Mytonomy Raises $25 Million Series B Funding to Transform Patient Engagement: Level Equity leads Mytonomy’s Series B raise taking a minority stake to support hyper-growth
During a time when the home is becoming the epicenter of care, Mytonomy, the leading enterprise Software as a Service (SaaS) solution for video-based patient engagement, has raised $25 Million Series B funding. The company will be scaling to further drive the digital transformation in healthcare when it’s needed most, ultimately to improve the health of the entire population.
Mytonomy, the leading enterprise Software as a Service (SaaS) solution for video-based patient engagement, announced that it has closed $25 million in Series B funding led by Level Equity, who has taken a minority ownership stake in the company. Based in New York, NY and San Francisco, CA, Level Equity is a growth equity firm focused on providing capital to rapidly growing software and internet companies. The firm manages over $2.7 billion across a series of long-term committed investment partnerships.
“Mytonomy is the market leader in video-based engagement. Their innovative approach of engaging patients throughout the entire care journey via a highly scalable modern software platform is exactly what every patient and provider needs in this rapidly developing virtual care environment,” said Ben Levin, Co-founder, and Co-CEO of Level Equity. “Mytonomy stood out from the pack for many reasons: a well-architected, single enterprise platform for healthcare across all medical conditions, easy-to-use capabilities for providers and patients, and demonstrated rapid adoption across a notable list of blue-chip customers.”
“Mytonomy has been growing 100% year over year, replacing outdated incumbent solutions that have for years disregarded investment in their products,” Levin continued. “We were also highly impressed with the quality of the leadership team at Mytonomy and we look forward to partnering with management for continued success.”
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Mytonomy’s announcement comes at a time when funding across the entire digital health sector is skyrocketing with Rock Health reporting $14.7B closed in H1 2021, which is more than the total amount of funding raised across all of 2020.
“We are thrilled to partner with Level Equity on the next phase of Mytonomy’s growth,” said Anjali Kataria, CEO, and Co-founder. “Today, health care is failing and we are divided. Mytonomy’s Cloud for Healthcare is a step stool for all, countering misinformation and delivering greater access and equity so that people can learn how to get healthy, remotely – with their hospital and care team.” Kataria continued, “With a suite of easy-to-use video-based engagement and communication tools, an award-winning film studio, and this new funding, we will continue to scale digital transformation ultimately improving the health of billions of people across the globe.”
The investment comes at the right time, as healthcare is experiencing several secular shifts propelling Mytonomy’s growth momentum: first, as Mckinsey points out, “home” is becoming the epicenter of care; second, Fortune reports 61% of Americans are streaming content weekly vs 50% daily indicating that virtual and mobile technologies are becoming integral to how we live and run our world.
Mytonomy’s Cloud for Healthcare is a unique modular solution combining 2000+ broadcast quality short-form videos with a new CRM platform that has been carefully architected to optimize healthcare content streaming and deliver deep, omnichannel engagement across the patient journey.
Series A investors including Philips and innovative healthcare systems such as Carilion Clinic also participated in the Series B.
“Mytonomy’s mission and approach strongly resonates with our digital transformation strategy now, and in the future,” said Nancy Howell Agee, CEO of Carilion Clinic, headquartered in Roanoke, Virginia. “After becoming a customer, we realized Mytonomy had a long-term fit with our organization, their approach helps us reach out to patients in new, more convenient, consumer-friendly ways and so we were thrilled with the opportunity to invest in the company’s future growth.” Agee continued, “I could not be more pleased with our early returns and the future promise this leadership team and company hold to help all of us in healthcare achieve the digital transformation goals we believe are possible.”
Mytonomy’s interactive, user-friendly platform delivers video, audio, and written content that incorporates microlearning principles and drives greater usage among patients who are more engaged in their health and healthcare.
Through numerous validated studies, Mytonomy has proven the ability to deeply engage diverse patients and help level the playing field for patients seeking trusted information to improve their own health decision-making. Patients become empowered and confident as they work with their hospital, clinic, and care team, attending more appointments, sharing accurate information, and collaborating with their family across their entire journey. Providers save valuable time, and healthcare systems reduce risk and improve safety and quality. This leads to better clinical and financial outcomes.
The company’s approach has enabled Mytonomy to become both a leading software platform for Health Systems who strive to digitally transform the patient journey and a leading “middleware” partner to many rapidly growing disruptive solutions such as remote clinics, digital engagement for pharma and med device providers, and virtual care plays.
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