Dina Successfully Raises $7 Million in Financing to Accelerate National Expansion of Digital Care-at-Home Platform and Network
CHICAGO, January 11, 2021 — Dina, an AI-powered care-at-home platform and network, announced that it has successfully closed a $7 million Series A funding round led by Philadelphia-based Osage Venture Partners. Existing investors, strategic partners, and Wheaton, Ill.-based First Trust Capital Partners LLC, also participated in the round.
Funding will be used to accelerate Dina’s development of its industry-leading care coordination platform and expansion of its national network to support the healthcare industry’s rapid transition to virtual and in-home care.
“We are seeing both hospitals and insurers accelerate their investments in products to monitor, manage and deliver care at home,” said Dina CEO Ashish V. Shah. “Our digital platform uniquely brings together several important aspects to successfully deliver care-at-home models: a network of the very best home-based and other post-acute providers, real-time collaboration tools, remote patient monitoring capabilities, and actionable home-based insights to facilitate clinical intervention and address the non-medical and social determinant needs of an individual.”
The convergence of these capabilities creates a new category of solutions the company refers to as “Care Traffic Control,” to support hospitals and insurers as they shift from monitoring patients in hospital beds to monitoring patients at home and in other post-acute care settings.
Rapid growth, new market-ready solutions
Dina saw rapid growth in 2020–and increased revenue by 250%–as hospitals and health plans implemented the company’s solutions to help provide and monitor post-acute care, including care in the home.
Since the national COVID-19 health emergency was declared, the company significantly expanded its home care network to 25 states, quickly launched new digital products to remotely engage patients and homecare workers, and facilitated over 3.1 million “digital dialogues” to help providers manage symptoms and recovery.
The new investment will also accelerate Dina’s development of new digital care pathways to monitor and manage individuals with chronic conditions like
“We were impressed with Dina’s vision and approach to solving a very timely and massive problem of supporting people in their homes and communities,” said Sean Dowling, Partner at Osage Venture Partners. “We believe in the company’s seasoned leadership team, who were able to execute in a very difficult operating environment in the middle of the pandemic. They are focused on building a great business with a world-class culture.”
Shah said the company is well-positioned to lead the industry’s rapid transition to virtual and in- home care. “Covid has accelerated our expansion to support care at home for seniors, along with many other people facing similar challenges managing chronic conditions, battling social determinant issues, and struggling with social isolation,” he said. “The message we hear across the industry is that the home is now the most important care setting.”
Key company milestones
- The Chicago-based company launched in 2015 with BAYADA Home Health Care, a leading national home care company based in Philadelphia.
- In 2017, the company raised $4 million from several well-known investors. Chicago Ventures led the deal, which also included Pritzker Group Venture Capital; Beverly Capital, a firm led by former GTCR partner Joe Nolan; and Indianapolis-based Meridian Street Capital. Jefferson Health, a Philadelphia-based health system and customer, also participated in the round.
- Last year, the company rebranded from Prepared Health to Dina, the name of its AI- based “digital nursing assistant” product that helps providers keep patients, mostly seniors, safe and healthy at home.
- Since the pandemic, the company has launched new remote patient monitoring and in- home screening solutions, growing from two to 25 states, and managing more than 3.1 million “digital dialogues” to help providers manage symptoms and recovery.
- Today, Dina’s client roster includes leading innovators across the entire care continuum – i.e., Philadelphia-based Jefferson Health, national provider BAYADA Home Health Care, and New York-based Healthfirst.
About Osage Venture Partners
Osage Venture Partners (OVP) is a venture capital firm located just outside of Philadelphia that partners with exceptional entrepreneurs building the next generation of leading B2B software companies in the Eastern U.S. With more than $250M under management, OVP has consistently focused on this strategy since its inception in 2005, making 60 investments in early-stage B2B software companies over that time. For more information, visit: http://osageventurepartners.com
Dina powers the future of home-based care. We are an AI-powered care-at-home platform and network that can activate and coordinate multiple home-based service providers, engage patients directly, and unlock timely home-based insights that increase healthy days at home. The platform creates a virtual experience for the entire healthcare team so they can communicate with each other–and help patients and families stay connected–even though they may not physically be under the same roof. Dina helps professional and family caregivers capture rich data from the home, using artificial intelligence to recommend evidence-based, non-medical interventions. For more information, visit www.dinacare.com.
Monica Ginsburg, Dina 773-251-4845 firstname.lastname@example.org