Wharf-based healthcare analytics startup Socially Determined has closed on its Series A funding round, raising a total of $11.1 million.
Launched in January 2017, the company offers a platform focused on the science and measurement of the social determinants of health. Outside of its D.C. office, Socially Determined also operates a second office in Blacksburg, Virginia.
This Series A included investments from Healthworx, CareFirst BlueCross BlueShield’s corporate investment and innovation arm, Lafayette General Health, 3M, LRVHealth and others. Socially Determined plans to use the fresh funding to further develop its flagship product, invest in top talent and build out sales and marketing programs.
“It was important to us that our initial institutional round represented strategic investors and leaders across the healthcare industry,” said Socially Determined CEO and cofounder Dr. Trenor Williams in a statement. “We are pleased that CareFirst BlueCross BlueShield, a leading healthcare organization, and Lafayette General Health, an innovative provider system, joined the round to support our work to improve the health of our communities.”
The startup’s flagship product, SocialScape, is a cloud-based platform that uses advanced analytics and algorithms to quantify and visualize social risks for healthcare organizations.
This Series A comes after Socially Determined won first place and $50,000 at the LifeBridge Health/CareFirst Innovation Challenge last June. The startup first announced that it had raised $7.3 million in Series A funding in October, which is included in this round. Social Determined intended to only raise between $5 to $10 million, according to the Washington Business Journal, but the startup exceeded expectations.
“Our investment in Socially Determined will help advance our mission to improve healthcare quality and increase access to care for our members,” said Healthworx VP Ricardo Johnson. “The company’s focus on measuring the impact of social determinants of health will play a significant role in transforming our healthcare landscape.”
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