Sibling duo Jennifer and Dan Goldsmith, cofounders of cloud-based healthcare software company Tendo, have raised a serious Series B round about eight months after launching the company in their hometown of Philadelphia.
The $50 million round was led by Lux Capital with participation from General Catalyst, which led the company’s series A. To date, the company has raised $69 million, and has a valuation of $550 million.
Th cofounders spent their early careers at companies like IBM and Veeva. After a listening tour in the healthcare space, they aimed to create a cloud-based platform that ties all parts of the patient and clinician care cycle together. They built Tendo Systems, which makes a platform that would allow the clunkier parts of healthcare — like scheduling appointments, data input, checking in at the front desk and managing communication — to all exist in one place, and create processes that are accomplished more seamlessly.
It’s meant to be used by the patients themselves and the clinician. The company’s overall goal is to create exceptional experiences, better outcomes and efficiency, Dan Goldsmith, who holds the CEO role, said in March. The platform’s core capabilities are meant to get healthcare systems 85 to 95% of the way there with their needs, and be customizable or configured to their other wishes.
“It’s time to put patients and clinicians back at the center of the healthcare experience, and move away from endless paperwork and outdated systems,” he said in a statement.
The company had already built a team of about 35 by this spring and were collaborating with Philly’s Jefferson Health System, which they’re calling a “foundational customer.” That means it can help to provide insight into key problems the software aims to fix in healthcare systems.
Lux Capital Partner Bilal Zuberi said in a statement that the New York-based firm has a history of investing in companies that are undertaking “digital transformation” in their industries. Tendo is a “clear partner of choice” for heathcare systems and patients to interact across platforms, he said.
“By focusing on the creation of a robust software platform and configurable applications, we will provide seamless, connected, and consumer-driven experiences where common activities — such as scheduling and appointment — are as easy and intuitive as making a dinner reservation on your phone,” Jen Goldsmith, who is the company’s president, said.