Pharmacy benefits manager company Capital Rx closed on a $50 million financing round that saw participation from 10 health systems, including Houston-based Memorial Hermann and Phoenix-based Banner Health.
The company will use the new financing to support research and development related to Capital Rx's Judi technology platform, grow its client and member service teams and hire in key areas of the company, according to an Oct. 11 Capital Rx news release.
Transformation Capital also participated in the financing round. According to Jared Kesselheim, MD, managing partner at Transformation Capital, the company has made progress with the Judi platform since its 2020 series B financing round.
Here are the 10 health systems participating in the financing round:
- Atlantic Health System (Morristown, N.J.)
- Banner Health (Phoenix)
- Hawai'i Pacific Health (Honolulu)
- Inova Health System (Falls Church, Va.)
- Lehigh Valley Health Network (Allentown, Pa.)
- Memorial Hermann Health System (Houston)
- Nebraska Medicine (Omaha)
- Novant Health (Charlotte, N.C.)
- Ochsner Health (New Orleans)
- WellSpan Health (York, Pa.)
"Inova makes strategic investments in healthcare companies that have the potential to drive meaningful transformation," Inova CFO Alice Pope said in the release. "Capital Rx's ability to leverage technology to bring clarity and consistency to drug prices for its clients and to broaden access to medication for members while providing exceptional service represents a paradigm shift in the PBM industry."