leaders in the tech ecosystem. For more information, visit www.katalyst.ventures.
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