The world of entrepreneurship is one of patience. You have to wait to get funding, wait to launch your product, and you have to wait to make it big. But as any successful entrepreneur can tell you, good things come to those who wait.
That sentiment couldn't be more true for Outcome Health, a platform providing actionable health intelligence at the moment of care. The health company has been bootstrapping since 2006, but recently announced one of the largest funding rounds in Chicago history with $500 million. They also boasted a valuation of $5.5 billion, the largest in the history of the Windy City. Investor include Goldman Sachs, Pritzker Group Venture Capital, and Google's parent company, Alphabet, although the founders have made it clear they are in the driver's seat.
“It was really important to us to maintain our independence and governance of the business because Shradha and I are motivated by more than just profits,” said Rishi Shah, one of the cofounders of Outcome Health, to Crain's Chicago Business.
If you're familiar at all with the Chicago-based company, this news is downright inspiring. After bootstrapping for the better part of a decade, cofounders Shradha Agarwal and Rishi Shah now have the support they need to truly impact the health community.
“Together, we have the opportunity to create the exam room of the future, physically and digitally, and evolve healthcare decision making from the currency of information to the currency of intelligence,” said Shah in a statement.
Outcome Health has more than enough traction to warrant this kind of investment. They are already set up 20 percent of U.S. physician practices, hoping to reach 70 percent by 2020. They've also put up some seriously impressive revenue numbers, which are only going to improve considering the vast appeal of their product.
“They've built out this platform that could touch almost every single person in this country,” said Matt McCall, a partner at Pritzker Group. “The moment of truth is when doctor and patient are talking to each other. It really is exciting to think through what's possible.”
TechCo's CEO Frank Gruber had a chance to talk with Outcome Health cofounder Shradha Agarwal last fall at our annual Innovate! and Celebrate conference, where she hinted at some exciting news on the horizon. Watch the full video interview with Shradha Agarwal below.
Read more about the Chicago startup ecosystem here on Tech.Co