Behavioral health startup was at the heart of a bevy of announcements today that included the conclusion of a $40 million Series C funding round, the appointment of three executives to its board of directors, and a collaboration with Horizon Blue Cross Blue Shield (BCBS) of New Jersey that brings the service into a sixth state.
“Making collaboration between primary care physicians and behavioral health specialists work is a must if we are ever going to improve the overall health of our country,” Arun Gupta, founder and CEO of Quartet, said in a statement. “The bridge between mental and physical health is being built with leading the charge. We have experienced tremendous growth coming into 2018, and we are excited to have the best of the healthcare and technology worlds supporting us as we scale.”
The funding round was led by investors F-Prime Capital Partners and Polaris Partners, with additional participation from Oak HC/FT, GV (formerly Google Ventures), and Deerfield Management. Quartet, which launched in 2014, partners with health plans and provider organizations to improve access to mental healthcare by identifying high-need patients and connecting them to personalized treatment.
Now boasting a total of $87 million in funding, the company said in a statement that its future plans include expanding its core engineering and product capabilities, scaling its machine learning team, and building out new business development functions. Joining its board are Ken Goulet, former executive vice president and president of commercial and specialties business at Anthem; Lanham Napier, former CEO of Rackspace and cofounder at BuildGroup; and Carl Byers, executive partners at F-Prime Capital.
“Having been involved with Quartet for several years, I’ve seen the company’s rapid maturation process firsthand and it is much farther along than most healthcare companies at this stage,” Byers said in a statement. “I am excited to join Quartet’s board and work even more closely with the company in striving to bridge the gap between physical and mental care.”
Quartet’s tool is now being offered to Horizon BCBS of New Jersey members through their primary care providers as well, according to a statement from the insurer. Specifically, the platform will provide a vetted network of local mental health specialists, live psychiatry consults for providers, and customer service support for patients and providers.
“Horizon is committed to helping our members achieve a higher state of wellness through an integrated approach that incorporates behavioral health in the overall medical care,” Allen J. Karp, senior vice president of healthcare management for Horizon BCBS of New Jersey, said in a statement. “With Quartet, primary care doctors will have new tools to more easily identify patients with behavioral health needs associated with their medical conditions and connect them to the specialists best suited to address those needs.”