Heard Technologies Secures Series A Funding
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Heard Technologies, a provider of back-end office solutions for therapists, recently announced the completion of its Series A funding round, with $15 million raised.
The funding round took place on June 22, 2023, marking a significant milestone in the company’s journey toward facilitating better care for patients by alleviating administrative burdens for therapists.
Heard Technologies was founded in 2019 by Victoria Li and Andrew Riesen with the goal of reducing the back-end office work such as bookkeeping, taxes, and payroll, allowing therapists to devote more time to their patients.
The service they provide is centered around offering solutions that prioritize the needs of the providers, giving them more time and space, both physically and emotionally, for the important work they do.
Therapists can join Heard Technologies on a subscription basis. Solo practitioners can be part of Heard at $199 per month, while group practices are charged $299 per month. Annual subscriptions are offered at a discount, and there is an additional payroll add-on for $40 per month.
Starting as a Seattle-based company in 2019, Heard Technologies initially focused on helping to provide access to care. At its inception, it had around 100 therapists utilizing their solution.
However, the team soon realized how challenging it was to start a practice. They thus spent the year 2020 examining pain points and challenges, which included integrating telehealth as the global pandemic surged.
Heard Technologies assists therapists in understanding their practice as a small business. Among the companies providing medical billing, electronic health record systems, and care accessibility solutions, Heard Technologies uniquely positions itself as an accounting back-office, supporting therapists with core bookkeeping, payroll, and tax needs.
In terms of funding, Heard Technologies initially raised $1.3 million in seed funding to launch its general ledger offering in 2021, followed by $10 million in Series A funding in 2022. Over the past year, the company has seen its customer base and revenue grow fivefold, with its employee count rising from 20 to 35.
The recent Series A funding of $15 million, which CEO Riesen calls an extension of its Series A round, was led by the global venture capital firm Headline. GGV Capital, Footwork, Founders’ Co-op, Act One Ventures, and Heron Rock Fund also participated in this round. This brings Heard’s total funding to $26.3 million to date.
Looking to the future, Heard Technologies plans to utilize the new funding to tackle automation and scaling technologies while expanding its offerings in the areas of practice formation, banking, and retirement.
The company has also recently strengthened its leadership team with the addition of Chief Operating Officer KK Mulligan and Head of Support Brandon Wolf. They are currently hiring for a Vice President of Engineering and Head of Tax Operations.
CEO Riesen believes that there is significant opportunity in the accounting space to improve and automate the annual tax filing experience, and build on their core accounting features. The ultimate goal of Heard Technologies is to become the financial back office for therapists in private practice.
Responding to requests from clinicians for financial and retirement planning, the company is also working to deliver a more effective and seamless solution in these areas.
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