IntelyCare, a Boston-based health care staffing solutions platform, announced Wednesday that it has raised $115 million in Series C funding. It plans to use the new funding to expand its footprint to new states while investing heavily in its AI-based platform and data-science technology.
And even though IntelyCare launched its home health efforts in the first quarter of 2022 – and those services still represent a relatively small portion of the company’s total revenue – its leaders believe it’s an important growth driver over the next few years.
“Care at home is an increasingly important aspect of health care delivery, and it will be a huge driver of delivering quality outcomes and keeping costs down in the future as the demand for care grows with an aging population,” IntelyCare CFO Chris Sands told Home Health Care News in an email. “The challenge with home health is that it’s very distributed. Technology, like IntelyCare’s platform, solves that challenge by bringing health care practitioners and patients together via a dynamic and efficient software application.”
The financing round was led by Janus Henderson Investors, a leading global investment firm and assets manager. Longitude Capital, Leeds Illuminate, Endeavour Vision, Revelation Partners and Kaiser Permanente Ventures also participated in the round.
“IntelyCare is launching its home health efforts this year and this investment will support those initiatives,” Sands continued.
While IntelyCare is adjusting to the “new normal,” Sands thinks one of the lasting legacies of the pandemic on the health care workforce will be “a massive adoption of gig work that empowers these essential workers to do the work they love.”
“But in a way that gives them control over their lives and mental wellbeing that they’ve never experienced,” he said. “Health care workers have seen the future, and they like it.”
IntelyCare executives believe technology is essential to addressing the complex labor challenges facing the health care industry.
The latest investments “validate IntelyCare’s approach of using advanced data science” to empower nurses with greater control of their work lives and health care organizations to meet their labor needs, a company press release read.
IntelyCare recently teamed up with Reputation Leaders on a survey of 1,500 nursing professionals that found those who use gig work apps, like IntelyCare, are significantly more likely to feel secure and that they are thriving in their careers.
Since its Series B in February of 2020, IntelyCare’s annual revenue has grown by more than 850%, according to the company, and its nursing professionals more than doubled in 2021. IntelyCare did not share what its revenue was in 2021.
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