Springtide, an interdisciplinary, multi-site practice treating children with autism spectrum disorder (ASD) and developmental delays and disabilities, today announced that it has completed a $18.1 million Series A round of equity financing led by Deerfield Management Company and Optum Ventures.
With one in 54 children diagnosed with ASD, Springtide provides a range of services tailored to each child's needs, including applied behavioral analysis, speech therapy, occupational therapy, and physical therapy. Its technology platform offers remote video treatments, parent coaching, family scheduling and engagement tools, as well as enhanced support, supervision and quality reviews, for therapists collaborating together on a child's care.
"The need for a new approach to autism is tremendous," said Jia Jia Ye, CEO of Springtide. "Most families seeking care for their child with autism find the experience confusing, costly and filled with long forms and waitlists. Our vision is to support our kids and families with a 24/7 model, starting with in-center care and expanding the Springtide way through a suite of unique technology tools across all settings, ranging from the home, to school, to any organization that supports kids with autism."
Launched by Redesign Health, a healthcare innovation platform, Springtide works to improve the entire spectrum of care by offering fast and streamlined insurance eligibility and onboarding, data-driven lesson planning tools, automated data capture for outcomes reporting and measurement, and a telemedicine extension into the home and school.
Springtide's experienced management team is comprised of senior leaders from Parsley Health, Cityblock Health, Oscar Health, and One Medical, including Springtide's CEO Jia Jia Ye, a former executive at One Medical and Oscar, where she played instrumental roles in scaling those organizations nationally.
Representatives from Deerfield and Optum Ventures will join Springtide's board of directors. Deerfield invests across healthcare and has an extensive healthcare services and technology portfolio. Optum Ventures is the independent venture fund of Optum, a leading information and technology-enabled health services business dedicated to helping make the health system work better for everyone. Along with participating in the Series A round, Optum Ventures will provide strategic guidance and support from its vast network of healthcare and analytic assets.
"The rapidly growing autism care market is highly fragmented and uncoordinated, which creates significant challenges for children and their families who deserve to have access to care that is consistently of exceptional quality," said Julian Harris, M.D., partner at Deerfield. "Springtide offers an interdisciplinary, in-center care experience with a tech-enabled wraparound for families who want their children to get all of their care in one setting. With an emphasis on outcomes measurement, we hope that Springtide can serve as a platform for care and research, ultimately establishing the gold standard in this field."
"Springtide's proven approach to treating children with ASD and developmental delays addresses a significant market need to better connect the health system to improve experiences and health outcomes," said Laura Veroneau, partner at Optum Ventures. "We believe Springtide is uniquely positioned to deliver innovative change to autism care that will help families and children."
Springtide will use funds from its Series A round to enhance its clinical operations and ensure quality of care as it expands into new markets. It will also focus on commercializing its technology platform for remote care extensions, data capture for automated reporting and outcomes measurement and parent engagement.
Springtide has offices in Connecticut and New York, NY.
Springtide is an interdisciplinary multi-site practice treating children with autism spectrum disorder (ASD) and developmental delays. Our mission is to bring accessible, high quality, and affordable care to families through our thoughtfully designed centers, streamlined technology and family-centric practice.
About Deerfield Management Company
Deerfield is a healthcare investment management firm committed to advancing healthcare through investment, information and philanthropy.
About Optum Ventures
Optum Ventures is the independent venture fund of Optum, a leading information and technology-enabled health services business dedicated to helping make the health system work better for everyone, and part of UnitedHealth Group. Optum Ventures invests in digital health companies that use data and insights to help improve consumers' access to health care services and how care is delivered and paid for, and that make the health care system more reliable and easier to navigate. For more information, visit www.optumventures.com.
About Redesign Health
Founded in 2018, Redesign Health is a mission-driven innovation platform that builds transformative healthcare companies from the ground up. Following deep fundamental diligence, we launch companies in collaboration with extraordinary entrepreneurs and corporate partners. We then de-risk and accelerate their growth through Redesign's platform. We've assembled an industry-leading team of healthcare operators, technologists, and investors to redesign healthcare during a time of urgent need and unprecedented change. We have launched eight companies with four more in stealth mode. Our first companies include: Lively, Ever/Body, Vault, HealthQuarters, Calibrate, Springtide, Anomaly, Proper, and stealth ventures in elder care, complex care, patient support and behavioral health.
