A decade-old health-tech company has raised $500 million to put its technology into more exam rooms worldwide.
It is the first time Outcome Health, a Chicago-based startup, has raised capital, and the round gives the company a $5.5 billion valuation.
There are more than 50 investors in the round, including CapitalG, Alphabet's growth-equity fund; Pritzker Group; Goldman Sachs; and Leerink Transformation Partners.
Outcome Health, which until January was called ContextMedia, provides technology to healthcare providers meant to educate patients about their diseases and possible courses of treatment. This is done using videos and other information that's displayed on tablet devices and screens in waiting and exam rooms.
"The idea at this point was simple: We want to be in every exam room in the world," Outcome CEO Rishi Shah told Business Insider. "We want to bring all the available information and intelligence in the world to help docs and patients make the best decision every time."
So far, Outcome Health is in 40,000 healthcare practices and works with 20% of healthcare providers in the US. By 2020, Shah said he hoped to be working with 70% of all healthcare providers, in large part with the help of the funding round.
The funding round will also go toward making the information Outcome Health provides more searchable and "intelligent" so that the technology can pull in information about a patient and provide courses of action personalized for an individual.
"We think there's an opportunity to create an exam room that knows you," Shah said.