Integrated behavioral health practice management provider Ritten has landed $35 million in funding.
Five Elms Capital led the Series B round. Ritten previously raised $17.5 million in two rounds, according to Crunchbase. The software provider works with addiction treatment and mental health organizations. Its platform integrates electronic medical records, customer relationship management, and revenue cycle management — all of which are enabled with AI.
“This partnership with Five Elms will allow us to advance our AI-first roadmap, continue supporting clinicians and staff, and scale solutions that meet the nuanced requirements of behavioral health,” Ritten CEO Noah Whitehead said in a news release.
Previous Ritten investors — Threshold Ventures, 8VC, and Bienville Capital — also participated in the round, along with other unnamed investors.
Ritten is one of many software companies seeking to become the software provider of choice for behavioral health providers. Behavioral health software providers face a market that is quite unlike other segments of health care.
For years, behavioral health providers avoided investing in tech such as electronic health records. Government incentives to modernize these workflows often excluded behavioral health providers. However, years of pressure towards modernization have forced wider adoption on the dime of providers and their investors. With no clear tech Goliath in most behavioral health segments, the field is wide open for new companies to plant a stake.
“Ritten is revolutionizing a space that has long been underserved by fragmented, outdated technology,” Ryan Mandl, partner at Five Elms Capital, said in the release. “Their platform unifies the critical systems that practices need to grow, operate efficiently, and deliver high-quality treatment, enhanced by AI to meaningfully reduce complexity for care teams. We’re thrilled to be part of the next phase of Ritten’s growth.”
Much of the funding will be allocated to developing AI tools. Specifically, the company will add to its AI capabilities for clinicians and revenue cycle management. It will also further develop its AI customer support offerings. It will generally integrate AI throughout workflows. The funding will also help it gain new mental health and addiction treatment customers.
The company did not respond to a request for comment.
Venture capital continues to be a driving contributor to the advancement of technology in behavioral health.
Earlier this month, Radial landed $50 million from General Catalyst and others to expand its footprint of cutting-edge interventional psychiatry services. Empathy Health Technologies, the maker of Sober Sidekick, raised $7.6 million to grow its technology meant to help health plans keep patients discharged from rehab in recovery.
Earlier in the year, applied behavior analysis-focused software provider Passage Health raised $8 million in a Series A round. Dazos announced it secured a $25 million Series A investment for its customer relationship management and billing platform in May.
One of the few tech titans of the industry, autism therapy- and I/DD-focused CentralReach, was acquired earlier in the year for $1.65 billion by Roper Technologies (Nasdaq: ROP).