Luma Health Secures $16M Series B Funding to Expand Its Smart Healthcare Matching Platform and Files IPO Prospectus

On August 28, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that medical technology company Luma Health had completed a $16 million Series B financing round. The round was led by PeakSpan Capital, with participation from Cisco Investments, Texas Medical Center, and U.S. Venture Partners.

Luma Health plans to use the proceeds from this financing round to expand its team and business scope, and to further develop its intelligent healthcare matching service platform.

It is reported that over the past year, Luma Health has established partnerships with health technology companies such as Epic, athenahealth’s Marketplace, Nextech Systems, Uber Health, and Cisco Webex.

Luma Health, founded in 2015 and headquartered in San Francisco, USA, is a healthcare technology company. The company is dedicated to connecting patients and physicians through modern, mobile, and convenient solutions. Luma Health has developed an “end-to-end patient automation platform” that streamlines communication between patients and healthcare providers, thereby improving the efficiency of medical care.

The Luma Health platform helps patients quickly find suitable physicians while enabling automated scheduling. Additionally, the platform provides users with services such as appointment reminders, referral management, and data verification. Luma Health aims to serve 50 million patients within the next 18 to 24 months.

“Luma Health Founder and CEO Adnan Iqbal stated, ‘We found that patients frequently choose the same clinics and physicians, resulting in average wait times of up to 12 weeks. Thirty percent of medical resources remain underutilized, leading to an imbalance in healthcare resource allocation. Luma Health aims to match these idle resources with patients in need.’”

Adnan Iqbal added, “We aim to establish a real-time, automated approach to connect patients with physicians, identify clinicians’ actual, dynamic schedules, and match patients with the appropriate treatment modalities. Therefore, in the early stages, we must conduct in-depth development of the Electronic Health Record (EHR) system to enable adaptation based on factors such as appointment type, location, and urgency, thereby ensuring that patients receive care as promptly as possible.”

Adnan Iqbal pointed out that in its early stages, the Luma Health platform primarily served groups of 5 to 50 clinicians, enabling easy and rapid patient matching. Since completing its last funding round, Luma Health has matured sufficiently to partner with a growing number of healthcare institutions across the United States and leverage its new system to serve a broader client base.

Brian Mulvey, Partner and Founder of PeakSpan Capital, stated in a press release: “Luma Health is transforming the healthcare industry by providing intelligent, simple, and flexible solutions that seamlessly connect patients with healthcare providers. Luma Health’s intelligent patient-provider matching platform and trusted partnerships have established them as a leader in the field.”

PeakSpan Capital, founded in 2015 and headquartered in California, USA, is a leading venture capital firm. The company primarily invests in the software technology sector.

Cisco Investments, established in 1993 and headquartered in San Francisco, USA, is a venture capital firm. The company employs over 40 investment professionals and invests in high-potential startups across various sectors.

Texas Medical Center, established in 1945 and headquartered in Texas, USA, is a life sciences company focused on investing in startups in the fields of patient care, medical research, medical education, and disease prevention.

U.S. Venture Partners, established in 1981 and headquartered in California, USA, is a venture capital firm. The company focuses on investing in startups in the fields of information technology and healthcare.

(Compiled by Hu Yifan)