Castlight Health

Forbes highlights Castlight Health’s addition of John Driscoll to leadership team

cevans — Tue, 15 May 2012 16:19:36 +0000

Castlight has now hired John Driscoll, an experienced industry executive, as president. (Co-founder Giovanni Colella is chief executive). Driscoll spent the past nine years at pharmacy benefits manager Medco Health, most recently as group president, where he championed electronic prescribing, helped establish a national drug safety system in Sweden, and oversaw consumer-driven programs. Prior to Medco, he served as an advisor on health care investments at Oak Investment Partners, an investor in Castlight. He also spent eight years at Oxford Health Plans, which was once hailed as a progressive HMO and is now part of UnitedHealth Group.

Castlight Health Appoints Health Care Industry Veteran John Driscoll as President

cevans — Tue, 15 May 2012 13:01:07 +0000

Driscoll to Help Company Continue Strong Growth and Expand Strategic Partner Ecosystem

SAN FRANCISCO – May 15, 2012 – Castlight Health, the leading provider of health care transparency solutions for employers and payers, has announced the appointment of John Driscoll as President. Driscoll brings more than 25 years of health care experience to the position and most recently served as a Group President at pharmacy benefits leader Medco Health Solutions.

“Castlight’s goal is to dramatically improve the way consumers make health care decisions and we will continue to look to our valued partner community of employers and health plans to help bring about a true change in the industry,” said Giovanni Colella, M.D., Co-Founder and CEO of Castlight Health. “John will be a great addition to our team. His vast experience in health care will be invaluable as we expand our partnerships and product offerings. We look forward to John’s contributions as we build on our strong momentum and accelerate innovation in our health care management suite.”

Today’s announcement closely follows Castlight’s $100 million Series D round of funding. The recent investment will enable the company to continue its steep growth trajectory, aggressively capitalize on the strong demand for health care software solutions and expand its services to help customers lower health care costs and improve outcomes.

“Transparency into the cost and quality of health care services is a nationwide issue, as people simply don’t have the information they need to make informed choices about their health care,” said John Driscoll, President, Castlight Health. “I see a tremendous opportunity for the transparency market and Castlight is driving this revolution. I look forward to working with Castlight’s stellar team as we expand Castlight’s relationships with health plans and providers, who have such an important voice in transforming health care.”

Prior to Castlight, Driscoll served as Group President for New Markets at Medco, where he was responsible for acquisitions and product development as well as the company’s consumer-driven and e-prescribing businesses which lead the market in their prospective segments. Previously, he held the position of Senior Vice President, Product and Business Development, and led Medco’s entry into Medicare, international markets and pharma services. Driscoll came to Medco from Oak Investment Partners, a venture capital firm, where he served as an advisor on health care investments. He also served in a number of senior operating positions at Oxford Health Plans, a major independent health plan which has since been bought by UnitedHealthcare. During his time at Oxford, Driscoll helped grow his area of the business from $6M to $1B in just over five years.

With its health care management suite, Castlight Health enables customers to reduce their overall health care spending while improving the quality of care for the employees they cover and support. Already, dozens of leading organizations, including Allegis Group, Honeywell, Life Technologies, Willis North America and Regis Corporation are leveraging Castlight’s advanced technology and unparalleled expertise to engage employees and drive improved results and outcomes.

About Castlight Health

Castlight Health enables employers, their employees, and health plans to take control of health care costs and improve care. Named #1 on The Wall Street Journal’s list of “The Top 50 Venture-Backed Companies” for 2011 and one of Dow Jones’ 50 Most Investment-Worthy Technology Start-Ups, Castlight Health helps the country’s self-insured employers and health plans empower consumers to shop for health care. Castlight Health is headquartered in San Francisco and backed by prominent investors including Allen & Company, Cleveland Clinic, Maverick Capital, Morgan Stanley Investment Management, Oak Investment Partners, Redmile Group, T. Rowe Price, U.S. Venture Partners, Venrock, Wellcome Trust and two unnamed mutual funds. For more information, please visit our web site at http://www.castlighthealth.com or call (415) 829-1400.

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Press Contact:

Kristin Reeves

Blanc & Otus for Castlight Health

kreeves@blancandotus.com

415.856.5145

Castlight Health selected as Top 40 Innovative Company by GOOD Company Project

cevans — Thu, 10 May 2012 00:11:13 +0000

Castlight Health has been selected as one of 40 businesses to be profiled in The GOOD Company Project presented by GOOD in collaboration with IBM. The GOOD Company Project selected Castlight Health for their outstanding leadership, effort, and their innovations in health care transparency tools. Receiving this recognition from The GOOD Company Project is a great confirmation of the positive role Castlight Health has played in creating both an economic and social impact.

To learn more, visit The GOOD Company Project.

Castlight Finalist in Red Herring Top 100 Americas Award

cevans — Thu, 10 May 2012 00:08:26 +0000

Castlight Health has been selected as a finalist for the Red Herring Top 100 Americas Award, which acknowledges Castlight as an exciting private venture that is among the most innovative and promising companies in North America. Red Herring evaluated Castlight on both its quantitative and qualitative criteria, such as financial performance, technology innovation, quality of management, execution of strategy, and disruption in its industry.

To learn more, visit Red Herring.

Financial Times’ Tech Blog spotlights Castlight’s Series D funding record

cevans — Tue, 01 May 2012 17:00:49 +0000

Washington Post’s “Wonkblog” highlights Silicon Valley’s support of health care comparison shopping

cevans — Tue, 01 May 2012 16:45:22 +0000

Castlight Health’s record round of funding featured in Forbes

cevans — Tue, 01 May 2012 16:40:06 +0000

American Public Media’s “Marketplace” features Castlight Health

cevans — Tue, 01 May 2012 16:30:23 +0000

TechCrunch highlights investors’ validation of Castlight Health

cevans — Tue, 01 May 2012 16:00:51 +0000

Castlight Health Secures $100 Million in Series D Funding

cevans — Tue, 01 May 2012 12:05:51 +0000

Major Investment Extends Company’s Leadership in the Health Care Transparency Market

May 1, 2012 – SAN FRANCISCO – Castlight Health, the leading provider of health care transparency solutions, today announced it has secured $100 million in Series D funding. With this investment, the company will aggressively capitalize on growing customer demand for health care transparency solutions that improve the quality of health care and deliver savings to customers and users. The round brings Castlight Health’s total funding to $181 million and includes participation from two major unnamed mutual funds, as well as T. Rowe Price, Redmile Group and previous investors.

“As the recognized market leader, we know the vast potential for our health care transparency solutions,” said Giovanni Colella, M.D., co-founder and CEO of Castlight Health. “Castlight Health has achieved tremendous growth in a short period of time and currently maintains a strong cash position. By expanding our funding, we can respond to the growing demand for our solutions, seize major market opportunities, increase the breadth of our offerings and extend our reach. We believe there is a huge opportunity to better engage companies and their employees as they make health care decisions and the latest round of funding will allow us to further innovate the way health care is consumed.”

United States health insurance premiums increased by an average of 8.0 percent between 2000 and 2009, whereas average household income rose by an average of only 2.1 percenti. To combat this increase, many employers are asking employees to pay a larger portion of their health care. Without the proper tools, employees are forced to make decisions based on limited information and little understanding of options, ultimately resulting in lower quality, higher costs and a decline in overall satisfaction. Founded in 2008, Castlight Health established the health care transparency market to directly address this need.

Graham McPhail of T. Rowe Price commented, “We were attracted to Castlight Health’s strong management team and the leadership position it has already established in the market. Castlight appears poised to dominate the segment and transform how users consume health care.”

“The health care industry is in dire need of innovation,” said Bryan Roberts, partner at Venrock and co-founder and chairman of Castlight Health. “Castlight has the opportunity to dramatically improve the efficiency of the U.S. health care system, providing employers and consumers with the information required to make good cost and quality health care decisions. Over the last two years, Castlight Health has created the unique products to drive customer traction and ROI, which sets them on a terrific growth trajectory over the next several years.”

“Traditionally, individuals have been very passive participants in managing their health care, as they have no insight into the cost and quality of the services,” said Dr. Toby Cosgrove, CEO of the Cleveland Clinic. “Transparency in health care can lead to higher-quality, lower-cost health care, as well as more consumer engagement. With its innovative technology and strong understanding of the market, Castlight is well positioned to make health care transparency a reality and transform how users make decisions.”

With its health care management suite, Castlight Health enables employers to make reliable cost and quality data for medical services available to employees via the Web or mobile devices. Already, dozens of leading organizations including Allegis Group, Honeywell, Life Technologies and Regis Corporation are leveraging Castlight’s advanced technology and unparalleled expertise to engage employees and empower them to make more informed, cost-effective health care decisions.

About Castlight Health

Castlight Health enables employers, their employees, and health plans to take control of health care costs and improve care. Named #1 on The Wall Street Journal’s list of “The Top 50 Venture- Backed Companies” for 2011 and one of Dow Jones’ 50 Most Investment-Worthy Technology Start-Ups, Castlight Health helps the country’s self-insured employers and health plans empower consumers to shop for health care. Castlight Health is headquartered in San Francisco and backed by prominent investors including Allen & Company, Cleveland Clinic, Maverick Capital, Morgan Stanley Investment Management, Oak Investment Partners, Redmile Group, T. Rowe Price, U.S. Venture Partners, Venrock, Wellcome Trust and two unnamed mutual funds. For more information, please visit our web site at http://www.castlighthealth.com or call (415) 829-1400.

Press Contact:
Kristin Reeves
Blanc & Otus for Castlight Health kreeves@blancandotus.com 415.856.5145

i Young, R., & DeVoe, J. (2012). Who Will Have Health Insurance in the Future? An Updated Projection. Annals of Family Medicine, http://bit.ly/I7t5mB