Story Health Scores $22.6 Million for Cardiology Expansion

Virtual specialty healthcare company Story Health has announced a $22.6 million Series A funding round aimed at expanding its reach in the cardiology space. Northpond Ventures and B Capital Group led the round with participation from LRVHealth and existing investors Define Ventures and General Catalyst.

This new infusion of cash comes just a year after the company launched a $4 million seed funding round.

WHAT IT DOES

Founded by Verwaar vets Tom Stanis and Nikhil Roy, as well as cardiologist Dr. Ashul Govil, created a system that uses telehealth, AI and connected devices to treat patients at home. The San Jose, California-based startup is currently working with health systems to manage care for their heart failure patients.

Patients enrolled with Story Health receive medication and other care reminders. The service also includes health coaches, who can help patients access their care and medications. Physicians can access patient data and use personalized recommendations based on a physician’s historical prescribing patterns. The system can be integrated into an EHR system using SMART on FHIR technology.

WHAT IS IT FOR?

The company currently has services for heart failure patients and is looking to expand into other areas of cardiology.

“Disorders such as heart disease that require specialist care are extremely complex, debilitating and costly, but our health system does not have enough clinicians to meet patient demand. That’s why specialized care is the next frontier for digital health,” said Karen Page, general partner of B Capital Group, in a statement.

“Digital health platforms like Story Health give specialists unprecedented scale, enabling them to continuously monitor their patients’ progress, make faster adjustments to treatment regimens, and ultimately improve patients’ lives themselves.”

MARKET SNAPSHOT

Story Health isn’t the only company active in virtual cardiology. Heartbeat Health, which provides cardiac virtual care, scored $20 million in Series B. In 2020, Ultromics, maker of an AI-assisted cardiac decision support tool, received $10 million.

Eco Health is a digital health startup that combines ECG-compatible digital stethoscopes with monitoring and analysis algorithms. The company made $65 million in 2020.

ON THE REGISTRATION

“Building a comprehensive, highly engaging virtual solution for specialist care for caregivers was already a huge achievement, but tackling those social barriers to patient care was also incredibly important,” said Tom Stanis, co-founder and CEO of Story Health , in a statement.

“Vulnerable populations like those on Medicaid and Medicare consistently see worse health outcomes compared to other groups, but at the same time, it’s the same people who face the most challenges accessing care. As more health systems try to include support for social determinants of health , we want to be their partners in specialized care.”