Omada Health raised $192 million in a Series E venture funding round led by Fidelity Management & Research, boosting the chronic care startup’s valuation to $1 billion, the company announced Wednesday.
Omada Health will invest the money in hiring, developing its integration capabilities and growing Omada Insights Lab, its data science platform for identifying preventive care and intervention opportunities among its 18 million users. Investors aMoon, Perceptive Advisors, and Wellington Management and Civilization Ventures also contributed funding.
The company is preparing to go public, which could happen later this year, CEO Sean Duffy said. “The markets right now are a little bumpy,” he said. “One wouldn’t want to go public if you have the ability to hang tight and watch what happens.”
The Series E round brings Omada Health’s total funding to $454 million and comes on the heels of record growth for the startup, which provides virtual care to patients with chronic conditions including diabetes, hypertension and musculoskeletal conditions.