Koda Health Secures Strategic Funding to Transform Advance Care Planning
Led by Ecliptic Capital with strategic investment from Memorial Hermann Health System, AARP and the Texas Medical Center Venture Fund
Koda Health, an innovator in digital Advance Care Planning, has successfully closed a Seed+ funding round. This round was led by Ecliptic Capital, with strategic investment from Memorial Hermann Health System, AARP and the Texas Medical Center (TMC) Venture Fund, underscoring the health care community’s belief in Koda’s mission, technology and impact on patient care.
A Vision for the Future of Health Care
“If we’re looking at speed of market adoption, it’s clear that Koda Health is at the forefront of a crucial transformation in Advance Care Planning,” said Tatiana Fofanova, PhD, CEO of Koda Health. “In just a few years, we’ve built out a product that now serves well over 700,000 patients nationwide for industry giants like Cigna, Privia and Houston Methodist.
“While we’re well-equipped to meet these clients’ needs, we’re also signing new partnerships with major health care providers at an exciting rate,” she says. “This round of funding will help us maintain the quality that our clients expect at new and unprecedented scales.”
“We at Ecliptic are proud to continue our support of Koda Health’s work to provide patient education and access to Advance Care Planning, to help ensure that patients’ end-of-life wishes are honored,” said Adam Lipman, CIO of Ecliptic Capital. “The team at Koda is truly dedicated to this important mission, and we are proud to back them.”
“AARP research shows that there is a willingness among older adults in the U.S. to prepare for the end of their lives,” says Amelia Hay, VP of Startup Programming and Investments at AgeTech Collaborative™ from AARP. “This indicates a need for more programs and services geared towards ensuring adults take the necessary steps, and AARP is pleased to invest in Koda Health to help address that need.”
Expanding Partnerships and Innovation
Given Koda’s immense clinical and operations growth, it was important for the company to fill its latest funding round with strategic investors, said Dr. Desh Mohan, Chief Medical Officer of Koda Health. “That’s where our allies at Memorial Hermann, The Texas Medical Center, and the AgeTech Collaborative from AARP come in. Each brings unique strategic value to our growth strategy.”
Memorial Hermann, recognizing the potential for Koda Health’s solutions to enhance patient care and support health care providers, has not only contributed to the funding round but is also partnering with Koda on a pilot project.
“We are always looking for new ways to further engage our patients and make them feel better supported. The unique challenges of COVID-19 have only heightened the need for innovation in this area,” said Feby Abraham, PhD, Executive Vice President and Chief Strategy Officer for Memorial Hermann. “We believe investing in Koda Health will give patients the tools to make sure their wishes are carried forth and the burden is removed from their families to make those decisions.”
Fofanova founded Koda Health, a B2B Enterprise SaaS solution that streamlines the process of proactive health care planning and document completion, in early 2020 with her co-founders Dr. Desh Mohan, who serves as chief medical officer, and Katelin Cherry, the company’s CTO. The founding team connected through the Texas Medical Center’s (TMCi) Biodesign program, which tasked the team with finding solutions to issues affecting the world’s largest medical center.
“Koda is uniquely positioned to serve payers, providers and patients,” said William McKeon, President & CEO, Texas Medical Center. “We rarely see a company that provides value to all three stakeholders. Seeing Koda launch from our TMCi BioDesign program to the progress they’ve made with our member institutions and players in the value chain is incredible.”
With the successful close of this Seed+ funding round, Koda Health is poised to accelerate its mission of revolutionizing Advance Care Planning. Leveraging the strategic partnerships and support from leading health care investors, the company is well-equipped to expand its innovative solutions and impact on patient care. As Koda Health continues to grow, its dedication to ensuring patients’ wishes are honored remains steadfast, further cementing its position as a leader in the health care industry and setting new standards in patient care and education.
