CareSource and Elevate Ventures Invest in Water Quality
Partners invest in 120Water to protect public health
Posted on August 23, 2022 120Water
INDIANAPOLIS, IND. (Aug. 23, 2022) – CareSource, a national managed care organization, announces a $1 million investment in 120Water, a digital water solution that helps utilities and state and local agencies manage critical water programs that protect public health. CareSource’s investment, which is part of a $3 million round that included participation from Elevate Ventures, Allos Ventures and other existing investors, was made through the CareSource Diversity & Social Impact Fund.
Recently named one of the fastest-growing private companies in America by Inc. 5000, 120Water is recognized as a leader in helping partners achieve Lead and Copper Rule (LCR) compliance. Over 400 customers across 38 states already use 120Water’s Digital Water Platform.
“CareSource recognizes the significant health consequences of lead contamination in the communities we serve,” said Steve Smitherman, CareSource Indiana market president. “We applaud 120Water’s innovative solutions for reducing these risks and are proud to support their work.”
A 2021 survey by the National Resources Defense Council (NRDC) found Indiana, along with Illinois and Ohio, to have some of the most lead service lines in the nation.
The Environmental Protection Agency (EPA) says there are between six million and 10 million lead services lines in the country.
“Since January, the number of water systems we’re partnering with to inventory lead pipes has grown by more than 70 percent,” said 120Water co-founder and CEO Megan Glover. “This investment will be used to continue to hire water quality professionals to meet the needs of our customers. It will also be used to invest in R&D and expand the functionality of our software platform, further supporting the water quality needs of utilities we serve.”
“The collaboration between CareSource and 120Water is a perfect pairing to deliver public health benefits to those communities most in need of modern water quality solutions, including communities in and around Indiana,” said Phil Lodato, general counsel and chief compliance officer at Elevate Ventures. “Elevate is pleased to have helped make this high-impact connection, as well as to make a promising capital investment into an exciting, fast-growing Indiana technology company.”
CareSource is a nonprofit, nationally recognized managed care organization with over 2 million members. Headquartered in Dayton, Ohio since its founding in 1989, CareSource administers one of the largest Medicaid managed care plans in the U.S. The organization offers health insurance, including Medicaid, Health Insurance Marketplace, Medicare Advantage and dual-eligible programs. Through its network of health plans, CareSource serves members in Arkansas, Georgia, Indiana, Kentucky, Ohio and West Virginia. The company is leading the way in serving populations with complex needs and extended its presence into 12 additional states with the acquisition of The Columbus Organization, a trusted partner to health care agencies and provider organizations in improving coordination and support for individuals with intellectual/developmental disabilities and behavioral health challenges through its staffing, quality improvement and care coordination services. As a mission-driven organization, CareSource is transforming health care with innovative programs that address the social determinants of health, health equity, prevention and access to care.
For more, visit www.caresource.com, follow @caresource on Twitter, or like CareSource on Facebook.
120Water is the comprehensive solution used by water professionals across the country to manage critical lead and drinking water programs. Comprised of secure cloud-based software, services and point-of-use kits, 120Water’s solution provides tailored workflows for complying with lead and water quality programs to protect public health. Working with hundreds of utilities across 38 states, 120Water is in the process of inventorying over 3 million service lines that impact more than 10 million individuals. Their team of water, policy and technology experts have supported over 8,000 sampling events, partnering with water systems and government agencies such as Citizens Energy Group, the City of Providence, RI, the City of Asheville, NC, and Chicago Public Schools to protect public health and provide clean drinking water to all communities. To learn more, visit 120Water.com or follow them on Twitter @120_Water.
About Elevate Ventures
Elevate Ventures is a private venture development organization that is committed to helping high-growth startups and early-stage companies grow into high-performing, Indiana-based companies. Elevate has invested over $140 million into more than 480 companies through its various programs. Pitchbook has ranked Elevate as the Most Active VC in the Great Lakes Region since 2017. To learn more about Elevate Ventures, visit elevateventures.com.