Atlanta, Ga.-based Loyal, which runs an AI-powered digital patient engagement platform for healthcare firms, has announced executive changes after raising $33.5 million in Series B funding from Summit, N.J.-based Concord Health Partners and other strategic investors. So far, Loyal has raised $46.5 million from investors.
Subsequent to the Series B, Loyal founder Chad Mallory, is stepping down as chairman and CEO. He is to transition to an advisory role effective Friday, while Saurabh Sinha, founder of Nashville, Tenn.-based healthcare technology firm Emids, was named chairman.
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“Loyal fills a critical gap in consumer care navigation and represents a huge opportunity to improve the lives of patients and the healthcare experience for all,” said Sinha, an engineer who served as Emids’ CEO until early 2023. “I’m delighted to join Loyal’s board of directors as chairman and to help guide the company’s strategic priorities as it continues to scale.”
Sinha will lead an effort to recruit additional expertise, Loyal said, alluding to the search for a new CEO. Loyal also named Mark Hipp, a senior executive who sits on the boards of several companies, to its board.
Over the past month, Loyal has named two C-suite executives. Austin Pauls, who most recently was vice president of finance for supply-chain software firm Stord, was named the chief financial officer. Loyal also hired Lauren Struck as its first chief people’s officer. Struck held the same position at BioDigital, an interactive 3D software platform for visualizing anatomy, disease, and treatment.
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“The combination of additional capital and the expertise of the company’s new leadership creates continued excitement around the future of Loyal,” said James Olsen, founder and managing partner of Concord Health Partners. “This moment is about putting the right capital, people and plan together to build on the initial vision and achievements of Chad and the broader Loyal team. We have enjoyed working with Chad as CEO and look forward to his continued support as a senior advisor.”
Mallory, a GeorgiaTech engineer, expressed the hope that Loyal’s next phase would help “even more patients lead their healthiest lives.” He previously founded and ran BrightWhistle, which was acquired by Influence Health (now called WebMD)
Loyal’s consumer engagement platform helps healthcare organizations identify and create greater efficiencies by consolidating disparate technology stacks. Powered by AI, the platform “streamlines routine touchpoints and frees up time in clinicians’ schedules to treat more patients,” Matthew Cohen, director of AI at Loyal, told Swaay Health. “AI optimization in patient engagement and access is emerging as a solution, especially for physicians tied down by labor shortages and extensive administrative burdens,” he said.
