Aledade, a healthcare technology company launched in 2014 by former National Coordinator for Health IT Farzad Mostashari, MD, has filed a Form D with the Securities and Exchange Commission.

Aledade reported that it has raised $23 million. The total private financing amount was $28 million, according to the document filed with the SEC.

Bethesda, Maryland-based Aledade works with the Medicare Shared Saving Program, and it has expanded its payment contracts with commercial payers, such as Blue Cross Blue Shield of Kansas and Highmark Blue Cross Blue Shield, and also public payers, such as the West Virginia Public Employees Insurance Agency.

The company partners with physicians to build and lead ACOs – networks of physicians who band together to deliver coordinated care to patients. The company operates under a value-based payment structure that rewards positive health outcomes for patients.

At the start of 2017, Aledade raised $20 million from GV, which formerly went by the name Google Ventures, along with Biomatics Capital and Venrock. This followed a June 2015 funding round that raised $30 million.

“This funding round is an emphatic statement that we are more than just Medicare Shared Savings Program ACOs,” Mostashari said then. “In the last six months alone, we have gone from zero to 100,000 commercially insured patients in our network. With this new funding, we will push ahead to bring the Aledade model of care to all patient and payer populations across the healthcare system, including Medicare Advantage.”

Aledade is named for a celestial instrument that navigators point at the North Star to determine direction.