New York-based Quartet, a company that is building a technology platform to bring together physicians, mental health providers, and insurers, has raised $40 million in a Series C round to fuel the nationwide expansion of its business model.
Through Quartet’s platform, a primary care doctor could have a real-time phone consult with a psychiatrist about issues such as medication levels. Quartet also uses algorithms to suggest to the physician, based on the patients in their panel, people who could benefit from an initial assessment.
Quartet also announced it’s launching in New Jersey, teaming up with Horizon Healthcare Services Inc. This marks the company’s sixth major market and first statewide implementation.
The new financing for Quartet, which was named a Healthcare Informatics “Up and Comer” company for 2017, was led by F-Prime Capital Partners and Polaris Partners with all existing investors participating, including Oak HC/FT and GV (formerly Google Ventures), and new investor Deerfield Management. This brings the total amount of capital raised to date by Quartet to $87 million.
Quartet said it would use the new capital to expand its core engineering and product capabilities across its primary care, behavioral health and patient platforms, scale its machine learning team, and continue to build out its provider network, partner success and new business development functions.
“Making collaboration between primary care physicians and behavioral health specialists work is a must if we are ever going to improve the overall health of our country,” said Arun Gupta, founder and chief executive officer of Quartet, in a prepared statement. “The bridge between mental and physical health is being built with technology leading the charge. We have experienced tremendous growth coming into 2018, and are excited to have the best of the healthcare and technology worlds supporting us as we scale.”
Quartet also added three executives to its board of directors:
• Carl Byers, executive partner at F-Prime Capital and previously longtime athenahealth chief financial officer and founding team member;
• Ken Goulet, former executive vice president and president of commercial and specialties businesses at Anthem Inc.; and
• Lanham Napier, former chief executive officer of Rackspace and co-founder at BuildGroup.