A team of Pillsbury lawyers in Silicon Valley represented lead investor Premji Invest in a $126 million investment in Boston’s Iora Health, an innovative primary care provider network with a mission to restore humanity to health care. India-based Premji Invest, the investment group of Wipro Ltd chairman Azim Premji, led the funding round and was joined by existing investors Cox Enterprises, Temasek F-Prime Capital, Devonshire Investors, .406 Ventures, Flare Capital Partners, Polaris Partners and Khosla Ventures.
Iora Health was founded to transform health care. With a two-year compound annual growth rate of over 70 percent, the company has 48 practices across the U.S. serving thousands of Medicare beneficiaries.
“At Premji Invest, we see the dire need—and ripe opportunity—for innovation in health care,” said Dhiraj Malkani, a partner in Premji Invest. “The team at Iora is at the forefront of this transformation. The impact they have already made on the thousands of patients they serve is impressive and we're most excited about the future development and growth that will lead to making even larger impact on both people and the bottom line.”
Iora will use the Series F funding to accelerate growth and refine and optimize their care model. Additionally, Iora is increasing its investment in its proprietary collaborative care platform, Chirp, to deliver new and improved features to be certified as a Medicare Certified Electronic Health Records system. Two of the most important new features are the capability to generate and consume standardized electronic patient information, and the ability to share such information to specialists and non-Iora providers via a standard encrypted messaging protocol called Direct.
The Pillsbury team included Armando Castro, Jasmine Alves and Omar Bailony.