Tendo Systems, a healthcare software firm, has raised $50 million in Series B funding. Lux Capital led the round.
PHILADELPHIA — June 30, 2021 — 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 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put patients and clinicians back at the center of the healthcare experience, and move away from endless paperwork and outdated systems,” said Dan Goldsmith, chief executive officer, Tendo.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.
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.