Author Health, a San Francisco-based mental health care company, today announced that it has raised $115 million in Series A funding. The round was led by General Atlantic, with participation from Flare Capital Partners, Oak HC/FT, Initialized Capital, and others.
The company will use the funds to expand its access to mental health care for Medicare Advantage patients. Author Health’s platform provides virtual and in-person care for patients with serious mental illness and substance use disorders. The company’s technology uses artificial intelligence to match patients with the right providers and to track their progress over time.
“We are excited to announce this funding round, which will allow us to accelerate our mission of making mental health care more accessible and affordable for Medicare Advantage patients,” said Katherine Hobbs Knutson, CEO and co-founder of Author Health. “With this funding, we will be able to expand our platform to reach more patients, and we will also be able to invest in developing new technologies that can improve the quality of care.”
The demand for mental health care is growing rapidly, especially among Medicare Advantage patients. According to a recent report by the Kaiser Family Foundation, nearly one in five Medicare Advantage beneficiaries have a mental health condition. However, access to mental health care can be difficult for Medicare Advantage patients, due to high out-of-pocket costs and limited provider networks.
Author Health’s platform addresses these challenges by providing patients with access to high-quality mental health care at a lower cost. The company’s technology also helps to ensure that patients are matched with the right providers and that their progress is tracked over time.
“We are impressed by Author Health’s technology and its potential to improve access to mental health care for Medicare Advantage patients,” said Michael Leong, Managing Director at General Atlantic. “The company’s platform has the potential to make a significant impact on the lives of patients and their families.”
This funding round is a significant validation of Author Health’s technology and its potential to impact the healthcare industry. The company is well-positioned to capitalize on the growing demand for mental health care among Medicare Advantage patients, and this funding will help it to accelerate its growth and reach.
About Author Health
Author Health is a San Francisco-based mental health care company that provides virtual and in-person care for patients with serious mental illness and substance use disorders. The company’s platform uses artificial intelligence to match patients with the right providers and to track their progress over time. Author Health was founded in 2021 by Katherine Hobbs Knutson, a former Optum executive, and Sudish Mogli, a former Google engineer.
About General Atlantic
General Atlantic is a global investment firm with over $70 billion in assets under management. The firm invests in growth-oriented private and public companies across a wide range of industries. General Atlantic was founded in 1980 and is headquartered in New York City.
- Author Health’s platform is currently being used by a number of Medicare Advantage plans, including Humana, Aetna, and Cigna.
- The company is planning to use the funds from this round to expand its platform to reach more patients, as well as to invest in developing new technologies that can improve the quality of care.
- Author Health is a member of the National Alliance on Mental Illness (NAMI) and the American Psychiatric Association (APA).