Arine's latest funding follows significant growth in customer base and improved health and economic outcomes for high-risk patients
SAN FRANCISCO, Aug. 17, 2022 /PRNewswire/ -- Arine, a next-generation medication intelligence company, today announced that it has raised $29 million in Series B funding composed of equity and debt financing. The round was led by 111° West Capital, with participation from new investors MBX Capital and New Leaf Venture Partners and continued support from Katalyst Ventures and Super Capital Group.
Arine helps health plans substantially decrease the cost of care and improve patient outcomes by reducing medication-related problems, avoiding complications, and keeping patients out of the hospital. The latest funding comes on the heels of significant growth at Arine. Since the company's launch in 2019, Arine has acquired an impressive list of health plan clients such as national, Blue Cross/Blue Shield, Medicaid, and Medicare Advantage plans, including special needs plans. As a result of its demonstrated ability to uniquely and significantly reduce total cost of care while optimizing drug regimens, adherence, and patient outcomes, Arine has continued on a fast growth trajectory, now managing more than 10 million members and increasing revenue by more than 500% this past year. Arine has also expanded its staff to nearly 100 employees.
"The US healthcare system is fractured and siloed, making it difficult for plans, providers, and patients to align on safe and effective medication therapy," said Yoona Kim, PharmD, PhD, Arine's co-founder and CEO. "Arine overcomes the limits of traditional, manually driven medication management approaches by making the practice scalable. Our platform pulls insights from a complex ecosystem of clinical, socioeconomic, and behavioral data to connect the dots between plans, providers, and patients, with the goal of maximizing patient outcomes."
As the company serves more members, Arine continues to achieve improved outcomes for clients and patients, as reflected in a 40% reduction in hospitalizations, the highest quality ratings, and significant cost of care savings validated by robust matched-pair statistical analyses.
Arine will use the latest funding to advance the capabilities of its platform to enable value-based care at scale, not only for health plans and risk-bearing providers, but also to expand its offerings to channel partners across the value-based care continuum that will leverage Arine's medication intelligence to achieve next-level outcomes.
"Arine is transforming medication decision-making at all points of care and empowering clinicians with powerful data insights that have never been achievable before. These deep understandings result in optimized pharmaceutical care for complex high-need populations, while managing the cost side of medication spend," commented Andrew A. Brooks, M.D, 111° West Capital Co-founder and Managing Partner.
"Arine's impressive growth trajectory, proven customer ROI, outcomes, and experienced leadership point to a bright future. Having previously led Arine's Series A financing, we are thrilled to continue our partnership with Arine and believe that their cutting-edge technology, combined with their AI-enabled approach to medication optimization, will drive hyper-growth," said Michael Matly, M.D., 111° West Capital Co-founder and Managing Partner.
Arine is a next-generation medication intelligence company led by some of the world's top experts in pharmacotherapy, data analytics, health economics, engineering, and software development. Arine's platform helps clients devise appropriate, just-in-time interventions to optimize medication therapy for their populations. Clients using Arine's technology are able to achieve significant ROI, saving millions of dollars in unnecessary spending on avoidable complications while doing the right thing by clinicians and patients. Visit www.arine.io or follow us on LinkedIn.
111° West Capital is a venture capital firm focused on investing in hyper-growth healthcare-oriented software companies that are transforming the delivery of healthcare. 111° West Capital was founded and is led by Medical Physicians who leverage their unique and complementary backgrounds as founders, investors and executives to help portfolio companies achieve outsized growth, while also creating over $9 billion in aggregate value for investors. For more information, visit www.111westcapital.com.
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