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Corporate Venture
providenceventures.org

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Investments

46

Portfolio Exits

6

Funds

2

Partners & Customers

1

About Providence Ventures

Providence Ventures manages venture capital funds on behalf of Providence Health & Services (PHS). The fund is designed to achieve venture class returns through direct investments in healthcare companies that improve quality and convenience, lower cost and improve health outcomes.

Providence Ventures Headquarter Location

800 5th Ave

Seattle, Washington, 98104,

United States

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Latest Providence Ventures News

DexCare Proves Impact on Digital Healthcare Access in First Year Following Providence Spinout

Apr 26, 2022

DexCare Exceeds Expectations Set Since 2021 Spinoff; Anniversary Follows Major Health System Wins, Funding Rounds, and ROI Successes April 26, 2022 08:00 AM Eastern Daylight Time SEATTLE--( BUSINESS WIRE )-- DexCare , Inc., a data-driven intelligence company focused on healthcare access, is showcasing its industry impact to-date to commemorate its one-year anniversary on the market following its spinout from Providence in March 2021. In one year, DexCare has: Raised two oversubscribed funding rounds totaling $71M from leading digital health investors including new investor Transformation Capital, and all existing investors, Kaiser Permanente, Providence Ventures, Mass General Brigham, Define Ventures, Frist Cressey Ventures, and SpringRock Ventures. Nearly tripled its customer base of premier U.S. health systems, including a variety of new partners from leading brands like Mass General Brigham, to academic centers like the University of Rochester Medical Center and to the largest IDNs, like Kaiser Permanente, which more specifically, has chosen DexCare to power a virtual care network and intelligently load balance for Kaiser locations across the country. Grew total number of patients served by 400%. Over 53 million patients now have access to DexCare-powered experiences. Expanded its platform to power access across a variety of health system types (large, national, mid-sized regionals, and academic centers), care modalities (video, phone, in-person, on-demand, scheduled), and service lines (same-day care, urgent care, primary care, specialty care. Garnered industry accolades including GeekWire’s selection of DexCare as a Startup Of The Year finalist and Black Book Survey recognizing DexCare as a company that’s methodically challenging the health care technology status quo. Grew the DexCare employee base by 4x, which includes key appointments to the leadership team such as Julia Millard, Chief Customer Experience Officer and Chief People Officer, Brett Thompson, who has a proven track record building highly successful teams at multiple unicorns. Tactfully built a Board of Directors and Advisors that arms DexCare with some of the most experienced, influential and forward-thinking people in healthcare, including Dr. Toby Cosgrove, Executive Advisor of Cleveland Clinic, Todd Cozzens, Co-Founder & Managing Partner at Transformation Capital, Lynne Chou O’Keefe, Founder & Managing Partner at Define Ventures, Liz Rockett, Managing Director of Kaiser Permanente Ventures and Gaye Bok, Partner, Artificial Intelligence & Digital Innovation Fund (AIDIF) at Mass General Brigham. “We envision a world where all consumers have exceptional access to the best expertise and services to treat, cure and prevent illness,” said Derek Streat, CEO of DexCare. “Our goal is to create that reality by enabling health systems to better meet the demands of today - delivering highly effective and efficient hybrid care. Our platform has delivered real-world results to the digital care market in a short time – serving hundreds of thousands of highly satisfied consumers thus far – and we’ve only just scratched the surface.” “We’re so excited for the success that the DexCare team has seen in its first year both from an organizational and market perspective," said Sara Vaezy, Chief Digital Officer of Providence and DexCare Board Member. "DexCare is a perfect example of a technology innovation that might not have been ideated or invested in outside of a health system, but is proving to be a game-changer. Derek, Sean and team have done an incredible job in taking it to the next level.” The Larger Trend: DexCare’s rapid success occurred against the backdrop of three key shifts in health care, spurred in large part by the pandemic – generating an industry-wide necessity for DexCare’s technology: Digital health has become a permanent preference and option for care access among consumers. DexCare believes that 20% - 30% of care will shift from analog to digital going forward, with some disease management programs becoming 100% virtualized. There’s a highly critical infrastructure shift toward strategic health system platforms and away from digital health point-solutions that drive consumer confusion, frustrate and overwhelm providers, and make it unnecessarily difficult for health systems to function efficiently. The combination of focused digital health applications and interoperability will unlock great opportunities to deliver targeted, cost-effective, personalized care, at scale, through data-driven intelligence. Evolving from a direct one-to-one patient-provider relationship to a team approach where many providers and caregivers have access to the data and tools necessary to effectively treat patients, while also sharing their real-time availability so that matching engines can most efficiently and effectively allocate resources, is key to scaling access for everyone. DexCare is the platform to make it happen. Looking ahead, DexCare will expand its reach to more specialty service lines, empowering health systems to provide more access to more patient populations. About DexCare DexCare is a Platform-as-a-Service (PaaS) for health systems that intelligently orchestrates digital demand and health system capacity across all lines of care. In a complex and vast sea of virtual point solutions, DexCare is the operating system that makes it all work. DexCare's data-driven intelligence engine allocates, flexes and optimizes resources to best meet both consumer demand and health system business goals—expanding the reach of health system service lines into a new, digital and on-demand consumer arena. The platform attracts and caters to high-value consumers by providing a fully-digitized, unified experience that routes consumers to the best care options while leveraging existing EMR, caregiver and brand investments. Incubated at Providence, one of the nation's largest and most innovative health systems, DexCare has enabled service lines to attract 30% more new patients, capture 5x downstream revenue, generate 22% per patient encounter in costs savings, and deliver a net promoter satisfaction score greater than 90. DexCare customers include leading health systems across the U.S. For more information, visit dexcarehealth.com or follow us on LinkedIn . Contacts

Providence Ventures Investments

46 Investments

Providence Ventures has made 46 investments. Their latest investment was in Wildflower Health as part of their Series D on March 3, 2022.

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Providence Ventures Investments Activity

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Providence Ventures Portfolio Exits

6 Portfolio Exits

Providence Ventures has 6 portfolio exits. Their latest portfolio exit was Bolder Surgical on October 14, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/14/2021

Acquired

$99M

3

9/7/2021

Acquired

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10

12/7/2020

Acquired

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$99M

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10

10/13/2020

Corporate Majority

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10

5/22/2019

Merger

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10

Date

10/14/2021

9/7/2021

12/7/2020

10/13/2020

5/22/2019

Exit

Acquired

Acquired

Acquired

Corporate Majority

Merger

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

3

10

10

10

10

Providence Ventures Fund History

2 Fund Histories

Providence Ventures has 2 funds, including Providence Ventures II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

1/8/2019

Providence Ventures II

$150M

1

9/16/2014

Providence Ventures

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$99M

10

Closing Date

1/8/2019

9/16/2014

Fund

Providence Ventures II

Providence Ventures

Fund Type

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Status

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Amount

$150M

$99M

Sources

1

10

Providence Ventures Partners & Customers

1 Partners and customers

Providence Ventures has 1 strategic partners and customers. Providence Ventures recently partnered with RxRevu on June 6, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

6/28/2021

Partner

United States

Providence Ventures grows investment in clinical decision support platform

Under the expanded partnership , Providence Ventures is making a new financial investment in RxRevu so the company can expand its decision support capabilities and product portfolio .

2

Date

6/28/2021

Type

Partner

Business Partner

Country

United States

News Snippet

Providence Ventures grows investment in clinical decision support platform

Under the expanded partnership , Providence Ventures is making a new financial investment in RxRevu so the company can expand its decision support capabilities and product portfolio .

Sources

2

Providence Ventures Team

1 Team Member

Providence Ventures has 1 team member, including current Senior Partner, Jeffery Stolte.

Name

Work History

Title

Status

Jeffery Stolte

Ascension Ventures, WebMD, and Health Language

Senior Partner

Current

Name

Jeffery Stolte

Work History

Ascension Ventures, WebMD, and Health Language

Title

Senior Partner

Status

Current

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