Strategic Growth Investment Marks a New Chapter for Specialty-Focused Virtual Care
HBox (“HBox” or the “Company”), a leading virtual care platform purpose-built for specialty medical practices, has announced that it has received a strategic growth investment from Charlesbank’s Technology Opportunities Fund (“TOF”) II. The transaction, which officially closed on December 17, 2025, represents a significant milestone in HBox’s evolution as healthcare systems and specialty clinics increasingly seek scalable, technology-driven solutions to manage complex, high-risk patient populations beyond the traditional walls of the clinic. This investment provides HBox with additional capital to accelerate its product roadmap, expand its virtual care capabilities, and deepen its mission to fundamentally transform how specialty practices deliver ongoing care to patients living with chronic conditions.
The Growing Need for Continuous, Outcome-Focused Specialty Care
Healthcare systems across the United States are facing mounting pressure from the rising prevalence of chronic diseases, particularly cardiovascular, pulmonary, and renal conditions that require continuous monitoring and timely clinical intervention. At the same time, reimbursement models are steadily shifting toward value-based and outcome-focused care, encouraging providers to keep patients healthier outside of acute care settings while reducing unnecessary hospitalizations and emergency visits. Specialty practices, which often manage some of the most medically complex patient populations, are increasingly expected to deliver proactive, longitudinal care rather than episodic treatment centered solely on in-person visits. However, many specialty clinics lack the infrastructure, staffing, and integrated technology needed to effectively extend care into patients’ homes. HBox was founded to address this precise gap by enabling specialists to deliver continuous, high-quality virtual care without disrupting existing clinical workflows or overburdening staff.
HBox’s Mission to Extend the Clinic Beyond Its Walls
From its inception, HBox has focused on building a virtual care platform that functions as a true extension of the specialty clinic. Rather than offering a generic telehealth solution, the Company delivers an integrated, AI-powered platform designed specifically for specialty practices managing chronic and high-risk conditions. HBox combines connected medical devices, next-generation patient engagement tools, and dedicated care services to create what it describes as a “virtual clinic within a clinic.” This model allows cardiology, pulmonology, nephrology, and other specialty practices to seamlessly continue care between in-person visits, ensuring that patients remain closely monitored and supported throughout their care journey. By aggregating real-time vital signs, patient-reported data, adherence behaviors, and clinical documentation into a unified system, HBox enables physicians and care teams to efficiently manage large patient populations while still maintaining a high-touch, personalized approach to care.
Leadership Team Driving Innovation and Execution
HBox is led by a founding leadership team with deep experience in healthcare technology, operations, and go-to-market execution. The Company was co-founded by BanuPrasad Dhanakoti, who serves as Chief Executive Officer, Sandeep Subramanya, Chief Operating Officer, and Mohammed Ali, Chief Revenue Officer. Together, the leadership team has guided HBox through a period of rapid innovation and customer adoption, building a platform that balances advanced technology with practical, real-world usability for specialty clinicians. Under their leadership, HBox has remained focused on delivering measurable clinical value, operational efficiency, and strong patient engagement outcomes for its customers, positioning the Company as a trusted, mission-critical partner to independent specialty practices across the country.
AI-Powered Platform Designed for Specialty Workflows
At the core of HBox’s offering is an AI-enabled virtual care platform engineered to support the unique needs of specialty providers. The platform integrates data from connected medical devices such as cardiac monitors, blood pressure cuffs, pulse oximeters, and other condition-specific tools, transforming raw patient data into actionable clinical insights. Advanced analytics and automation help prioritize patients who require immediate attention, flag potential deterioration early, and streamline documentation for reimbursement and compliance purposes. Equally important, HBox’s patient engagement tools are designed to encourage consistent participation, helping patients better understand their conditions, adhere to care plans, and remain actively involved in their own health management. This combination of technology and services allows specialty practices to scale their virtual care programs without sacrificing quality or clinical oversight.
Addressing Cardiology and High-Risk Chronic Populations
While HBox’s platform supports a range of specialty use cases, cardiology has been a particularly strong area of focus and impact. Patients with cardiovascular disease often require close, ongoing monitoring to detect early warning signs and prevent costly hospital admissions. Timely access to vital data and personalized care plans can significantly improve outcomes while providing patients and their families with greater peace of mind. HBox’s virtual care model enables cardiology practices to monitor patients continuously, intervene proactively when risks emerge, and maintain regular touchpoints that reinforce adherence and engagement. This approach aligns closely with evolving reimbursement frameworks that reward preventative care and measurable improvements in patient outcomes rather than volume-based services alone.
CEO Perspective on the Investment and Vision Ahead
Commenting on the announcement, HBox Chief Executive Officer Banu Dhanakoti emphasized the broader significance of the investment for both the Company and the patients it serves. He noted that the transaction represents an important step forward in advancing HBox’s mission to modernize specialty care delivery through technology-enabled, continuous care models. According to Dhanakoti, timely monitoring and personalized interventions are especially critical for cardiac patients, where early action can help prevent hospitalizations and reduce the emotional and financial burden on families. With the backing of Charlesbank’s Technology Opportunities Fund team, HBox plans to further strengthen its platform and accelerate its vision of bringing the specialty clinic of the future into today’s practices, enhancing continuity and quality of care without adding operational strain to clinicians or staff.
Rapid Growth Driven by Innovation and Service Quality
Since its founding, HBox has demonstrated a consistent track record of innovation and customer success. The Company’s focus on delivering high service quality alongside advanced technology has contributed to rapid customer growth and strong patient compliance rates. Specialty practices using HBox’s platform have come to rely on it as a core component of their care delivery infrastructure, particularly as remote monitoring and virtual care become integral to standard clinical practice. By aligning its solutions with the practical realities of specialty workflows and reimbursement requirements, HBox has positioned itself as more than a technology vendor, instead serving as a long-term partner invested in the success of its customers and the health of their patients.
Charlesbank’s Investment Thesis and Strategic Alignment
Charlesbank Capital Partners, through its Technology Opportunities Fund II, focuses on growth-oriented investments in technology-enabled businesses with strong fundamentals, differentiated offerings, and experienced management teams. The firm’s decision to invest in HBox reflects its conviction that preventative, virtual, and continuous care models represent the future of healthcare delivery. Michael Zirngibl, Principal at Charlesbank, highlighted the importance of virtual care in improving patient outcomes while managing rising healthcare costs, noting that HBox’s innovative “clinic within a clinic” model addresses a critical need within specialty care. Charlesbank views HBox’s combination of technology, services, and specialty focus as a powerful platform capable of scaling alongside the evolving healthcare landscape.
Building Infrastructure for Specialty Practices at Scale
In addition to capital, Charlesbank brings strategic insight and operational expertise that can help HBox navigate its next phase of growth. Hiren Mankodi, Co-Head of Charlesbank’s Technology Opportunities team, underscored the reality that while remote monitoring and virtual care are becoming standard expectations across many specialties, most practices lack the internal resources to build and manage these programs independently. HBox’s integrated approach, which combines software, clinical services, and specialty-specific expertise, positions the Company to serve as essential infrastructure for specialty practices seeking to implement virtual care at scale. This alignment between HBox’s mission and Charlesbank’s investment philosophy creates a strong foundation for long-term collaboration and growth.
Expanding Capabilities and Advancing the Product Roadmap
With the new growth investment in place, HBox plans to accelerate several key initiatives aimed at expanding its impact and capabilities. These include enhancing its AI-driven analytics, broadening the range of supported connected devices, and deepening integrations with electronic health records and practice management systems. The Company also intends to invest in expanding its care services and patient engagement offerings, ensuring that specialty practices can deliver consistent, high-quality virtual care without increasing administrative complexity. By continuing to innovate across both technology and service delivery, HBox aims to remain at the forefront of specialty-focused virtual care as industry demands continue to evolve.
Supporting the Shift Toward Value-Based Care
The timing of Charlesbank’s investment aligns with broader structural changes in the healthcare system, including the ongoing shift toward value-based care and outcomes-driven reimbursement. As payers and regulators increasingly incentivize preventative care, chronic disease management, and reduced hospital utilization, specialty practices are under pressure to demonstrate measurable results. HBox’s platform is designed to support these goals by enabling continuous monitoring, proactive intervention, and comprehensive documentation that supports reimbursement and compliance. By empowering specialists to deliver better outcomes while managing costs, HBox plays a critical role in helping practices adapt to new economic and clinical realities.
Trusted Advisors and Transaction Participants
The transaction was supported by a group of experienced financial and legal advisors on both sides. Kaizen Equity Partners served as exclusive financial advisor to HBox, with K&L Gates acting as legal counsel to the Company. Charlesbank was advised by Brown Gibbons Lang & Company as its financial advisor, while Mintz and McDermott Will & Schulte provided legal counsel. The involvement of these firms reflects the strategic importance of the transaction and the shared confidence in HBox’s growth trajectory and market opportunity.
Positioning HBox as the Virtual Care Partner of the Future
As specialty care continues to evolve, HBox’s leadership believes that virtual care will no longer be viewed as an optional add-on but as a core component of modern clinical practice. By creating a scalable, specialty-focused virtual care platform that integrates seamlessly with existing workflows, HBox aims to become the partner of choice for practices seeking to deliver high-quality care beyond the exam room. The growth investment from Charlesbank’s Technology Opportunities Fund II provides both the resources and validation needed to accelerate this vision, positioning HBox to play a leading role in shaping the future of specialty healthcare delivery in the years ahead.
About HBox
HBox is a virtual care platform that partners with specialty practices to manage high-risk cardiac and chronic patients between visits. Through its AI-powered virtual care platform, connected medical devices, next-generation patient engagement tools and care services, HBox helps clinics deliver continuous care and improve outcomes with minimal staff burden.
About Charlesbank
Founded in 1998, Charlesbank Capital Partners is a leading middle-market private investment firm with approximately $24 billion of assets under management as of September 30, 2025. Drawing on nearly three decades of experience and sector insights, the firm takes a thematic approach to investing across its target sectors: business and consumer services, healthcare, industrial and technology. Charlesbank partners with talented management teams to help businesses unlock value and accelerate growth, with a focus on long-term value creation. The firm provides flexible capital through complementary strategies spanning management-led buyouts, opportunistic credit and technology investments. Charlesbank has offices in Boston and New York. For more information, visit charlesbank.com or follow Charlesbank on LinkedIn.
