PHILADELPHIA--(BUSINESS WIRE)--Transparent Health Marketplace, Inc. (THM), a transformative healthcare technology company, today announced it has completed an oversubscribed $30 million Series C Preferred equity funding round led by ARTIS Ventures, a San Francisco-based health and tech focused venture capital firm. THM operates the first marketplace of its kind to connect payors and providers of healthcare services within an open platform featuring market-driven pricing.
Following a successful launch earlier this year, THM has combined the power of the market with digital innovation to automate complex business processes and accelerate access to care for the healthcare and insurance industries. By integrating data and utilizing intelligent algorithms, THM’s platform is affording all stakeholders entry to a system that is transparent, intuitive, and beneficial.
ARTIS Ventures’ Founder and Managing General Partner Stuart Peterson has assumed a seat on the THM board of directors. “Consumers, payors and providers are all paying the price for the inefficiencies within the current healthcare structure,” said Peterson. “THM is using their tech-enabled marketplace to simplify and streamline how medical services are accessed and delivered, reducing the enormous amount of wasteful spending that is happening today. They are trailblazers in an industry that has previously been slow to transform, and we look forward to partnering with them to bring positive and needed change.”
Healthcare in the United States is among the most expensive in the world, with the cost of services rising faster than most other goods and services. The increase largely stems from the administrative complexities and non-competitive pricing inherent in the existing system. In fact, the United States spends about $940 per person on administrative costs — four times more than the average of other wealthy countries and significantly more than is spent on preventive or long-term healthcare.
“We’re extremely fortunate to have ARTIS Ventures lead this investment in THM. They have been at the forefront of partnering with disruptive companies that are positively impacting the world through technological innovation and their support is a testament to THM’s future,” said Munawar Ali, Executive Chairman of THM’s board of directors. “With over $300 billion in medical spending primed to fit a marketplace model, THM is poised to systematically change the paradigm and reduce costs for all stakeholders – so we are thrilled to use this funding to accelerate the growth and adoption of our platform.”
New investors in the round include Phase 2 Partners, combined with significant participation from existing institutional and individual investors. The latest funding brings THM’s total equity raised to $57.4 million.
Source: Organization for Economic Cooperation and Development, OECD Health Statistics 2020, July 2020
About Transparent Health Marketplace, Inc.
Transparent Health Marketplace (THM) operates the first marketplace of its kind to connect payors and providers of workers’ compensation healthcare services in an open platform featuring market-driven pricing. Replacing outmoded network contract models with its innovative new marketplace approach, THM allows providers to name their price and to be paid quickly the exact amount they bid for contracts they are awarded. Combining marketplace dynamics with automated billing, payments and scheduling, THM delivers cost savings for payors, growth opportunities for providers and new efficiencies across the entire workers’ compensation industry. For more information, visit http://transparenthealthmarketplace.com or email info@thmcorp.com.
About ARTIS Ventures
ARTIS Ventures (AV) partners with entrepreneurs who are driven to impact the world by reshaping and reinventing industries. The team supports its portfolio companies through their entire life-cycle, from initial venture investment to public offering and beyond. As an early leader in the emerging TechBio sector, ARTIS Ventures funds companies at the intersection of computer science and life science, applying engineering principles and data-enabled discovery to the healthcare space. Notable companies the firm has backed include Stemcentrx, Outpace Bio, Palantir, YouTube, Freenome, Eko, Astra, Cohesity, Modern Meadow, Excision BioTherapeutics, Locus Biosciences, Cerebral, and more. For more information visit www.av.co or email contact@av.co.
