New venture capital fund, King River Capital (KRC) today announced it
had completed an initial investment into California-based, high growth
software company Lark Technologies. The announcement comes as King River
Capital completes its second close of investment capital after a first
close earlier in the year. The Lark transaction has also enabled
co-investment participation from KRC’s limited partners, many of whom
are Australian investors.
Lark Technologies is the leading digital chronic disease prevention and
management platform that uses AI-based coaching to deliver improved
health outcomes at lower cost. In the US alone, the Centers for Disease
Control and Prevention estimates that 90% of the nation’s $3.3 trillion
in annual healthcare spending is for people with chronic medical and
mental health conditions.1 Lark’s clinically validated,
proprietary technology uses AI and clinical science to create
personalized care interventions for its nearly two million users across
its CDC Fully Recognized Diabetes Prevention (DPP), Wellness, Diabetes
Care, and Hypertension programs.
“Lark is leading the transformation of the healthcare sector by
deploying AI in innovative ways that create superior health outcomes and
better economics for people and businesses. We are excited to partner
with Lark’s outstanding management team to transform the prevention and
management of chronic conditions,” said King River Capital co-founder
and partner, Megan Guy.
“As a bridge between Silicon Valley and Australia, King River Capital is
committed to not only showcasing the best of Australia’s start-up scene
to the United States but also using our networks and presence in the
U.S. to give Australian investors access to the highest performing
Silicon Valley start-ups,” said King River Capital co-founder and
partner, Chris Barter.
“After exceeding the fund’s initial capital raising targets and
completing its first US and Australian investments, King River Capital
is off to a terrific start. We have a strong pipeline of investment
opportunities to deploy capital against,” said King River Capital
co-founder and partner, Zebediah Rice.
About King River Capital
King River Capital (KRC) was founded in 2019 as a venture capital fund
dedicated to investing in exceptional teams that are building innovative
companies in Australia and the US. With operations in Sydney and San
Francisco, KRC invests in high-growth software and AI-driven technology
businesses that are solving critical problems, typically in the Series A
through Series C rounds. The firm aims to cultivate a diverse, energized
ecosystem of entrepreneurs, operators, and partners that will build the
world’s iconic companies and create a better future.
About Lark Technologies, Inc.
Lark Health is the leading chronic disease prevention and management
platform using proven, AI-augmented health coaching to deliver better
health outcomes at scale. Lark uses cutting edge AI combined with
connected devices to provide real-time, personalized, 24/7 support and
counselling to help users make healthier choices and manage their
conditions. Lark’s CDC-recognized Diabetes Prevention Program, Wellness
Program, Diabetes Care Program, and Hypertension Program support nearly
two million users and have demonstrated clinically validated improved
health outcomes published in 11 peer-reviewed journals and analyst
reports. Lark works with three of the top five payers and several large,
self-insured employers to help their members live healthier lives.
Founded by CEO Julia Hu, the company was named “Top 10 Most Innovative
Companies in the World” alongside Uber and Airbnb, and Google’s “Best of
the Year”. To learn more, visit www.lark.com.
1 Centers for Disease Control and Prevention National Center
for Chronic Disease Prevention and Health Promotion – accessed 14 May
2019 at https://www.cdc.gov/chronicdisease/about/costs/index.htm.