Cardamom Health Announces Investment by HealthX Ventures to Expand Advisory and Managed Services for Data, Analytics, and Applications

June 12, 2024Cardamom Health 

Cardamom Health is pleased to announce an investment by HealthX Ventures, a digital health-focused venture capital firm also based in Madison, Wisconsin. Cardamom will use this funding to grow its team and expand its data, analytics, and applications capabilities across value-based care, revenue cycle, and other advisory and managed services. This financing will also help Cardamom fulfill its dual mission to 1) maximize the value of data and technology to enable the best outcomes in healthcare and 2) cultivate a diverse team that includes people who haven’t had opportunities in health IT to help build an economy where everyone can flourish.

“We’re thrilled to welcome new partners to the Cardamom family. In a rapidly changing healthcare environment with ongoing financial, talent, and technology constraints, we believe now is the time for a modern approach to services. By melding our diverse and highly integrated data, analytics, and applications teams with innovative technology, we can deliver better results at a lower cost. The additional capital and expertise we’re adding with this raise validates the work we’ve already done and sets us up to do so much more for our customers,” said Vivek Swaminathan, Cardamom’s CEO.

As part of this funding round, Mark Bakken will join Vivek on the Board of Directors. Mark, a serial entrepreneur who previously founded Nordic, has had tremendous success as a leader and an investor. Collectively, his portfolio companies have raised more than $1.1B in venture capital, and he has worked with Eric Schmidt on Novell’s Partner Advisory Group and Bill Gates on Microsoft’s Partner Advisory Council.

”Having been around healthcare IT and professional services for decades, I have a high bar for services organizations, and the strength of Cardamom’s leaders and their team-based approach is incredibly exciting. The healthcare market is in desperate need of a services company that uses automation, AI, and economies of scale to drive down costs. I am confident that Cardamom meets that need and will be a lasting partner for many organizations far into the future.”

About Cardamom Health

Headquartered in Madison, Wisconsin and founded in 2021, Cardamom Health is a minority-owned healthcare technology services company that provides a multi-disciplinary, team-based approach to services for healthcare providers, health plans, and other HIT organizations. With a focus on committed outcomes and value, Cardamom empowers these organizations to efficiently and effectively use data, analytics, and applications to improve the quality and cost of care while enhancing the patient and provider experience. Cardamom is proud of its commitment to add talent to the industry by recruiting highly capable team members without health IT experience and offering comprehensive training, mentorship, and support so all employees can grow and deliver industry-leading service levels to customers.

About HealthX Ventures

HealthX Ventures is a digital healthcare-focused venture capital fund based in Madison, Wisconsin. HealthX Ventures supports early/seed stage, high-growth companies in all areas of digital health, including companies who are making healthcare safer, more efficient, and more affordable.

The firm is led by experienced entrepreneurs, investors, and industry experts who have grown companies and led change across the healthcare system.

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