Health technology company Aledade announced it scored a whopping $260 million in Series F funding.

Lightspeed Venture Partners led the round, with participation from Venrock, Avidity Partners, OMERS Growth Equity and Fidelity Management & Research Company.

According to Bloomberg, the latest funding round brings the company's valuation to $3.5 billion, aiding the company in achieving unicorn status. 

Dr. David Blumenthal, former president of the Commonwealth Fund and United States National Coordinator for Health Information Technology, and Paul Hennessy, CEO of Shutterstock, will join Aledade's board of directors. 

Dr. Efrem Castillo, who previously served as senior vice president of clinical transformation at Optum and chief medical officer at United Healthcare Medicare Solutions, will join Aledade's team as senior vice president for Medicare Advantage. 

WHAT IT DOES

The Maryland-based public benefit corporation works with primary care providers to build tech-enabled accountable care organizations.

The company will use the funds to accelerate the growth of its strategic alliances and primary care network, and to acquire and improve technology and services to support its value-based care solutions. 

"After a decade of experience with different value-based models, it’s clear what works – giving primary care accountability for the total cost and quality of care. We founded Aledade in 2014 on the premise that we can scale the success of value-based primary care," Dr. Farzad Mostashari, CEO and cofounder of Aledade, said in a statement.

“With this financing, we can be opportunistic in identifying and acquiring additional capabilities into the Aledade platform that will enable the largest network of independent primary care in the country to consistently drive the best results in value-based care.

MARKET SNAPSHOT

Aledade scored $123 million in a Series E funding round last year and $100 million in Series D funding in 2021. In 2020 the company raised $64 million in a Series C round.

In February, the health tech company acquired AI-enabled value-based care analytics platform Curia to utilize the New York-based company's AI-based capabilities to expand its data gathering, provide more accurate data predictions and help enhance primary care workflows. 

Last year, Aledade purchased Iris Healthcare, an advanced care planning solutions platform that became part of Aledade's health services unit, called Aledade Care Solutions.