With $40M Led by GV, Quartet Expands Tech for Mental Health Care
Quartet Health, the data-focused New York company that is trying to connect what it calls behavioral and physical healthcare, has received a $40 million Series B round led by GV, the venture capital arm of Google’s parent company, Alphabet.
Quartet plans to spend the new money on gaining clients in five to 10 more major markets in the U.S., as well as to hire more technologists, data scientists, and clinicians, the company said in a statement. Quartet has two customers it can name in Massachusetts, Steward Health and Lahey Health. Founded in 2014, the company raised $7 million one year ago in a Series A round led by Annie Lamont, a managing partner at Oak HC/FT.
Oak HC/FT also participated in the new round, as did the other firms who helped fund the Series A: Shulman Ventures, which is run by Quartet co-founder Steve Shulman, and Boston venture firms F-Prime Capital Partners, and Polaris Partners. Krishna Yeshwant, a Boston-based general partner at GV, is joining the company’s board of directors.
Quartet’s goal is to better connect the patients of primary care physicians with mental health care, or vice versa, because of the ties between the two health areas, according to co-founder and CEO Arun Gupta, who spoke to Xconomy last year. It does so by collecting data about patients from Quartet’s clients, which include health insurers and health provider systems, and then uses algorithms to try to help patients and clinicians determine a care plan.
A primary care physician with a patient who suffered heart failure and now is experiencing depression, for example, may not previously have had a resource to refer the patient for mental health, Gupta said last year.
“The company helps primary care providers and behavioral health specialists by matching the right patients with the right healthcare professionals, which frees capacity to meet the needs of a greater number of patients,” Yeshwant said in a statement today.
The company’s online platform also lets patients use tools for telepsychiatry, online cognitive behavioral therapy, and to schedule appointments with Quartet-affiliated providers.
Quartet stores its patient data in its cloud software system, which Gupta said is securely encrypted.