Healthtech Leader Eon Announces $16MM Growth Equity Investment Led by Integrity Growth Partners
Integrity Growth Partners, along with UCHealth’s CARE Innovation Center, CU Healthcare Innovation Fund, and 25m Health, invest in Eon to accelerate rapid growth and expansion.
DENVER, April 6, 2022 /PRNewswire/ — Eon, a leading provider of incidental findings and screening patient management software, announced today that it received a significant minority equity investment led by Integrity Growth Partners (“IGP”). The investment marks the first time Eon has raised an institutional round of outside capital; Eon will remain independent and founder-led.
Eon provides a cloud-based patient management platform with solutions for many disease states, enabling hospitals and health systems to capture and longitudinally track patients at risk for future catastrophic diagnoses, creating a stage shift in the early detection of cancer and possible prevention of ruptured aneurysms. Eon’s platform leverages computational linguistics, an advanced form of linguistics under the artificial intelligence umbrella, and robust data science models to accurately capture incidental findings in radiology reports. Eon’s solution also provides care navigators with intuitive workflows for patient outreach, ensuring that at-risk patients don’t “slip through the cracks” and are adherent to recommended follow-up exams and procedures. Today, Eon is used by over 45 health systems and 400 hospital facilities across the U.S. Notable partner health systems include LifePoint Health, HCA Healthcare, Ascension, Cleveland Clinic, and SCL Health. UCHealth, in conjunction with their investment, will also begin using Eon at all of their hospitals and imaging centers through a phased implementation.
Dr. Aki Al-Zubaidi, Eon Founder & co-CEO, is an Interventional Pulmonologist who founded Eon in 2015 to solve a clinical problem he experienced first-hand – lung cancer was most often diagnosed at a late stage where the likelihood of survival for those diagnosed was low. He knew that by tracking patients with lung nodules found early on regular radiology exams, he could diagnose lung cancer at earlier stages. The Eon executive team raised this round to power the next phase of growth, and Dr. Aki states, “We believe that IGP’s investment and knowledge will help us continue to execute on our mission to make patients healthier and healthcare affordable.” Dr. Aki continues, “Our comprehensive platform allows us to deliver tremendous value to our health system partners as they work to optimize patient outcomes and reduce patient leakage. We are thrilled to be working alongside the team at IGP, along with our other partners, and we look forward to further establishing ourselves as the leader in incidental patient management.”
Historically, Eon has focused efforts on growth and revenue as a source of funding, rather than traditional fundraising partnerships, which fits IGP’s investment strategy of investing in founder owned and operated companies. “We are incredibly proud of the industry-leading software platform we have built, and the work we have done to make incidental management a higher priority in healthcare. In choosing a partner, it was important for us to find one who not only understands our mission but can provide meaningful support and strategic insight as we continue to evolve; we found that in IGP,” said Christine Spraker, co-CEO of Eon.
“We could not be more excited to lead the first institutional investment in Eon and to partner with Aki, Christine, and the rest of the amazing team at Eon,” said Ryan Anderson, Partner at IGP. “Through its industry-leading solution, Eon not only helps hospitals address the growing need to more effectively capture and manage care of at-risk patients – many of which have historically ‘slipped through the cracks’ – but more importantly helps providers deliver the best patient care possible, ultimately leading to improved patient outcomes.”
UCHealth, an innovative, nonprofit health system based in Colorado that focuses on improving health through innovation, was evaluating Eon as a partner for their early detection of lung cancer program, when they learned of the investment opportunity. This investment, alongside sister fund CU Healthcare Innovation Fund, represents the 13th company the system has invested in.
“We are excited about the possibilities that this innovative technology may provide for our patients,” said Dan Rieber, UCHealth’s Chief Financial Officer. “We hope our investment in Eon technology will help improve patient outcomes by allowing hospitals to track patients at high risk for developing serious medical conditions, like cancer, heart disease or even an aneurysm.”
About Eon Eon is a data science company that reduces variation in care and ensures adherence through patient capture, engagement, management, and tracking. We are on a mission to ensure the right data reaches the right people at the right time to make patients healthier and healthcare affordable. We believe together we can defy disease.
About Integrity Growth Partners Based in Los Angeles, Integrity Growth Partners is a growth private equity firm focused on investing in lower middle market software and tech-enabled services businesses led by exceptional management teams. IGP targets investments in high-growth companies with established products and business models, bringing to bear a differentiated combination of investing and operating experience. For more information, visit www.integritygp.com.
About UCHealth UCHealth is an innovative, nonprofit health system that delivers the highest quality medical care with an excellent patient experience. UCHealth includes 25,000 employees, 12 acute-care full-service hospitals and hundreds of physicians across Colorado, southern Wyoming and western Nebraska. With University of Colorado Hospital on the CU Anschutz Medical Campus as its academic anchor and the only adult academic medical center in the region, UCHealth is dedicated to providing unmatched patient care in the Rocky Mountain West. Offering more than 150 clinic locations, UCHealth pushes the boundaries of medicine, providing advanced treatments and clinical trials and improving health through innovation.
Views from the Market: What Does A Tech-focused U.S. Private Equity Firm See In Canada?
Doyl Burkett, Managing Partner of Los Angeles-based Integrity Growth Partners, joins Mario Nigro to discuss PE investments in the software and tech-enabled business services space. Integrity typically invests $10-40m in founder-owned-and-operated businesses, often taking non-controlling positions. Doyl’s strategic focus on “underserved geographies” has generated many opportunities across Canada. Listen to the episode here: https://podcasts.apple.com/us/podcast/episode-20-what-does-a-tech-focused-u-s-private/id1475781337?i=1000539209243
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