Devoted Health raises a record $1.2 billion to expand care for older Americans

It is an extraordinary amount of money at an extraordinary time.

Devoted Health, a startup using technology to provide better care for older Americans, raked in $1.23 billion in Series D funding, the company said Friday, marking a record haul for a health tech business and one of the largest sums raised by any venture at such an early stage. The company is now valued at about $12.7 billion and planning to expand its services nationwide.

Its fundraising success is based in large part on the Waltham, Mass.-based company’s novel approach to caring for older Americans. It pairs a Medicare Advantage insurance product with a network of caregivers who deliver services in clinics, online, and in patients’ homes, with the goal of snuffing out medical problems before they spiral out of control.

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