Conversa: Transforming Healthcare With Communication
August 12, 2020 | Abree Murch
In the wake of COVID-19, it’s more important than ever for healthcare providers to maintain continuity of care. Using technology to automate patient engagement and enable relationship management outside of a doctor’s office is a vital element in transforming healthcare. In addition, both providers and patients need better communication around management of chronic conditions, medication schedules, patient education, and pre/post-surgery support. Alumni Ventures Group portfolio company Conversa meets all of these needs by delivering personalized, automated patient conversation experiences via SMS that help healthcare organizations monitor and manage patients at scale.
Collaborative & Connected
Conversa provides a healthcare conversation platform for patient relationship management and care coordination. Using a longitudinal patient profile derived from electronic health records (EHRs), biometric devices, and self-reported data, Conversa provides users with clinically-intelligent and personalized conversations via SMS. This creates a continuous dialogue between care teams and patients.
What We Liked About the Deal
Given the long term effects of the COVID-19 crisis and hospitals’ need to engage with patients off-site, the company’s value proposition and opportunities have never been more compelling. Conversa’s SaaS tech allows for full care management via a telehealth platform that is especially relevant in a COVID-19 world:
- Scalable, personalized, platform. The Conversa SaaS platform is an end-to-end solution that allows for care management across the full care continuum. The platform meets consumers “where they are” and generates a personalized messaging experience.
- Strong and experienced team. The executive leadership team has a collective 30+ years of experience working at startups, managing companies, and scaling businesses. The company particularly benefits from CEO Murray Brozinsky’s extensive enterprise sales and tech product expertise.
- Value-add lead investor. Builders VC, who led this deal, is a Seed to Series A venture firm that invests in healthcare and antiquated industries in need of tech makeovers. AVG recently co-invested with the firm in Notable Labs (Castor Ventures) and Neuroflow (Chestnut Street Ventures). Mark Goldstein, the lead partner, is a five-time CEO, former EIR at NEA and has made dozens of digital health investments.
- Growing strategic partnership and customer base. Conversa is now at an exciting inflection point in its growth as it continues to land large clients and expand business with innovative healthcare partners, demonstrating widespread customer adoption. The company has attracted key customers, including health systems, payers, providers and pharmaceutical companies.
How We’re Involved
Alumni Ventures Group deployed capital in Conversa’s $8.5 million Series B2 round of financing led by Builders VC. Nassau Street Ventures, our fund for Princeton alumni and friends, led AVG’s participation in the round, alongside sibling funds Bascom Ventures (for Wisconsin alumni and friends), and the AVG Total Access Fund. Additional investors included Northwell Ventures, Spindle Limited Partners, and P5 Ventures.