Tendo Systems Secures $50 Million to Accelerate Digital Engagement Between Patients, Clinicians, and Caregivers (Press Release)

June 30, 2021 08:58 AM Eastern Daylight Time

PHILADELPHIA–(BUSINESS WIRE)–Tendo Systems today announced $50 million in new funding to accelerate its plans to transform healthcare through software, seamlessly connecting patients, clinicians, and caregivers throughout the care journey. The Series B round was led by existing investor Lux Capital, with additional participation from General Catalyst (who led Tendo’s Series A round). Tendo has raised $69 million to date, and the new round brings Tendo’s valuation to $550 million, less than a year after the company was founded.

@tendo_systems secured $50 million in new funding to transform #healthcare through software, seamlessly connecting patients, clinicians, and caregivers throughout the care journey #saas #vcTweet this

Tendo was started by siblings Dan and Jen Goldsmith, who helped build Veeva Systems into a multi-billion dollar cloud software company for the life sciences industry—and then helped grow Instructure into a critical cloud software provider for education. Tendo is taking a similar approach with healthcare by creating a digital engagement platform and suite of applications that connect patients, clinicians, and caregivers throughout the care cycle.

Tendo’s software will deliver important capabilities to support a new era of consumer-centric healthcare, where better patient and caregiver experiences are an imperative for healthcare providers. As new care paradigms and delivery systems emerge, consumers will have greater choice and demand more streamlined experiences. As a result, quality of care and quality of experience will be vital for improving both clinical outcomes and customer retention—especially as care shifts from episodic interactions to continuous engagement, and from treating illness to enabling wellness.

“It’s time to put patients and clinicians back at the center of the healthcare experience, and move away from endless paperwork and outdated systems,” said Dan Goldsmith, chief executive officer, Tendo. “Over the past two decades, we’ve seen technology power the digital transformation of industries delivering massive advances in how we work and live. As consumers, we’ve become accustomed to accessing services, products, and media at the tap of a key or the touch of a screen—connected, coordinated, and available. These realities exist just about everywhere today, except in healthcare. We can do better.”

“Lux Capital has thematically invested in digital transformation across industries, from healthcare and life sciences, to manufacturing, and several other sectors. Tendo has emerged as the clear partner of choice for major healthcare systems to build infrastructure, interfaces, and software for healthcare providers and patients to seamlessly and efficiently interact with each other across digital and physical platforms,” said Lux Capital Partner Bilal Zuberi. “We are excited to partner with them to build the future of healthcare experience in America.”

“Tendo is aligned with our Health Assurance vision, a new era where technology and healthcare will simplify access, streamline engagement and improve patient outcomes,” said Hemant Taneja, managing partner of General Catalyst. “Healthcare systems are facing a growing demand for more consumer-centric experiences between providers and patients. However, digital transformation can only happen through concerted effort, which is why we’re excited to work with Tendo to change the experience of care over the next decade.”

Tendo is collaborating with innovators like Jefferson Health (Tendo’s first foundational customer) to transform its relationship with patients. “Tendo is Jefferson’s strategic partner in ensuring that all people can thrive and be happy, with technology removing barriers and making healthcare accessible to everyone,” said Stephen K. Klasko, MD, MBA, president of Thomas Jefferson University and CEO of Jefferson Health. “Jefferson’s goal is healthcare at any address, so that people are given the tools to manage their own health, with intuitive systems that work for them regardless of which ZIP code they live in.”

“We are fortunate to work with partners like General Catalyst and Lux, and a select group of foundational customers like Jefferson, to help transform the care journey,” said Jen Goldsmith, president, Tendo. “By focusing on the creation of a robust software platform and configurable applications, we will provide seamless, connected, and consumer-driven experiences where common activities—such as scheduling an appointment—are as easy and intuitive as making a dinner reservation on your phone.”

About Lux Capital

Lux Capital invests in emerging science and technology ventures at the outermost edges of what is possible. We partner with iconoclastic inventors challenging the status quo and the laws of nature to bring their futuristic ideas to life. Over the past two decades, Lux has expanded from its New York City roots to Silicon Valley, and built a $4 billion AUM firm of more than 30 full-time professionals, with the versatility to invest at any stage.

About General Catalyst

General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Snap, Stripe, and Warby Parker. For more: www.generalcatalyst.com.

About Tendo

Tendo Systems is on a mission to transform healthcare through software, enabling digital engagement between patients, clinicians, and caregivers throughout the care cycle. We envision a healthier, more connected world where seeking, delivering, and managing care is frictionless. Our proven leadership, diverse team, and collaboration with forward-thinking healthcare organizations uniquely position us to drive digital transformation in healthcare. For more information, follow us via tendosystems.com, LinkedIn, Twitter, Facebook, or Medium.

Contacts

Tim Marklein, +1 (415) 999-2006, [email protected]
Lisa Barbadora, +1 (610) 420-3413, [email protected]

Fishtown Analytics Rebrands as dbt Labs; Closes $150M to Develop Open-Source Analytics Engineering Software (Press Release)

NEWS PROVIDED BYdbt Labs

Jun 30, 2021, 09:00 ET

PHILADELPHIA, June 30, 2021 /PRNewswire/ — dbt Labs (previously Fishtown Analytics) announced that it raised $150M in Series C financing. With this raise, the team will speed the development of dbt, its open-source analytics engineering tool. The round was co-led by Altimeter, Sequoia Capital, and Andreessen Horowitz with participation from Amplify Partners. Sequoia Capital, Andreessen Horowitz, and Amplify Partners are all existing investors. No new board members are joining the team.

dbt adoption has grown 200% every year since its launch in early 2016

“I worked as a data analyst for decades and was always slowed down by terrible workflows,” said dbt Labs’ CEO, Tristan Handy. “The shift to powerful, cloud-based data platforms presented an opportunity to finally rethink those workflows. We believed that combining software engineering best practices with the preferred language of data analysts—SQL—would unlock collaboration and speed for data teams. We called this the analytics engineering workflow.”

Today, there are 15,000 data professionals in the dbt Community Slack; 5,500 companies using dbt; and 1,000 dbt Cloud customers. dbt Cloud is the fastest and most reliable way to develop and deploy dbt projects. dbt Cloud provides a centralized development experience for anyone who writes dbt code to safely deploy, monitor, and investigate that code–all in one web-based UI.

dbt adoption has grown 200% every year since its launch in early 2016. In Q1 of 2021, dbt Labs doubled revenue in the enterprise segment. This consistent growth is being driven by companies of all sizes shifting to cloud-based data platforms like Snowflake, Google BigQuery, Databricks, and Amazon Redshift. “The growth in cloud data platforms over the last few years is unprecedented. These platforms free data teams from the old ETL approach, and unlock a new wave of tools in the modern data stack built for ELT,” said Altimeter Capital Partner, Jamin Ball. “dbt has established itself as the go-to platform for data transformation in this new way of working.”

dbt Labs is expanding relationships with every major cloud platform. dbt has been validated through the AWS Redshift Ready, Works with BigQuery, and Snowflake Ready programs. dbt Cloud is available on the AWS Marketplace and will be available on Snowflake Partner Connect later this year. dbt Labs is recognized as an Amazon Select Technology Partner, a Google Build Partner, and served as a launch partner for Databricks SQL and Databricks-on-GCP.

“We have always believed that solving for the analyst is the secret to unlocking greater productivity on data teams,” said Handy. “We’re seeing increasing investment in companies and products built on this same thesis. Databricks’ Delta Lake and Databricks SQL are huge bets on SQL, Census and Hightouch have raised venture rounds to solve operational analytics use cases, and Mode’s dbt integration is now making data freshness available to data consumers. We absolutely believe that this is just the beginning of this trend.”

The Series C gives dbt Labs further runway to make aggressive investments in building analytics engineering tooling for the data analyst. “Our mission is to empower analysts to create and disseminate organizational knowledge,” said Handy. “This investment will allow us to further ramp hiring on product and engineering in order to build the future we’ve believed in for half a decade.”

dbt Labs will be hosting the second-annual analytics engineering conference, Coalesce, December 6-10, 2021.

About dbt Labs
Since 2016, dbt Labs (previously Fishtown Analytics) is on a mission to help analysts create and disseminate organization knowledge. dbt Labs pioneered the practice of analytics engineering, built the primary tool in the analytics engineering toolbox, and has been fortunate enough to see a fantastic community coalesce to help push the boundaries of the analytics engineering workflow. Today there are 5,500 companies using dbt every week, 15,000 folks in the dbt Community Slack, and 1,000 companies paying for dbt Cloud.

Press Contact
Janessa Lantz
[email protected]

Would AmerisourceBergen buy CRO Parexel? (Update from WSJ: EQT & Goldman to acquire Parexel for $8.5 billion including debt.)

Tom Paine

UPDATE: WSJ: EQT & Goldman have reached an agreement to acquire Parexel for $8.5 billion including debt.

According to media reports, (newly relocated) Conshohocken-based AmerisourceBergen (NYSE: ABC) is named as a contender to buy Newton MA-based contract research organization (CRO) Parexel. which was put up for sale by its PE owner.

You might think – no problem. AmerisourceBergen is 8th on the Fortune 500, with revenue of almost $200 billion a year. It can buy anyone it wants to.

But hold on. Its margins, as a wholesaler, are razor-thin. In its most recent fiscal year, revenue was $196.3 billion, while cost of revenue was $190.7 billion. And its market value is less than $24 billon at present.

Parexel, which is currently privately owned by PE firm Pamplona, is said to be seeking $9 billion, including debt assumption. That’s a good chunk of change for AmerisourceBergen – more than a third of its market value.

Parexel is reported to have 10 interested parties, including a consortium of PE firms that is putting together a bid.

In April, Parexel announced that Peyton Howell, previously an AmerisourceBergen Executive Vice President, had left to joined Parexel as Chief Commercial and Strategy Officer, a rather big job one would think. I wonder if that move added to speculation that something was up between the two firms.

Whether owning a CRO is essential for a drug wholesaler is not clear. Some observers are skeptical.

In April, Veeva Systems and Parexel announced an agreement to collaborate on clinical trials. Parexel would standardize on Veeva’s clinical trial technology.

Which raises the question whether California-based Veeva, which built most of its clinical trial business in Radnor, and Parexel would make good permanent partners.

Veeva, worth over $40 billion, could afford to buy Parexel and its an interesting idea, and there’s no question that the clinical trial market is booming. But it would go against the grain of Veeva’s successful strategy, which is for Veeva to do everything that is digital and for partners to do the rest.

HealthVerity Raises $100M to Scale IPGE Platform, Market-Leading Technology and Real-World Data Infrastructure (Press Release)

The Series D round, led by Durable Capital Partners LP, will help scale platform capabilities, enabling secure data exchange across the broadest ecosystem.June 28, 2021 07:30 AM Eastern Daylight Time

PHILADELPHIA–(BUSINESS WIRE)–HealthVerity announced today the close of $100 million in Series D funding to accelerate the growth of its IPGE (Identity, Privacy, Government and Exchange) platform. This latest round of funding, led by Durable Capital Partners LP, with participation from all existing investors including Flare Capital Partners, Foresite Capital and Greycroft will help HealthVerity meet the increasing demand for its critical technologies empowering the health insights economy. Beyond accelerating go-to-market initiatives, the financing will fund expansion of the already existing largest real-world data ecosystem and industry-leading patient identity resolution technology.

“We are excited to partner with HealthVerity as it continues to build the next generation of modern technologies that will support the shift towards increased real-world data governance and privacy needs within healthcare,” said Henry Ellenbogen, Managing Partner & Chief Investment Officer at Durable Capital Partners LP. “After witnessing its growth over the past few years, I believe HealthVerity is uniquely positioned to provide solutions for many of the challenges around identity, privacy and governance that will help life sciences, payers and government agencies power secure and private data exchange across an array of patient-centric use cases. It has the potential to be a significant company.”

“Durable’s goal of partnering with high-growth, long-term transformative companies directly aligns with our mission at HealthVerity, where we have been consistent since our inception in our strategy and approach to evolving the healthcare data ecosystem and supporting our clients as they shift towards patient-centricity,” said Andrew Kress, CEO at HealthVerity. “We are so pleased to have them join the HealthVerity team.“

HealthVerity’s IPGE platform provides a unified infrastructure granting more than 250 leading healthcare enterprises and more than 80% of top pharmaceutical companies the ability to confidently leverage the technical capabilities of Identity, Privacy, Governance and Exchange to discover, access and apply real-world healthcare data to a multitude of use cases. Over the past year, HealthVerity’s growth has been accompanied by the selection from the Department of Health and Human Services (HHS) to deliver Privacy Preserving Record Linkage (PPRL) integrated in the COVID-19 vaccine rollout and partnerships with the FDA and NIH on multiple COVID-19 studies.

About Durable Capital Partners

Durable Capital Partners LP (“Durable”) is an investment manager focused on companies that have the potential to compound over time. Durable invests across private and public markets with a long-term horizon, applying deep knowledge of compounder patterns to support leaders building durable and sustainable businesses. Henry Ellenbogen, who previously was Portfolio Manager of T. Rowe Price’s New Horizon Fund, founded Durable in 2019.

About HealthVerity

Pharmaceutical manufacturers, payers and government organizations have partnered with HealthVerity to solve some of their most complicated use cases through transformative technologies and real-world data infrastructure. The HealthVerity IPGE platform, based on the foundational elements of Identity, Privacy, Governance and Exchange, enables the discovery of RWD across the broadest healthcare data ecosystem, the building of more complete and accurate patient journeys and the ability to power best-in-class analytics and applications with flexibility and ease. Together with our partners, HealthVerity has built the modern way to data for the health insights economy. To learn more about the HealthVerity IPGE platform, visit www.healthverity.com.

Contacts

Abigail Stockwell
Senior Director of Marketing, HealthVerity
[email protected]
856.562.7413

Podcasts: Can Food Delivery Make Money? Tableau’s New CEO (ex-SAP Concur)

Gopuff still on the prowl in Germany

Tom Paine

After Gopuff was reportedly turned down in its bid to acquire Berlin-based Flink, you might have though its German and Pan-European ambitions would be on hold for a while.

But no! Posted 2 days ago is a new ad. for a “Regional General Manager Job at GoPuff – Deutschland”. “This role will report directly to the VP Germany.” Don’t know if the latter has already been hired or identified.

From another article in CStoreDecisions: “Gopuff and rideOS are each currently seeking senior software engineers focused on optimization, routing, and maps, backend engineers, product managers, data scientists and product designers in Berlin, San Francisco and Pittsburgh.” That’s not Berlin, NJ.

So it doesn’t seem like Gopuff is waiting for the right acquisition in Germany to fall into its lap. Thought it might yet make one nevertheless.

Also, Amazon is reportedly on the prowl.

Stay tuned.

The rapid twists and turns of the home delivery market

Tom Paine

Here is just a sampling of recent news on maneuvers within the emerging food/convenience home delivery space.

Its not one market. It can be segmented in several ways, such as where the product is sourced and how its delivered. But increasingly competitors are expanding across segments.

Gopuff has been one of the more active players, as it continues to make acquisitiosns, increases its product range, and engages in a massive hiring spree. Its largely stuck to its knitting, however. Delivering from its own dark stores, where it has a definite advantage.

A major addition has been its liquor store acquisitions, of which Gopuff has now made two with its recent pickup of a Kentucky store. The margins must look healthy there. Also important is the arrangement by which Uber would deliver from Gopuff’s inventory. I’ve not heard anything about how that arrangement may be working.

Another local factor is Wawa. So far, other than making pickups easier, Wawa has not revealed a more specific strategy for the home delivery marker. I’d expect it to do something eventually.

Berlin-based Gorilla’s entry into the US market is surprising, though its not clear how deep its commitment to that is.

But as the pandemic fades, people will be watching how strong home delivery remains to size up their go-forward plans.

Scoop: Gopuff launching an ads biz (June 15 Axios)

Gopuff Acquires Tech Startup to Accelerate Innovation (June 18 Convenience Store News)

‘Gorillas,’ promising grocery deliveries in 10 minutes or less, debuts in Brooklyn (May 30 ABC7 New York)

Walgreens launches same-day delivery via Uber Eats (June 16 Supermarket News )

DoorDash, Uber Eats, Instacart challenge major e-commerce retailers ( June 4. Supermarket News)

Albertsons strikes deal with DoorDash as it pares down delivery fleet (June 21 Supply Chain Drive)

Delivery company Gopuff acquires Liquor Barn, continuing its retail expansion (June 21 CNBC)

Gopuff Acquires rideOS to Accelerate Innovation, Expand Best-In-Class Experience to Customers Around the World (Press Release)

For $115 million in stock & cash

rideOS’ proprietary technology and team of experts will accelerate innovation as Gopuff expands globally

June 17, 2021 03:00 PM Eastern Daylight Time

PHILADELPHIA & SAN FRANCISCO–(BUSINESS WIRE)–Gopuff, the go-to solution for immediate everyday needs, today announced it has entered into an agreement to acquire rideOS, an enterprise start-up that builds cutting-edge proprietary technology for advanced routing, on-demand dispatch and fleet optimization for the fast-growing delivery and logistics industries. As Gopuff launches in more complex and high-density cities, accelerates geographic expansion and enters into new verticals, rideOS’ proprietary technology and team of industry-leading experts will enable the company to innovate faster, power multi-modal deliveries, and continually reduce delivery times to continue to deliver a best-in-class customer experience.

“Gopuff’s mission and global ambition to be the world’s go-to solution for immediate everyday needs is a natural extension of the rideOS’ vision to build software that efficiently moves people and things throughout the world”Tweet this

Sharad Sundaresan, Gopuff’s SVP, Product & Growth, said, “rideOS is among the best mapping, dispatching and routing technology firms in the industry and we are thrilled to have them lead innovation in key sectors for Gopuff. This investment will enable Gopuff to continually improve the customer experience in more complex geographies as we lead and define the Instant Needs category worldwide.”

Acquiring rideOS, a company created and led by mapping and ride-hailing pioneers from Uber, Google, Apple and others, will afford Gopuff several strategic advantages, including:

Provide Gopuff with a team of global experts dedicated to optimizing and innovating its logistics and operations technology
Bring Gopuff immediate access to proprietary delivery, routing, and logistics technology and the ability to accelerate the rate of innovation in these sectors
Position Gopuff to further improve its industry-leading delivery times and superior unit economics
Quickly develop technology to power multi-modal deliveries and other advancements, to excel in more complex, high-density cities
Enable Gopuff to develop new tools for its field organization and delivery-partners that both improve their experience and enable greater efficiencies

“Gopuff’s mission and global ambition to be the world’s go-to solution for immediate everyday needs is a natural extension of the rideOS’ vision to build software that efficiently moves people and things throughout the world,” said Justin Ho, co-founder and CEO of rideOS. “We see this as a unique opportunity to scale our culture, values, team, products and technology, with a company at the forefront of defining the Instant Needs economy. Given Gopuff’s exponential growth, we expect to significantly increase our headcount by the end of this year, expanding our presence in Silicon Valley, Pittsburgh, and Berlin.”

Gopuff and rideOS are each currently seeking senior software engineers focused on optimization, routing, and maps, backend engineers, product managers, data scientists and product designers in Berlin, San Francisco and Pittsburgh. For more information about open roles at rideOS, visit https://rideos.ai/company/careers.

About Gopuff

Gopuff is the go-to solution for immediate everyday needs, fulfilling customer orders of cleaning and home products, over-the-counter medications, baby and pet products, food and drinks, and in some markets, alcohol – in just minutes. With micro-fulfillment centers in every market it serves, the company delivers thousands of products quickly for a flat $1.95 delivery charge. Gopuff is open 24/7 in many markets and late night everywhere else to bring customers what they need, when they need it most.

Founded in 2013 by co-founders and co-CEOs Rafael Ilishayev and Yakir Gola, Gopuff currently operates more than 400 sites, including 275 micro-fulfillment centers and the recently acquired 160+ BevMo! and Fancy sites across the US and UK. To learn more, visit www.Gopuff.com or follow Gopuff on Facebook, Twitter or Instagram. Download the Gopuff app on iOS and Android.

About rideOS

rideOS is an enterprise software company powering mobility-as-a-service (MaaS) technologies designed to support a variety of complex dispatch and optimization use cases for heterogeneous delivery fleets. rideOS was founded in 2017 by Justin Ho (CEO) and Chris Blumenberg (CTO) who both came from years of working in the mobility industry at Uber. The team is composed of talent from Uber, Google, Apple, Facebook. rideOS’s Routing, Optimization, and Dispatch products are uniquely capable of supporting both autonomous and human-driven vehicles; and can be used for a variety of use-cases including on-demand ride-hailing, meal delivery, and last-mile logistics. Our products help our partners increase utilization and efficiency, improve profitability, and drive growth. rideOS is backed by leading global venture capital firms such as Sequoia Capital and Next47. The Company is headquartered in San Francisco with offices in Pittsburgh and Berlin. rideOS is accelerating the safe, global roll-out of next-generation transport.