Value-based cancer care platform Thyme Care announced it secured $60 million in Series B funding co-led by Foresite Capital and Town Hall Ventures, bringing its total raise to over $80 million.
Current investors Andreessen Horowitz BIO + Health, Casdin Capital, Frist Cressey Ventures and AlleyCorp participated in the round.
Town Hall Ventures’ cofounder and general partner David Whelan will join Thyme Care’s board of directors, as will Elizabeth Canis, executive advisor at Foresite Capital.
WHAT IT DOES
Nashville-based Thyme Care collaborates with payers, employers and providers as a value-based care partner to offer services to individuals living with cancer.
The company’s tech-enabled care management platform connects patients with a care team made up of oncology nurses, resource specialists and nurse practitioners. It also connects patients with care specialists, coordinates care with the patient’s provider, supplies information on diagnosis and helps them manage their symptoms.
Thyme Care also provides resources and support regarding behavioral health, housing, transportation, palliative care and financial assistance.
The Series B funds will be used to expand both its network of oncology partners nationally and its cancer care support offerings.
“The U.S. healthcare system is notoriously fragmented, leaving cancer patients hanging in the balance. We invest in companies that are changing the narrative by putting the patient first and are shifting the industry toward value-based care. Primary care and kidney care have paved the way for this transformation, and after extensively studying the landscape, we firmly believe Thyme Care is the only company with the expertise and technology to enable value-based cancer care. We look forward to helping them accelerate this mission,” David Whelan said in a statement.
MARKET SNAPSHOT
In June, Thyme Care was one of several companies that joined the White House’s cancer moonshot initiative, CancerX, a public-private partnership to advance digital innovation in cancer care. Thyme Care was a founding member, meaning that the company would help set the initiative’s direction.
Other companies addressing cancer care using digital means include home-based cancer care startup Reimagine Care, remote monitoring and analytics company Biofourmis and in-home care provider DispatchHealth.