Grand Rounds Achieves Milestone of One Million Covered Lives; Greylock Partners Leads $40 Million Round to Accelerate Growth
Greylock Partners' Investment Highlights the Opportunity in Delivering Outstanding Medical Outcomes to Patients Worldwide
SAN FRANCISCO, Calif., June 24, 2014-- Grand Rounds, a company that delivers world-class outcomes to patients by connecting them with the top medical specialists in the country, today announced it has crossed the milestone of one million covered lives, and secured $40 million in series B funding led by Greylock Partners. These milestones were achieved due to Grand Rounds' rapid customer acquisition in the first half of 2014. The new round of funding, which also includes participation from existing investors Venrock and Harrison Metal Capital, will fuel Grand Rounds' mission to quickly accelerate to five million covered lives as well as develop additional products and channels that produce high quality medical outcomes.
Jamba Juice is one of the customers who joined Grand Rounds in the early part of 2014. "Grand Rounds is a natural expansion of the world-class benefits that Jamba Juice already offers, which help our employees stay healthy and productive," said James D. White, chairman, president and CEO at Jamba Juice. "Because we are able to get our employees to the right physicians when they need it most, we are able to provide an innovative benefit that can potentially be life-changing for themselves and their families. We're proud to partner with Grand Rounds to give our employees access to the best physicians, which in turn helps prevent misdiagnosis or antiquated treatments and costly mistakes."
Grand Rounds delivers an Outcomes Management platform that helps its patients receive medical guidance from the top physicians in the nation, as selected by Grand Rounds' proprietary algorithm -- which determines top medical specialists based on a range of factors including training, publication history and patient outcomes. Physicians selected by the Grand Rounds algorithm are used in the company's major set of services, including Office Visits, which identifies local specialists for patients to see in-person, as well as its Expert Opinion service, in which patients have their cases reviewed by world-leading doctors. Grand Rounds recently introduced a third service: Grand Rounds STAT, which enables a physician consultation while patients are in the hospital.
"Grand Rounds is committed to closing the gap between state-of-the-art care, which controls costs and saves lives, and a general standard of care that can be grossly outdated, overly invasive or otherwise ineffective," said Owen Tripp, Co-Founder and CEO of Grand Rounds. "This financing ensures we are well capitalized to share Grand Rounds with millions more patients. And we don't intend to accomplish this simply with technology, platforms, and algorithms -- our other not-so-secret weapon is our Grand Rounds staff physicians and care coordinator team, who speak to each patient individually and ensure that they have the warmest, most empathetic experience possible while inside the healthcare system. Our ability to bring together the best technology with the most outstanding on-staff medical talent is the true hallmark of what we've accomplished to date."
"Grand Rounds is a unique company with a world class team providing a software platform and service which not only improves the lives of people but also lowers the costs of providing exceptional health care," said Joseph Ansanelli, partner at Greylock and a new member of the Grand Rounds board of directors. "We look forward to being a partner to Owen and team as they grow from 1 million to tens of millions of covered lives."
With this new funding, Grand Rounds has raised more than $51 million in total equity and will have the financial support needed to reach the next milestone of five million lives covered by the Grand Rounds service. Additionally, Grand Rounds will use the funding for increased research and development to enhance its quality scoring algorithm, increase sales and marketing, expand upon its mobile capabilities, and build out its infrastructure to deliver an even more outstanding experience to patients everywhere.
About Grand Rounds
Grand Rounds is an Outcomes Management platform that delivers the best healthcare outcomes for employees at the lowest possible cost to employers. It does this by providing an end-to-end solution that connects patients with highly specialized care informed by latest best practices -- preventing complications, multiple surgeries, and failed treatments. Grand Rounds helps get employees back to work faster, while employers reap the benefits of lower medical costs and higher employee productivity. For more information, visit http://www.grandroundshealth.com.
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