Thyme Care lands $97M series D backed by CVS Health, Humana, Morgan Health & Memorial Hermann
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Value-based cancer care navigation company Thyme Care raised $97 million in series D funding backed by major strategic investors across payers, employers, health systems and retail health.
The latest funding propels Thyme Care's valuation to north of $1 billion, a 2x increase from its valuation in July 2024 when it raised $95 million, according to a company spokesperson.
The company plans to use the new funding to expand its business across verticals and to take on more breaking points in the oncology journey that drive up costs and cause friction in the patient experience, Robin Shah, CEO and co-founder of Thyme Care, told Fierce Healthcare.
Thyme Care is now focused on tackling treatment denials, high drug costs and "the barriers that delay or prevent access to timely, affordable and appropriate care," Shah said.
"We're also accelerating investments in technology and AI to enhance care delivery, and scaling our partnerships across the ecosystem to reach more people with more support," he said.
The company plans to hire tech leaders to advance its AI platform strategy, Shah said, as Thyme Care aims to build out more member-facing apps and tech solutions for its care team. The company also is focused on continuing to scale the business as it inks new partnerships with national and local health plans.
Current investors CVS Health Ventures, Foresite Capital, a16z Bio + Health, Concord Health Partners, Town Hall Ventures, AlleyCorp and Frist Cressey Ventures backed the series D round. Thyme Care also picked up new strategic investors including Morgan Health, JPMorganChase's business unit focused on employer-sponsored healthcare, as well as Humana, Texas Oncology and the Memorial Hermann Health System.
The investment by these major healthcare players validates Thyme Care's approach to cancer navigation, Shah noted, as all these companies serve patients across the oncology care delivery landscape.