With the market under pressure, digital health funding continues to cool down as investors write smaller checks and focus on early-stage startups.
Coming out of 2021’s breakthrough year when funding reached a record level $29.2 billion, funding has somewhat dried up for digital health and in venture capital more broadly.
Macroeconomic forces (inflation, interest rates, supply chain woes) as well as a shift in investor mindset from the high times of 2021 lead to a 48% decline in digital health funding from 2021 to 2022, according to digital health venture fund Rock Health.
The slower pace has continued through the opening quarter of 2023, with the notable exception of six megadeals exceeding $100 million that collectively comprised 40% of the quarter's total digital health funding, the firm found.
We at Fierce Healthcare are excited to launch a new, more efficient way of covering fundraises. Fierce Healthcare's new fundraising tracker provides updated coverage of noteworthy digital health and health tech funding rounds, though we'll still profile exciting new companies and larger rounds that catch our eye in-depth.
Our starting point for the tracker is Oct. 1, 2022.
December
December 13 — PursueCare
Amount: $20 million
Series: B
Backers: T.Rx Capital and Yamaha Motor Ventures, with participation from Seyen Capital and OCA Ventures
The Middletown, Conn.-based virtual substance use disorder startup picked up fresh funding to support its ongoing collaborative care initiatives with health systems across 11 states, as well as expansion into value-based care with Medicaid managed care and other health plans.
The company also acquired software-based digital therapeutics developed by Pear Therapeutics. PursueCare bought digital therapeutics reSET and reSET-O, the only FDA-authorized app-based treatments for SUD and OUD, respectively. The company also acquired from Pear Therapeutics reSET-A, a digital therapeutic for alcohol use disorder that received FDA breakthrough device designation, supporting the company’s expansion into alcohol addiction treatment and prevention.
November
November 15 — Sunnyside
Amount: $11.5 million
Series: A
Backers: Motley Fool Ventures, Will Ventures, Uncork Capital, Offline Ventures, Joyance Partners, Wisdom Ventures, Eudemian Ventures, Adjacent, Scribble Ventures, Cooley LLP and Michael Lee, founder of MyFitnessPal.
Digital health company Sunnyside developed an app to help users manage their alcohol use and establish healthier habits around drinking. The startup plans to use the funding to expand social connections among the member community and roll out “Sunny”, the first-of-its-kind AI mindful drinking coach.
Sunnyside's founders aim to provide an alternative to the existing all-or-nothing, sobriety-focused programs that have dominated the alcohol health space up until now, Sunnyside helps users be more thoughtful about their drinking habits with weekly goal setting, SMS-based nudges, community messaging, 1:1 peer coaching and support, and data into how many dry days have been accomplished.
On average, Sunnyside members reduce their drinking by 32%, cut out 1,500 calories and save over $50 in their first 30 days, according to the company. Sunnyside says its app has helped over 175,000 people start building healthier drinking habits.
November 15 — Cytovale
Amount: $84 million
Series: C
Backers: Norwest Venture Partners, Sands Capital and Global Health Investment Corporation (GHIC)
The medical diagnostics company nabbed fresh funding to bolster the rollout its recently FDA-cleared rapid sepsis diagnosis test – IntelliSep – to more hospital emergency departments (ED) and health systems. Read the full story here.
November 14 — AristaMD
Amount: $16.5 million
Series: C
Backers: Undislcosed
Referral management startup AristaMD has merged with virtual care company Sitka to expand specialty care services.
The merger combines AristaMD's eConsult capabilities and referral management services with Sitka's video-consult specialist network.
The two companies will now operate under the AristaMD name. Sitka customers will benefit from referral nurse navigation and access to referral management services. AristaMD will leverage Sitka's established virtual specialty provider group, Sitka Medical Associates, and video consults to enhance its eConsult services. With one of the largest virtual specialist networks, the combined company will simplify access to specialty care for patients with Medicare, Medicaid and commercial insurance coverage across care settings and care delivery models, executives said.
The new company also secured $16.5 million in series C funding.
November 9 — Vida Health
Amount: $28.5 million
Series: unlabeled
Backers: General Atlantic, Ally Bridge, Canvas Ventures and Hercules Capital
Virtual cardiometabolic care services company Vida Health focuses on treating diabetes and obesity with clinically validated programs that combine an AI-powered, personalized mobile app experience with a national network of providers. The company’s app offers video sessions, asynchronous messaging and digital content and programs to help people prevent and manage chronic conditions — like diabetes, obesity, and hypertension — and the mental conditions that accompany them — like stress, depression, and anxiety.
Vida's focus on cardiometabolic innovation includes being the first to integrate cognitive behavioral therapy with cardiometabolic care, launching the first full Spanish intervention and one of the first companies to combine behavior change with GLP-1 prescribing, according to the company.
The company also named Joe Murad as chief executive officer. Murad brings more than two decades of experience leading healthcare technology companies. He succeeds Stephanie Tilenius, who will step down following nine years of service as founder and CEO.
November 9 — Betterleave
Amount: $2.4 million
Series: Unlabeled
Backers: Chingona Ventures, Bread and Butter Ventures, Vitalize VC, Wisdom Ventures Fund, Coyote Ventures and AARP
Bereavement care startup Betterleave raised a funding round to build out its digital health platform that focuses on navigating logistics, processing grief and driving positive clinical outcomes. The startup provides comprehensive bereavement care support to individuals and organizations. With a focus on grief and mental health, Betterleave offers personalized administrative and counseling services, helping individuals navigate the complex challenges of grief and loss.
Betterleave will use the funding to expand its clinical care model and refine its grief training curriculum to meet the growing demand over the coming months, executives said.
The company’s bereavement care platform is designed as a benefit that companies can offer their employees who have lost a loved one, a pregnancy or a pet. As of 2022, about 90 percent of employers provide paid bereavement leave, but allow just three days on average.
Hospices benefit from this platform as they are required to provide bereavement support for 13 months following a loss, according to the company.
Unlike single-point solutions that primarily offer logistical services such as will drafting and funeral planning, Betterleave's platform covers the entire bereavement spectrum, from pre-need to immediate need, loss navigation and continuous grief support.
November 9 — Elucid
Amount: $80 million
Series: C
Backers: Elevage Medical Technologies and other investors
The medical technology company provides physicians with AI-powered imaging analysis software to assess cardiovascular disease. The company plans to expand its commercialization efforts to provide physicians and patients with critical information to combat heart disease. Read the full story here.
November 8 — Eleos Health
Amount: $40 million
Series: B
Backers: Menlo Ventures, with participation from F-Prime Capital, Eight Roads, Arkin Digital Health, SamsungNEXT, ION, aMoon and lool ventures
Launched in 2020, Eleos Health developed its CareOps Automation platform that leverages specialized AI models to turn behavioral health conversations into automated documentation and clinical insights. Its technology runs in the background of behavioral health sessions, analyzing hundreds of data parameters with each session, helping clinicians make data-informed decisions.
Eleos Health uses proprietary, behavioral health-specific large language models (LLMs) created with treatment data and clinical expertise to accurately interpret, analyze and document behavioral health conversations. The technology also helps to reduce the operational burden on providers while unlocking objective insights into evidence-based care.
The company plans to use the funding to develop new and enhanced AI solutions for group therapy sessions, compliance automation, case management, concurrent documentation and value-based care support. Eleos also plans to accelerate hiring efforts, expand its reach to serve more behavioral health providers and segments and bolster strategic partnership development to bring more EHRs and industry associations into the Eleos ecosystem. The company plans to hire more than 50 people by the end of 2024.
Eleos grew revenue 3X each of the last three years and has expanded to serve 23 states. The company analyzed more than 3 million minutes of therapy sessions year-to-date in 2023, saving more than 300 days of documentation time across all providers and organizations.
Eleos has raised $68 million to date.
November 7 — Kythera Labs
Amount: $20 million
Series: A
Backers: BIP Ventures and CIBC
The healthcare technology and data analytics company enables healthcare and life sciences organizations to rapidly integrate, access and analyze healthcare data with scale and speed using its Wayfinder data science platform and pre-configured data pipelines, data science toolkits and data sets. Its Wayfinder solution provides access to real-world healthcare data spanning over 8 years, including over 320 million lives with 29.3 billion encounters.
Kythera Labs will use the funds to support the continued growth and scale of its Wayfinder tech platform, and accelerate the development and adoption of new and existing offerings. Kythera also plans to leverage financing to expand partnerships with industry leaders such as Datavant and Databricks.
October
October 18 — Allara
Amount: $10 million
Series: A
Backers: Led by Google Ventures, with participation from Great Oaks Venture Capital, Humbition, Vanterra, Gaingels, and individual investors, including Tom Lee (One Medical) and Maggie Sellers.
Allara is a virtual care platform aiming to fill gaps in care for women of reproductive age dealing with chronic hormonal conditions. The startup pairs patients with doctors and registered dietitians for ongoing care.
“Women’s health is often misperceived as limited to pregnancy and fertility, failing to acknowledge the intricate web of health conditions that affect women’s daily lives and long-term health," Allara founder Rachel Blank said in an announcement. "At Allara, we finally take the burden off the patient to navigate a siloed care system and empower her with a whole-body, preventative approach to her health.”
In the past year, Allara quintupled it grew its patient base and is in-network with major payers across eight states representing 30 million covered lives, it said in a press release. The company plans to expand nationwide by next year. The startup also plans to use the latest capital to expand its insurance coverage, launch partnerships with leading health systems and conduct clinical research.
October 5 — RhythmX AI
Amount: $50 million
Backers: SAIGroup
RhythmX AI, described as a generative AI-native precision care company, launched armed with $50 million. The startup secured the initial investment from private investment group SAIGroup. RhythmX AI is building a platform to free up doctors to deliver hyper-personalized patient care. The company delivers to doctors advanced generative AI capabilities and predictive AI algorithms based on extensive longitudinal data. These provide patient-specific prescriptive actions and recommendations doctors can drill into using a generative AI-enabled natural language interface and AI-native copilots.
Founded by healthcare leader Deepthi Bathina and chaired by AI entrepreneur Dr. Romesh Wadhwani, RhythmX AI will address nearly $4 trillion spent annually on chronic conditions.
RhythmX AI's platform works in concert with existing healthcare systems. The data and rationale behind AI-enabled recommendations are explained, summarized and presented in a single workflow. RhythmX AI's models will tap into various assets of SAIGroup including longitudinal data related to 300 million patients, more than 4.4 billion total annual claims and more than 1.8 million healthcare professionals at more than 300 thousand facilities. The company will continue to expand its network of data sources as the range of chronic and acute conditions covered in the platform increases.
October 5 — Cortica
Amount: $40 million
Series: D extension
Backers: Led by CVS Health Ventures, in conjunction with LRVHealth, Ascension Invesment Management and the University of Wisconsin Foundation.
The physician-led, value-based autism care provider will use the funding to support its ongoing national scaling, plus deeper investments in technology, data capture, clinical decision support, research and optimization of the clinician and patient experience.
“There is an increasing need for access to evidence-based care for children with neurodivergent conditions and autism, and we believe that Cortica is well positioned to help support our members and their dependents by deploying an integrated, medical and behavioral care model,” Justin Brock, partner at CVS Health Ventures, said in a press release.
Founded in 2014 to fix the fragmented care journey families face when seeking diagnoses and treatments, Cortica's whole-child model spans medical treatment, behavioral therapy, developmental therapy and family support & counseling.
The company has four value-based care contracts, with several more in the pipeline.
September
September 20 — Inbound Health
Amount: $30 million
Series: B
Backers: Led by HealthQuest Capital, with participation from Flare Capital Partners and McKesson Ventures
Inbound Health enables health systems to offer acute and post-acute care at home. The funding will support Inbound's expansion into new markets and further development of its clinical programs, proprietary tech and customized operating assets.
The startup's platform includes all the capabilities to deliver home-based advanced care at scale, including clinical, tech, managed care, supply chain and labor services.
The announcement comes at a time when health systems are increasigly leveraging the home as a site of care. The programs Inbound supports are reducing length-of-stay, readmission rates and avoidable complication rates, per an announcement.
September 13 — Summus
Amount: $19.5 million
Series: unlabeled round
Backers: did not disclose
Virtual specialty care company Summus plan to use the fresh funding to fuel continued growth and work to solve the access problem to high quality physicians. Following a previous investment round in 2022, Summus has now raised $70 million.
Summus works with employers, health plans, physician groups and leading medical institutions to provide a broad portfolio of solutions that improves access to quality care and improves outcomes. By accelerating access to high quality physicians, Summus says it deliver best-in-class clinical guidance, advocacy and navigation.
The investment will focus on further scaling growth for the organization, including meeting demand for Summus' innovative solution to support primary care physicians in a peer-to-peer environment, and enhancing condition-specific, personalized journeys for patients to access the best care with the most trusted physicians.
September 13 — Sempre Health
Amount: $20 million
Series: unlabeled round
Backers: Cencora Ventures, Echo Health Ventures, Blue Venture Fund, UPMC Enterprises and Industry Ventures
Sempre Health, a pharmacy adherence startup, raised fresh funding to accelerate growth of its two-sided network of pharma manufacturers and health plans, launch products for new populations and significantly grow the number of patients helped by the unique solution.
Sempre Health works with leading health plans and life sciences companies to reduce what patients pay for their medications.
Unlike traditional coupons and cash card programs, Sempre says it aligns multiple healthcare stakeholders to dynamically adjust a patient's out-of-pocket costs at the point of dispense based on individual adherence and benefit design.
September 6 — Ibex Medical Analytics
Amount: $55 million
Series: C
Backers: 83North, Sienna Venture Capital, Octopus Ventures, aMoon, Planven Entrepreneur Ventures and Dell Technologies Capital
The company is working to transform cancer diagnostics with AI-powered solutions that help pathologists improve the quality of diagnosis and support laboratories with enhanced efficiency and better turnaround times. The funding will enable Ibex to expand its footprint in the U.S. and accelerate the growth of its Galen platform.
September 6 — Pitango HealthTech II
Amount: $175 million
Investment fund
Pitango HealthTech, Pitango VC's dedicated healthcare fund, launched its second dedicated healthcare fund, Pitango HealthTech II. Pitango HealthTech II had its first closing of the new $175 million fund dedicated to investing in entrepreneurs leveraging data science, AI, medical devices and novel biology at the forefront of the transformation of healthcare.
Pitango HealthTech II invests in healthcare innovation, including the decentralization of healthcare, personalized medicine, medical devices and diagnostics, as well as artificial intelligence, software and data infrastructure. The first investments of the newest fund are QuantHealth.ai, an AI company focused on clinical trial simulations to accelerate and de-risk drug development (see below), and Nevia Bio, a FemTech company developing an AI-based biomarker platform for early detection of women’s health diseases.
August
August 30 — QuantHealth
Amount: $15 million
Series: A
Backers: Bertelsmann Investments, Pitango HealthTech, Shoni Top Ventures and Nina Capital.
Over 90 percent of drugs that make it to clinical trials fail to make it to market, amounting to a $50 billion waste each year. AI-powered clinical trial design startup QuantHealth bridges these gaps by simulating trials at scale, to expedite, derisk, and optimize drug development. Armed with a proprietary AI technology trained on a massive dataset of 350 million patients, large biomedical knowledge-graphs, and clinical trial data, QuantHealth’s technology can predict trial outcomes with 86% accuracy, according to the company. QuantHealth supports several large pharma companies, numerous biotechs, as well as CROs, and other industry partners.
The new funding will be used for commercial expansion, product development and expansion of the platform beyond clinical trials and into new use cases including regulatory support, and early R&D.
August 18 — Visana Health
Amount: $10.1 million
Series: Seed
Backers: Flare Capital Partners, Frist Cressey Ventures, InHealth Ventures, Oxeon Partners, Pixel Perfect Ventures, Venture Investors & others
The virtual clinic focused on women aims to offer more comprehensive, coordinated care than existing platforms, or what it calls narrowly focused women's health point solutions. Its longitudinal care model is meant for women from menstruation through menopause and caters to complex health conditions. Visana's care is available in all 50 states through payers and employer benefit plans.
“Visana is able to significantly move the needle on clinical outcomes improvement, where we have seen other disparate solutions falling short,” Margaret Malone, principal at Flare Capital Partners, said in a press release. “The Visana model is a critical partner to existing incumbents in the market that may be more narrowly focused in terms of scope, customer, and clinical services.”
On average, Visana's patients have more than three co-morbidities, representing high-cost cases that demand comprehensive and coordinated management.
The company operates in a value-based care model and has thus far demonstrated a 4:1 return on investment for health plan and employer partners, it says.
"Most women’s health solutions focus narrowly on maternity and fertility, missing the mark for the 90% of women who aren’t actively building a family,” Shelly Lanning, co-founder and president of Visana, said in a press release. “We built Visana to provide women with in-depth care for all phases of life.”
August 15 — Basys.ai
Amount: $2.4 million
Series: pre-seed
Backers: Nina Capital, Eli Lilly & Co., Mayo Clinic, Two Lanterns Venture Fund, Asset Management Ventures, and Chaac Ventures
Basys.ai uses generative AI to tackle a big pain point in healthcare—prior authorization. Basys.ai's platform engine, trained on over 10 million patient records and claims, automates payer policy encoding through generative AI. The company says its technology can achieve target savings with partners up to nine months faster than its competitors. The engine personalizes care approvals to automate up to 90% of prior authorization requests and expedite care delivery.
The company was co-founded by Harvard alumni Amber Nigam and Jie Sun in 2022 at Harvard University. Basys.ai plans to use the funding to further its mission of empowering payers to streamline processes like prior authorization and utilization management.
August 11 — Endear Health
Amount: $8 million
Series: unlabeled
Backers: Optum Ventures, Blue Cross of Idaho, 8VC and additional strategic partners
A Medicare-focused digital engagement solution, Endear Health plans to use the funds to accelerate the development and expansion of its proprietary platform, which improves the way value-based care organizations deliver digital experiences to their members. The company says its technology enables organizations to offer members a personalized digital platform, purposefully designed for seniors, which integrates educational resources, core benefits, and supplemental benefits into a single location. Additionally, through a marketplace of scalable integrations with third-party digital health vendors, Endear Health empowers payors to deploy innovative programs in an efficient manner resulting in member satisfaction and improved overall health outcomes.
August 9 — Doc2Doc Lending
Amount: $35 million
Series: debt and equity funding
Backers: Professional Solutions and private investors
The startup developed a personal lending platform designed for physicians and dentists. Founded by doctors, Doc2Doc focuses on providing financial solutions that empower physicians and dentists to achieve their goals — from relocating for a residency to consolidating high-interest credit card debt to fulfilling their dreams by building their own practices.
The company plans to use the capital acquired in the latest round to accelerate the introduction of new products, grow through strategic partnerships and continue to provide industry-leading customer service.
August 8 — FIGUR8
Amount: $25 million
Series: Series A-1
Backers: First Spark Ventures, DigiTx Partners, Phoenix Venture Partners.
Musculoskeletal health measurement technology vendor Figur8 developed wearable MSK monitoring and assessment technology. The startup plans to use the new funding to drive growth and adoption of its core bioMotion Assessment Platform (bMAP).
Nan-Wei Gong, an MIT research affiliate and engineer, launched FIGUR8 in 2017, as an MIT spinout startup, based on research from the MIT Media Lab and in collaboration with Mass General Hospital. The startup aims to transform musculoskeletal (MSK) care with objective data and AI-driven biomarkers and also is working to commercialize digitized 3-D body movement technologies.
By leveraging lab-grade biomechanics data captured in the clinic setting, valuable insights into musculoskeletal health and injury recovery can lead to more personalized and data-driven recovery pathways, according to the company. Figur8's bMAP produces accurate, precise and objective data for musculoskeletal care and injury recovery.
August 3 — TytoCare
Amount: $49 million
Series: growth funding
Backers: Insight Partners, MemorialCare, Healthcare of Ontario Pension Plan (HOOPP) and Clal
The virtual primary care company aims to expand the AI capabilities for its at-home smart clinic solutions. The company says it's focused on building out longitudinal care capabilities to help families manage conditions that need more than episodic, acute care visits.
TytoCare developed its virtual care solution to replicate the doctor’s office in the home. The solution combines the company's FDA-cleared handheld remote examination device, the AI-backed Tyto Insights smart diagnosis support and the Tyto Engagement Labs to provide high-quality, accessible virtual care in the home.
In March, TytoCare received FDA clearance for its clinical decision support software, Tyto Insights for Wheeze Detection. It uses TytoCare's stethoscope to evaluate lung sounds and identify recordings that suggest wheezing in adults and children ages 2 and older. The company has raised $205 million to date.
August 2 — Axuall
Amount: $7 million
Series: series B-1
Backers: Frist Cressey Ventures
Axuall, a workforce intelligence and provider credentialing solution, brought in another $7 million following the company’s $20 million series B funding in May 2023. Axuall has raised over $41 million to address the growing need to leverage big data to solve the pressing problems of process inefficiencies, workforce shortages and onboarding delays.
Axuall says its Workforce Intelligence Network enables healthcare organizations to plug into a vast array of clinician data from nearly 7,000 data sources and directly from physicians, advanced practice providers, and nurses via an integrated digital credential wallet with integrated smart applications.
July
July 27 — RapidAI
Amount: $75 million
Series: C
Backers: Vista Credit Partners
RapidAI uses AI and workflow solutions to address neurovascular, cardiac and vascular diseases. The new funding will be used to develop platform innovation, support more disease states and accelerate growth in new regions.
The company boasts a suite of stroke solutions, including an FDA-cleared medical device to detect suspected intracranial hemorrhage and large vessel occlusion from non-contrast CT imaging. RapidAI now covers new disease states with FDA-cleared modules for cerebral aneurysm management and the identification and notification of suspected central pulmonary embolism.
July 27 — Proprio
Amount: $43 million
Series: B
Backers: DCVC, BOLD Capital Partners, Bird B. AG, Cota Capital, Intel and HTC
Proprio will use the new pot of capital to fuel commercialization of its AI-driven surgical navigation platform, Paradigm. The platform has earned 510(k) clearance from the FDA and creates AI-generated 3D visualizations of surgery. Additionally, the company offers what it calls Volumetric Intelligence to combine medical images and live data from Paradigm’s sensor suite.
“We are just beginning to reveal the potential applications of Proprio’s technology and data,” said Gabriel Jones, CEO and co-founder of Proprio, in a press release. “This investment arrives at a pivotal moment, as we perform our first-in-human cases and bring Paradigm to patients around the world. Together, these milestones are a testament to the unparalleled capabilities of the Proprio Paradigm and its potential to revolutionize surgery.”
July 25 — Hippocratic AI
Amount: $15 million
Series: seed round
Backers: Cincinnati Children's and HonorHealth
The generative AI company developing safety-focused large language models has now raised $65 million since its launch in May. The company also announced its Founding Partner Program, which includes leading health systems and digital health companies that will play an integral role in developing Hippocratic AI’s technology. Founding partners include: HonorHealth, Cincinnati Children’s Hospital, Universal Health Services (UHS), Vital Software, ELNA, Capsule, and SonderMind.
Cincinnati Children's and HonorHealth are investing in the startup.
The founding partners will help develop the large language model and technology, establish use cases, and validate clinical and patient safety. The company is focused on patient-facing, non-diagnostic applications.
July 25 — K4Connect
Amount: $8.9 million
Series: unlabeled
Backers: Bryce Catalyst, AXA Venture Partners, Intel Capital, Forté Ventures, Topmark Partners, and the Ziegler-Linkage Fund.
K4Connect makes and integrates software for senior living communities and nursing homes and their residents. The company intends to use the funds to drive further adoption in the senior living market, while continuing to advance its patented FusionOS integration technology and its Engagement Suite.
July 20 — Family First
Amount: $11 million
Series: A
Backers: RPM Ventures, Eos Venture Partners, Stephen Fromm and Wormhole Capital
Family First provides employers and health plans with a technology platform to support caregivers' mental health and wellbeing.
July 12 — CarePredict
Amount: $29 million
Series: A-3
Backers: SV Health Investors’ Medtech Convergence Fund and Aspire Healthtech Partners. Existing institutional investors Secocha Ventures and Las Olas Venture Capital participated, along with family offices and individual investors.
CarePredict developed an AI-enabled platform for senior care, combining wearable technology, indoor location tracking, deep machine learning and predictive analytics. The company says its technology autonomously identifies changes in daily activity and behaviors that precede health issues such as urinary tract infections, falls, malnutrition and depression. Peer-reviewed and published studies have shown that CarePredict reduces hospitalizations by 39%, falls by 69% and increases the length of stay in a lower care setting by 67%.
The funds will be used to accelerate the company's growth.
July 13 — Eureka Health
Amount: $7 million
Series: Seed
Backers: Khosla Ventures, South Park Commons, Bling Capital, SciFi VC, Able Partners, and Bow Capital. Angels with healthcare and tech expertise include Anne Wojcicki (Co-founder of 23andMe), Susan Wojcicki (former CEO of YouTube), and Marty Tenenbaum (Founder and Chairman of Cancer Commons)
Eureka Health launched this month as a new community dedicated to helping chronic disease patients share experiences and discover the latest treatments. Emerging from stealth with thousands already engaged in its Long Covid group, the AI-powered platform added metabolic disease, autoimmune disorders, ME/CFS, and related conditions. It will expand into other conditions in the coming weeks.
The company leverages large language models (LLMs) to create a database with millions of real patient experiences in addition to the detailed reports being added by the community. The company continues to develop LLMs to interpret and summarize research, match similar patients, provide personalized predictions of the best treatments, and plans to offer patients their own AI assistant to help them understand the pros and cons of any treatment.
The startup will use the funding to build and grow the community, expand its treatment database and ultimately influence and advance treatment research.
July 12 — Fold Health
Amount: $6 million
Backers: Iron Pillar and global angel investors
Fold Health built a tech platform to support value-based primary care and secured new funding to scale its platform and boost its hiring. The company's tech streamlines admin work for value-based care providers. It offers a workflow engine that automates work required by value-based providers, including care gap closure, transitional care management, annual wellness visit completions, high-risk patient engagement, and attribution growth and protection.
Fold Health says it developed the first end-to-end solution that integrates with electronic health records. Fold’s highly flexible platform allows customers to use modular tools to support their unique needs and optimize existing technology investments. Eliminating providers' need to build software solutions from the ground up, Fold Health claims it enables advanced primary care groups to achieve 3x tech-related cost savings.
July 11 — Sonio
Amount: $14 million
Series: A
Backers: Cross Border Impact Ventures, Elaia funds, OneRagtime, as well as business angels Dominique Gaillard (former president of France Invest), Alain Decombe (Dechert) and Yann Fleureau (founder of Cardiologs).
French medtech startup Sonio developed an artificial intelligence solution for prenatal screening and diagnosis. It built the first SaaS, agnostic and interoperable, to automate ultrasound reporting, while providing image quality control and detection of potential anomalies using AI.
Sonio said it will use the new fundraising to continue to improve its SaaS solution, initiate its commercial development in the United States, and adapt its technology for the use of portable ultrasound scanners.
July 10 — Verifiable
Amount: $27 million
Series: B
Backers: Craft Ventures, Highland Capital Partners, 137 Ventures, Cooley and existing investors The Altman Fund and Struck Capital.
Verifiable automates the healthcare credentialing and compliance process. The startup developed provider network management software solutions to help healthcare organizations expedite credentialing from multiple weeks to a matter of days. Verifiable will use the funding to scale go-to-market teams and expand its extensive verifications infrastructure to further differentiate the company's provider credentialing, compliance and network management solutions. The funding will also further accelerate Verifiable's collaboration with Salesforce.
June
June 28 — Luminopia
Amount: $16 million
Series: A
Backers: Venture Partners (USVP), Broadfin Advisors, ShangBay Capital and Vertical Group.
Luminopia developed a software-based therapeutic for amblyopia, commonly known as lazy eye. Teh startup plans to use the funds to support the full commercial rollout of its lead product.
June 28 — Arthur Health
Amount: $115 million
Backers: General Atlantic with participation from Flare Capital Partners
Author Health banked $115 million for its new platform offering care and treatment for Medicare Advantage members with serious mental illness and substance use disorders. The company will use the funds will be used to expand to new markets, secure new partnerships and increase access to value-based care for seniors and other vulnerable populations. See full story.
June 27 — Blueprint
Amount: $9 million
Series: series A
Backers: Ensemble VC, Lightbank, Bonfire Ventures, Revolution's Rise of the Rest Seed Fund, TAU Ventures, Data Tech Fund, and select angel investors.
Blueprint develops patient tracking and outcomes assessment tools for mental health clinicians. The company says it has experienced rapid growth and impact in improving access to high-quality mental health care since launching in 2020. Approximately 4,500 clinicians across 34 states are utilizing its platform. Patients using Blueprint respond to treatment up to 44% faster compared to conventional mental health services, the company claims.
The new funding will go toward supporting key hires across marketing, customer success, and engineering, launching new products and features, and driving clinicians nationwide toward measurement-based care.
June 27 — Augmedics
Amount: $82.5 million
Series: D
Backers: CPMG, Evidity Health Capital, H.I.G. Capital, Revival Healthcare Capital, Almeda Ventures and others
Augmedics developed a augmented reality-based navigation platform to improve spinal surgeries. The startup nabbed $82.5 million in new financing to support its rapidly expanding US commercial footprint as well as the delivery of next-generation platform advancements which will enable mass-scale adoption of the xvision technology. The company's tech superimposes critical data onto the surgical field, allowing surgeons to visualize patient anatomy through skin and tissue and to accurately navigate instruments and implants during spine surgery. Unlike traditional navigation systems, xvision allows surgeons to keep their eyes directly on the patient, lending better visualization, control, and accuracy during spine procedures.
June 27 — Flywheel
Amount: $54 million
Series: D
Backers: Co-led by Novalis LifeSciences LLC and NVentures, NVIDIA’s venture capital arm. Microsoft also participated in the round, along with insiders Invenshure, 8VC, Beringea, Hewlett Packard Enterprise, Intuitive Ventures, iSelect, Gundersen Health System, Seraph, and Great North Ventures. Faegre Drinker Biddle & Reath LLP served as counsel to Flywheel in connection with the financing.
Medical imaging data and AI platform Flywheel raised $54 million in series D funding to fuel its continued growth in its two primary markets, public sector healthcare and pharmaceutical companies. The funding also will accelerate expansion in other markets including providers, payers, system integrators, and software companies seeking to harness the value of their data for AI development. This latest round of funding will also help Flywheel extend its global reach into key geographies, particularly across Europe.
June 26 —Caraway
Amount: $16.75 million
Series: A
Backers: Maveron, GV, 7wireVentures, Hopelab Ventures, Wellington Access Ventures, Ingeborg Investments and the Venture Collective.
Caraway, a digital health company focused on Gen Zers, will use the funding to advance the development of its platform and scale its services. The announcement was also accompanied by the news that the startup is rolling out its virtual care services in six more states: Colorado, Pennsylvania, Illinois, Massachusetts, Michigan and New Jersey.
"Maveron invests in early stage companies that empower consumers to live on their own terms," Maveron Partner, Anarghya Vardhana, said in a press release. "Caraway supports young adults in a way traditional health care models do not, fundamentally changing their healthcare experience. We are excited to help Caraway's extraordinary team continue to build a consumer-first company that directly engages with the Gen Z population giving them access to a care platform and high quality healthcare tailored to their needs."
The startup, founded in aims to fundamentally change how Gen Z experiences healthcare by. Its team delivers 24/7 integrated care tailored to 18 to 29 year olds. The services include mental, physical and reproductive healthcare and are available via chat, phone and video. The company also offers coaching and care navigation.
June 6—Laudio
Amount: $13 million
Series: B
Backers: Define Ventures, .406 Ventures, InHealth Ventures, MemorialCare Innovation Fund and TeleTracking Technologies.
Laudio developed an AI-powered solution that automates administrative tasks to tackle staff burnout and drive productivity. The company's solution acts as a co-pilot for thousands of frontline leaders across 20-plus health systems, amplifying their work with actionable analytics and delivering measurable, large-scale improvements.
“Every health system CEO says that labor productivity and burnout is their top issue. Since our launch in 2017, Laudio, has understood the challenges health systems face and has been devoted to building solutions that empower frontline leaders to do the best work of their lives, all while improving retention, labor productivity, service, quality, and safety,” said Russ Richmond, M.D., CEO and co-founder of Laudio, in a statement.
Laudio's platform simplifies workflows and automated processes that save more than six hours of administrative work weekly, according to the company. The solution's AI proactively provides managers with real-time recommendations that has proven to reduce turnover by 25% in 12 months.
The company has raised $25 million to date.
June 22 —DexCare
Amount: $75 million
Series: C
Backers: Iconiq Growth, Transformation Capital, Kaiser Permanente Ventures, Define Ventures, Frist Cressey Ventures and SpringRock Ventures.
Spun out of Providence, the health tech startup uses data intelligence to handle the logistics of digital care delivery. Its software manages health system capacity and appointment booking, matching patients to the right provider, at the right time, and in the right setting. Along with expanding to new markets, DexCare also is focused on building out its technology for more service lines and specialty care offerings such as orthopedics and oncology. See full story.
June 22 —DUOS
Amount: $10 million
Backers: Primetime Partners, SJF Ventures and CEOC’s Aging Innovation Fund
Senior care startup DUOS secured new funding to fuel continued expansion of its technology platform and engagement services for older adults and caregivers. The startup launched in 2020 as a company that helps place expert personal assistants — “Duos” — into the homes of older adults. The company expanded its consumer-focused offerings into a tech-based platform for health plans, employers and providers.
June 21 —Outbound AI
Amount: $16 million
Series: Seed
Backers: Madrona Venture Group, SpringRock Ventures, Epic Ventures, Ascend, Pack Ventures, Locke Capital, Tacoma Venture Fund and KCRise Fund
Outbound AI developed AI-powered virtual agents to streamline administrative work across the revenue cycle, including claims status, eligibility and benefits verification, prior authorization and more. Outbound AI's virtual agents operate at up to four to five times the pace of their human partners for a fraction of the cost, according to the company.
June 13 — Oova
Amount: $10.3 million
Series: A
Backers: Spero Ventures, US Fertility, Virgin Group, Jefferson Health, Connecticut Innovations, Hannah Bronfman and Spanx founder Sara Blakely.
Women's health and fertility solutions startup Oova raised $10.3 million, and introduced its new Oova Membership model. The company’s at-home urine test measures luteinizing hormone and progesterone to immediately inform a woman of her most fertile days and confirm ovulation and deliver personalized analytics and real-time action plans with every hormone reading.
The company intends to use the funds to expand operations and its business reach.
June 13 — Medivis
Amount: $20 million
Series: A
Backers: Thrive Capital, Initialized Capital and Mayo Clinic, Bob Iger, Kevin Durant, Dr. Robert Spetzler, Hugo Barra and Coalition Operators
Medical augmented reality (AR) startup secured new funding to build out its technology for surgical navigation. Founded in 2016 by physicians and engineers in New York City, the company is focused on advancing surgical care with the latest breakthroughs in augmented reality and artificial intelligence. Medivis has partnered with the nation's leading medical centers including MD Anderson Cancer Center, Providence Health, University of Pittsburgh Medical Center, Northwell Health and Cincinnati Children’s Hospital.
The fundraise will be used to scale engineering, obtain regulatory clearances and globally commercialize across multiple specialties including neurosurgery, orthopedic surgery, interventional radiology and reconstructive surgery.
June 6—RxLightning
Amount: $17.5 million
Series: A
Backers: LRVHealth, with participation from McKesson Ventures and existing investors Novartis (dRx Capital), Onco360 (BrightSpring Health Services), Hearst Ventures, and HealthX Ventures.
RxLightning created a platform for streamlining specialty medication access and affordability and plans to use the fresh funding to further scale its medication access capabilities, support infrastructure and personnel growth. With RxLightning, healthcare providers – from those practicing at independent clinics to large health systems – leverage a streamlined workflow to complete the multi-step specialty medication onboarding process in a matter of minutes, according to the company.
The specialty medication market represents more than half of total drug spending in the U.S., reaching $301 billion in 2021, according to the U.S. Department of Health & Human Services.
RxLightning touts itself as the single destination to enroll patients for any specialty medication – brand or generic – at any specialty pharmacy. The company has digitized forms for over 1,200 specialty drugs with custom logic and smart-pick menus, and continuously adds forms for new medications as they enter the market.
June 6—Mend
Amount: $15 million
Series: A
Backers: S2G Ventures, iSelect Fund, Touchdown Ventures, Colorcon Ventures, Keen Growth Capital, Genhen Capital and Alumni Ventures
Mend, a life sciences and digital health company, operates at the intersection of nutrapharma, food as medicine and behavioral health. In 2022, Mend launched a line of targeted, evidence-based nutrapharma products integrated into its digital behavioral health coaching platform. The company says the platform is a "human-first" SMS-based and AI-enabled platform that helps hospital systems to extend recovery beyond the hospital, elevating the level of care and alleviating the burden on providers.
The company plans to use the funds to execute existing provider contracts, scale its program nationwide, and accelerate its research and development to further enhance its technology platform, nutrapharma, food as medicine products, and clinical services.
June 2—Carrum Health
Amount: $45 million
Series: B
Backers: Omers Growth Equity, Revelation Partners, Tiger Global, Wildcat Venture Partners, Cross Creek and SpringRock Ventures
Carrum Health developed a service that enables employers to purchase healthcare services and specialist medical care directly from top providers for a bundled price. The startup clinched $45 million in an oversubscribed series B financing to build out its oncology benefit offerings and scale its surgical care service lines. See full story.
June 2—Sami
Amount: $18 million
Series: B
Backers: Redpoint Ventures, Mundi Ventures Endeavor Catalyst, Didi Digital Horizon, Tau Ventures, Valor Capital, Kevin Efrusy (Accel), Ricardo Marino (Itaú), Mancora Ventures, Mauro Figueiredo (former director of Bradesco Saúde) and Brad Otto (former CVC executive of UnitedHealth Group, owner of Amil).
The Brazilian insurtech and primary care startup, founded by Guilherme Berardo and physician Vitor Asseituno, started operating in 2020 and plans to use the new funding to offer an increasingly positive experience to its more than 18 thousand active members by implementing new technological tools and optimizing existing ones.
May
May 31—Strive Health
Amount: $166 million
Series:
Backers: New Enterprise Associates, CVS Health Ventures, CapitalG (Alphabet), Echo Ventures, Town Hall Ventures, Ascension Ventures and Redpoint
Strive Health scored a mega funding round of $166 million that it will use to continue its work combating chronic kidney disease (CKD). The company plans to use the new funds to grow and scale its business in order to expand into new markets and invest in its existing payer, health system, nephrologist and medical group partnerships. See full story.
May 31—Axuall
Amount: $20 million
Series: B
Backers: Noro-Moseley Partners, Flare Capital Partners, Intermountain Ventures, University Hospitals Ventures, Hartford HealthCare, LocumTenens.com, Epsilon Health Investors, InHealth Ventures, AV8 Ventures, JumpStart Ventures and M25 Ventures
Using a real-time practitioner data network, Axuall is able to connect healthcare organizations to a pool of data offering insights for planning, analytics and reporting. Axuall states that its system allows for improved clinical workforce efficiency amid a shaky market and record workforce dissatisfaction through reducing onboarding and enrollment time via provider-enabled digital credentials.
Axuall will use the new capital to develop its data partnerships across its network, currently comprised of 6,800 primary data sources from health systems to staffing firms. Funding will also help accelerate API integration into planning, recruiting, credentialing, enrollment, CRM and electronic medical record systems.
May 31—Hyro
Amount: $20 million
Series: B
Backers: Liberty Mutual, Macquarie Capital, Black Opal Ventures
With the completion of its most recent round, Hyro has brought in total funding of $35 million that will allow the health tech company to continue its work integrating conversational AI into healthcare workflows. With its new pocket of cash, Hyro will hire new talent across all departments as it continues to build out its no-code platform for AI-powered call centers, web and mobile solutions.
According to the New York-based company, Hyro has seen a 100% year-over-year annual recurring revenue growth since launching in 2020. To date, the company has brought conversational AI to 30 million enterprise consumers. With recent excitement and widespread acceptance of large language models, Hyro expects another fiscal year of doubled growth.
May 24—Artelon
Amount: $20 million
Series: B
Backers: Vensana Capital
Medical device company Artelon secured new financing to fund commercial growth, clinical research and expansion of the company's product line for surgical treatment of ankles and other joints.
Artelon’s innovative surgical solutions represent more than 30 years of research and expertise on the complex interaction of mechanics and biology in tendon and ligament reconstruction. “Following on the commercial success of our current Flexband SOLO and Flexband MULTI products, this funding will allow us to take on adjacent clinical indications and pursue leadership within the $2B U.S. ankle instability market, while expanding our efforts to address latent customer needs in other unstable joints," CEO Aaron Smith said.
May 23—Lifeforce
Amount: $12 million
Series: A
Backers: M13, Peterson Ventures, Ridgeline Ventures, Rosecliff Ventures and Seaside Ventures
Lifeforce closed its series A funding round with support from M13, which also supported the health tech company's incubation. Through a telehealth model, the self-proclaimed "longevity platform" connects providers with patients along with the information provided by diagnostic blood tests. Lifeforce's blood tests identify over 40 biomarkers in order to create a personalized health plan to improve health outcomes and overall wellness.
The newest round of funding will allow the Los Angeles-based company to accelerate growth and expand its offering. Lifeforce is also working to explore new uses of data that would allow for more personalized programs. The platform offers its services at $349 for an initial assessment followed by a $129 monthly fee.
May 22—LEADOPTIK
Amount: $5 million
Backers: MetaVC Partners, SOSV, Sony Innovation Fund, TSVC, ENEA, Arash Ferdowsi and Ray Muzyka
Silicon Valley-based medical imaging company LEADOPTIK announced the raising of $5 million in an oversubscribed series seed fund. The round was led by MetaVC, a fund in which Bill Gates is an anchor investor.
LEADOPTIK is developing a miniaturized imaging system that surgeons can use to better diagnose lung cancer. With the company's technology, objects can be viewed fifty times smaller than current imaging systems so that surgeons may detect tiny tumors. Through integration with biopsy needles, real-time guidance can be provided during procedures and allow for earlier detection of lung cancer.
May 17—Adonis
Amount: $17.3 million
Series: A
Backers: General Catalyst, Bling Capital, Max Ventures and Homebrew
Revenue cycle management automation startup Adonis snagged $17.3 million in series A financing. Powered by data science and automation, Adonis helps providers seek to address the common issues and areas of susceptibility within RCM to work toward creating better, more reliable revenue outcomes. This is made possible by automating the holistic payment collection process, analyzing revenue trends, validating patient insurance data at scale, and bridging the system-of-record gaps between healthcare providers, insurance companies, and patients, the company said.
The latest funding will be used to accelerate product innovation, expand partnerships with major EHR and PMS systems, bolster collaboration with healthcare providers and continue investment in expanding Adonis's healthcare data processing and linking capabilities.
May 17—HealthSnap
Amount: $9 million
Series: A
Backers: Asclepius Growth Capital, UnityPoint Health and Tampa General Hospital. Existing stockholders Florida Funders and MacDonald Ventures also participated in the financing round.
HealthSnap, the developer of a virtual care management platform for chronic disease management, clinched a fresh round of financing. The latest round of financing, which was oversubscribed, brings HealthSnap's total funding to $17.1 million to date. It will be used by HealthSnap to support a national expansion of its care management services team to support rapid health system adoption and invest in novel clinical use cases. In the last year, HealthSnap successfully expanded its hallmark remote patient monitoring (RPM) program to include a new and complimentary chronic care management (CCM) solution as well.
May 17—Neura Health
Amount: $8 million
Series: seed
Backers: Koch Disruptive Technologies, Norwest Venture Partners, Pear VC, Next Play Ventures, Correlation Ventures and Plug and Play Ventures
Virtual neurology clinic Neura Health plans to use the fresh funding to expand its go-to-market approach, moving beyond the consumer market to bring the company’s neurology care offering to the enterprise sector, with an initial focus on employers and health plans.
Neura Health's platform connects patients to neurologists, with in-built neurology-specific symptom monitoring and condition-specific diagnostic tests. These include cognitive exams, psychomotor tests, and standard assessments. Neura Health has HIPAA-compliant text messaging and video visits, with a care concierge service to help patients with their various needs. The company’s first app focus is on chronic headache and migraine.
May 16—Laguna Health
Amount: $15 million
Series: A
Backers: SemperVirens and HC9 Ventures
Home recovery platform Laguna Health plans to use $15 million in fresh funding to deepen its AI capabilities in the care management context and expand its go-to-market. The company developed an AI-powered contextual care management solution scaling personalized care, starting with hospital transitions. The company has built an innovative suite of NLP and AI solutions proven in published randomized clinical trials to drive 50% cost savings and 10X productivity gains for care managers.
Thirty-five million Americans are hospitalized annually, with at least two-thirds discharged to self-care at home. To recover, these patients typically receive paper instructions and minimal ongoing clinical oversight. Built on a contextual care model, Laguna's AI engine integrates medical care plans with social, emotional, and cultural factors to help care managers better support members' recovery and ongoing care.
May 11—Wellthy
Amount: $25.5 million
Backer: Citi Impact Fund, Cercano Management, Stardust Equity, Hearst, Eldridge and Rethink Impact
Wellthy is digital care concierge platform that partners with employers to find care for employees and their families. The startup has raised $77 million to date. This latest investment enabled the company to acquire Lantern, a public benefit corporation founded in 2018 that provides step-by-step guidance for individuals and families on navigating life before and after a death. The deal represents a crossover between caregiving and end-of-life platforms.
Wellthy works with health plans and hundreds of companies, including 30 of the Fortune 500 employers, six of the top 10, and businesses such as Best Buy, Cisco and Hilton.
May 11—Amino
Amount: $80 million
Series: equity and debt financing
Backers: Transformation Capital, Oxford Finance, WTI, Red Swan Ventures, North Woodmere Capital and Commerce Ventures.
Healthcare navigation platform Amino Health snagged $80 million in recent financing. The startup connects members with providers and benefits programs leading to 26 billion healthcare claims to date. The platform offers informed guidance to users in order to decrease waste and increase quality care with the ultimate goal of improving care outcomes.
May 10—Lavita AI
Amount: $5 million
Series: seed
Backers: Camford Capital and angel investors
Lavita AI is a San Francisco, CA-based provider of an AI+Web3 healthcare platform to help patients securely share health data. The company developed a decentralized marketplace that enables patients to take control of their own health powered by AI, blockchain and privacy preserving technologies. The funds will be used to accelerate the development of Lavita’s AI-first platform and applications for patients, healthcare providers, and research institutions.
As an example, individuals and patients can use the platform to dynamically identify and match with ongoing clinical trials globally, including those that historically are costly to recruit for, such as pivotal clinical studies, or clinical trials for rare/orphan diseases. Life science researchers can use the platform to convene data cohorts for conducting large-scale population studies such as genome-wide and phenome-wide association studies.
May 9—Optain
Amount: $12 million
Series: seed
Backer: Ascertain, a collaboration between Aegis Ventures and Northwell Holdings
Optain is a New York-based AI company that uses photos of the eye to detect and prevent early stage disease. The startup is the brainchild of Ascertain, a company creation platform that launched last year with $100 million as a joint venture between “startup studio” Aegis Ventures and Northwell Holdings, the venture arm of Northwell Health. Optain is the first company to come out of Ascertain and made its debut with $12 million in seed funding.
Optain’s AI relies on photos of the eye captured with a basic, portable retinal camera. Its analyses can screen for not only ophthalmic diseases, but also those located elsewhere in the body—for a total of 140 diseases—with a goal of detecting them as early as possible when they’re most treatable.
May 9—Lucem Health
Amount: $7.7 million
Series: A
Backer: Mayo Clinic, Granger Management, Mercy (St Louis) and Rally Ventures.
Lucem Health, a provider of clinical AI technology and solutions, will use its recently completed $7.7 million series A funding round to advance development of its platform, grow the company's portfolio and expand sales and marketing capacity.
The new pot will help continue Lucem's work to detect diseases earlier, optimize care delivery and improve the physician and provider experience with the ultimate goal of improving outcomes.
Lucem recently launched Lucem Health Reveal, a suite of solutions designed to identify patients who may be at higher risk of serious or chronic diseases.
May 5—Inbox Health
Amount: $22.5 million
Series: B
Backer: Ten Coves Capital, Commerce Ventures, CT Innovations, Vertical Venture Partners, Healthy Ventures and Fairview Capital.
Inbox Health, a patient billing communications platform, announced the latest series, bringing its total capital raised to date to more than $43 million. More than 2,600 practices use Inbox Health, and more than 3.5 million patients have used the platform to pay a bill.
The capital will be used to accelerate Inbox Health's strategic growth as it aims to improve the billing, support and payment experience for more healthcare stakeholders.
The company says its data-driven platform makes it easy to automate and personalize patient billing communications, removing ambiguity and improving efficiency in a complex part of the healthcare system.
May 3—Embr Labs
Amount: $35 million
Series: intellectual property (IP)-based debt financing.
Backer: GT Investment Partners ("Ghost Tree Partners") in collaboration with Aon plc
Embr Labs, makers of Embr Wave, a wearable to treat the symptoms of menopause, raised new funding via intellectual property (IP)-based debt financing. The financing will fuel Embr's consumer growth strategy via retail and geographic expansion, improving even more lives with the power of temperature.
The Embr Wave wristband, using Embr's patented technology, delivers precisely calibrated cooling or warming sensations at the touch of a button for instant, discrete control over hot flashes and related menopause symptoms. Clinical research has shown that using Embr Wave gives users immediate relief from hot flashes and improves sleep.
April
April 14—Arcadia
Amount: $125 million
Series: N/A (non-dilutive credit/debt financing)
Backer: Vista Credit Partners, the credit-lending arm of Vista Equity Partners
Boston-based Arcadia, which offers health data aggregation and analysis software for providers, payers and life science companies, said the money would help accelerate its platform innovation and go-to-market strategy. The company will also be using the funds to invest in service delivery and customer relations, CEO Michael Meucci said in the announcement.
In an email, a representative of Arcadia said the stronger balance sheet could also "create options for potential M&A activity in the future as the acquirer."
The representative described the financing as a combination of credit and debt that is non-dilutive, allowing Arcadia to remain independent while also tapping into resources from Vista such as its consulting group. It also gives Vista Credit Partners an option to lend additional incremental capital as needed.
April 12—Scene Health
Amount: $17.7 million
Series: B
Investors: ABS Capital Partners, Claritas Health Ventures, Healthworx, the innovation and investment arm of CareFirst BlueCross BlueShield, PTX Capital and Kapor Capital.
Medication adherence company Scene Health (formerly emocha) closed an oversubscribed $17.7 million series B growth financing to accelerate its ability to serve Medicaid and Medicare managed care plans, pharmaceutical companies and clinical research organizations. This financing brings the total investment in Scene to over $25 million since its founding in 2014.
Scene’s tech-enabled solution provides personalized engagement through video technology, clinical coaching, and validated interventions to improve medication adherence rates and address barriers related to social determinants of health. Through daily one-on-one video and in-app chat interactions, Scene’s care team of pharmacists, nurses, and health coaches build relationships with patients to improve their medication administration technique, adherence, and motivation.
April 12—1upHealth
Amount: $40 million
Series: C
Investors: Sixth Street Growth, F-Prime Capital, Jackson Square Ventures and Eniac Ventures.
Health data company 1upHealth banked a series C funding round to expand product development and customer growth teams. 1upHealth’s FHIR-native platform designed for interoperability and modern computing is used by over 75 enterprise organizations including leading national and regional health plans, the highest performing CMS ACOs, international clinical research organizations, and over 20 state Medicaid agencies. By leveraging the industry's FHIR standard, modern and open cloud architecture, and restful APIs, 1upHealth helps customers acquire, store, and interact with the data needed to power their business operations and analytics.
The funds raised will be used to accelerate efforts in building the 1upHeath Data Cloud by investing in product development and engineering in preparedness for proposed and future CMS regulations. The company also plans to enhance 1upHealth data cloud infrastructure for serverless scalability and open access and grow customer and services teams to support market expansion across payers, providers, pharma and digital health.
April 11—Recuro Health
Amount: $47 million
Series: B
Investors: ARCH Venture Partners, the Flippen Group, GPG Ventures, 4D Capital and other investors.
Virtual integrated care platform Recuro Health banked a series B round to scale its Digital Medical Home, which includes diagnostic-enabled virtual primary care and virtual behavioral health Solutions. The company's Digital Medical Home care model integrates advanced science, data, at-home diagnostics and targeted genomics—cancer screening, pharmacogenomics – to better inform integrated care.
Founded in 2021, Recuro has developed innovative digital solutions that integrate virtual primary care and urgent care, behavioral health, at-home lab testing, genomics as well as a suite of enabling capabilities such as care navigation, data analytics, quality and guided referrals.
April 6—Tally Health
Amount: $10 million
Series: seed round
Investors: Forerunner Ventures, L Catterton, G9 Ventures and Second Sight Ventures along with individual investors John Legend, Chrissy Teigen, Pedro Pascal, Shonda Rhimes, Kevin Hart, Rich Roll, Whitney Cummings, and Zac Efron.
Longevity-focused biotech company Tally Health secured a seed round to build out its anti-aging innovations. The company, which launched in late February, was co-founded by Dr. David Sinclair, a Harvard researcher on aging, venture capitalist Whitney Casey and private equity firm L Catterton Partner. The company developed a proprietary DNA "age test" to offer personalized lifestyle recommendations to improve members' health and life spans. The company now has a 270,000-person waitlist, according to executives.
The new capital will support Tally Health as the company expands research and development of new products, additional features and technology integrations to allow users to seamlessly integrate their TallyAge feedback into their daily lifestyle through the digital member experience, according to the company. Funds will also be allocated toward various technical, business and strategic development efforts as the company scales.
April 5—OXOS Medical
Amount: $23 million
Series: A
Investors: Parkway Venture Capital and Intel Capital
OXOS Medical will use series A funds to continue delivering its "Radiology in a Box" offering. With total funding to date reaching $45 million, OXOS has reached outpatient clinics, the military, the Veterans Administration, sports teams, hospitals, imaging centers and bioskills labs.
Gregg Hill, Parkway Venture Capital co-founder and managing partner, and Eric King, Intel Capital investment director, will be added the OXOS board of directors.
With shortages in radiologists expected to increase, OXOS hopes to fill the gap by simplifying performing test and expanding the locations where tests can be administered. Devices are connected directly to the OXOS cloud platform to allow physicians to access instant radiographic studies from anywhere.
The Atlanta, GA-based company was founded in 2016 with the launch of its first FDA-approved device, the Micro C, a portable x-ray machine.
April 4—Teton.ai
Amount: $5.3 million
Investors: Plural
Teton.ai will employ new funding to expand its team and international reach to continue its work supporting nurses with assistive technologies so they may provide more targeted patient care.
International nursing shortages are estimated to reach up to 13 million by 2030. Teton claims that early tests of their solution reflect a 25% decrease in the workload nurses carry during night shifts.
The company installs smart cameras in wards that scan rooms to monitor patients in real-time. Camera monitoring includes sleep tracking in order to avoid waking patients, bed sore and ulcer warnings that direct nurses to adjust patients and fall risk warnings. The Copenhagen-based company's technology was designed using hospital data along with feedback from nurses.
Denmark-based Nykøbing Falster Hospital and Næstved Hospital already employ the technology. By the end of the year, Teton hopes to expand beyond the Nordic region into Germany, the U.K. and the U.S.
April 4—Eli
Amount: CAD 5 million
Investors: Muse Capital, RH Capital and Cake Ventures, TELUS Pollinator Fund For Good, Garage Capital, Leva Capital, Real Ventures, Panache, Vectr, MEDTEQ+
Health tech company Eli provides saliva-based hormone testing in order to decrease barriers to care and increase accuracy of hormone assessments. The tool is designed to support women at all stages of life from menopause to fertility, contraception and while experiencing endocrine conditions.
Repeatable, at-home hormone tests also help to better gain insight into fluctuating hormone cycles that one-time panels at the point of care may miss.
The Montreal, Quebec-based company will use the new capital to finalize product development and proceed with clinical validation and regulatory approvals before launching publicly. Since being founded in 2019, Eli has raised 9 million CAD in total.
March
March 29—Inato
Amount: $20 million
Series: A2
Investors: Cathay Innovation, Obvious Ventures, La Maison and Top Harvest Capital
Clinical trial company Inato scored a new funding round that will be used to supply international growth, product innovation and staff expansion.
Series A2 capital will also be used for oncology-specific innovation and increasing access to care. According to the company, while oncology studies are increasing rapidly, enrollment is still low. The new haul will also help diversity clinical trial enrollment, per diversity goals based on new FDA requirements.
France-based Inato was launched in 2020 with its AI-based data collection tool for trials. The platform increases the pool of available patients for clinical trials by matching patients and partners with research sites.
Inato partners with life science companies, 2,500 community research sites that support over 70 disease areas in over 60 countries. The company has also partnered with a third of the top 30 pharmaceutical companies.
March 23—Vital
Amount: $24.7 million
Series: B
Investors: Transformation Capital, Threshold Ventures, strategic health system investors and Vital CEO Aaron Patzer
The artificial intelligence (AI)-driven digital health company raised series B funding to fuel expansion and support the rapid growth of its modern software. The investment round brings Vital’s total funding to over $40 million. Vital's ERAdvisor software for the emergency department and CareAdvisor solution for inpatient care settings are designed to improve communication between providers and patients.
Series B funds will be used to launch new features directed at enhancing clinical decision support, care coordination and the patient experience.
The Atlanta, GA-based company also aims to expand operational and technological advancements with the expectation of reaching one million patients and supporting 100,000 clinical tasks in 2023.
Vital has partnered with over 100 hospitals and 31 health systems since launching in 2019. Patients can access the technology through their phone for an enhanced care experience that utilizes AI and natural language processing to provide actionable and personalized patient content.
March 21—Gravie
Amount: $179 million
Series: equity investment
Investors: General Atlantic, FirstMark Capital and AXA Venture Partners
Employer health benefits company Gravie scored a whopping $179 million growth investment to fuel its growth through investments within the company, including expanding its flagship health plan for small and medium-sized businesses. The company currently provides health benefits to the employees and families of more than 1,200 companies nationwide.
March 21—Artera
Amount: $90 million
Investors: Coatue, Johnson & Johnson Innovation, Koch Disruptive Technologies, Walden Catalyst Ventures, TIME Ventures, Breyer Capital, The Factory
The maker of AI-based prognostic cancer tests is led by its flagship offering ArteraAI Prostate Test. The test is at the forefront of predicting therapy benefit in localized prostate cancer.
The American Cancer Society predicts that 288,000 new cases of prostate cancer will arise in 2023 with an estimated 34,000 deaths.
New funding will be used by Artera to expand reach of the test both nationally and abroad, while also sparking new tests to support therapy personalization across cancer type.
Along with the funding news, Artera also launched publicly. The announcements come on the heels of the recently released randomized trial validating the company's prognostic biomarker across six phase III randomized trials.
March 16—Allermi
Amount: $3.5 million
Investors: Nelstone Ventures, FourSight Capital Partners
Allermi provides customizable telehealth allergy care directly to consumers. The $3.5 million seed round will be used to continue national expansion.
The company launched in July 2022 with a pre-seed round of $1.25 million led by Lucas Venture Group. Since launching, the company has grown 30% month over month. Currently, the allergy care provider is available across 28 states.
Allermi is built off the work of co-founder Robert Bocian who has spent over 30 years as an allergist and associate professor of allergy-immunology at Stanford. The company uses a nasal spray to administer custom medication to patients in order to address their idiosyncratic symptoms.
March 8—Aiberry
Amount: $8 million
Investors: Confluence Capital Group and AI Ascension
The seed funding round will bring Aiberry's total haul to date to $10 million. The new pot will be used to accelerate the adoption of the Seattle-based company's platform using AI to detect mental health disorders by analyzing patients' speaking patterns and facial expressions.
Aiberry's platform is able to screen in a wide range of settings, including points of care and schools. Conversations are conducted by an AI-powered therapeutic assistance that is available any time of day. At the end of conversations, the platform generates a risk level score for mental health disorders including suicidal ideation.
The technology designed to eliminate biases is based on the decades of research performed by Newton Howard, a brain and cognitive scientists and professor at Georgetown University and Oxford University. Howard is now co-founder and chief scientist at Aiberry.
March 7—Assured Allies
Amount: $42.5 million
Series: B
Investors: FinTLV Ventures, Harel Insurance, Lumir Ventures, Hamilton Lane, New Era Capital Partners, MS&AD Ventures, Core Innovation Capital, Poalim Equity, EquiTrust Life Insurance Company, Akilia Partners, Samsung Next.
Assured Allies provides AgeAssured and NeverStop, two financial products aimed at redesigning health insurance and claims for older generations.
The Boston-based company with offices in Tel Aviv boasts an ecosystem of partners working to reduce the risk of premature age-related decline by keeping patients active and living at home longer.
In the last year, Assured Allies' number of members has grown by over 300% due to increasing collaborations with long-term care insurance carriers. New capital will be used to expand growth and expansion of the company's carrier and partner network.
Assured Allies launched AgeAssured in 2020. The program has shown an ability to reduce costs of long-term insurance claims by up to 20%, according to the company.
March 7—Paragonix
Amount: $24 million
Series: B
Investors: Signet Healthcare Partners
Organ transplant company Paragonix will use the new funds to fuel its ongoing extension of clinical service offerings and inventory expansion in order to advance transplant innovations.
The company's suite of devices includes FDA-cleared and CE-marked SherpaPak, LUNGguard donor lung preservation system and the LIVERguard system. This preservation technology is backed by a clinical support network accessing the largest clinical registries of organ preservation data worldwide.
Paragonix claims that in 2022, 1 in 5 thoracic donor organs transplanted in the U.S. were preserved and transplanted with one of their devices. Of the 30 largest national health transplant programs, 19 used the company's technology last year.
Paragonix's technology is now connected through the company's digital app which provides real-time organ tracking data and monitoring logistics.
March 7—Wave Life
Amount: $6 million
Investors: Santé Ventures, Hannah Grey, Joyance Capital, Gaingels, Telocity Ventures
Wave Life is a part of a trend of digital mental health offerings designed for specific demographics. While other offerings tailor care for marginalized racial groups, sexual orientations or gender identities, Wave Life is designed for Gen Z.
The mental health platform claims to reflect the unique needs and experiences of patients born between 1997 and 2012. The Silicon Valley-based company states that the younger generation is the most stressed about the future, leading to an increase in mental health diagnoses as compared to older generations.
Wave Life's app does not provide psychotherapy but rather coaching and support. The app is available directly to consumers or as an employee benefit. The mental health company did not specify the ways in which it will use the seed funding round to grow.
February
Feb. 28—BetterNight
Amount: $33 million
Investors: NewSpring, with participation from HCAP Partners and Hamilton Lane
Sleep disorders now impact 40% of the U.S. adult population and one startup wants to help people have sweet dreams. San Diego, CA-based BetterNight developed a virtual sleep care platform that provides a full continuum of care for patients with sleep disorders, from consultation to diagnosis to treatment to long-term coaching. The company is focused on addressing obstructive sleep apnea (OSA) and insomnia to boost clinical outcomes, lower healthcare costs and improve patient lives.
The startup plans to use the funding to continue its nationwide expansion through partnerships with physician practices, health systems, and insurers and to accelerate the adoption and growth of its value-based sleep solution to employers and health plans. BetterNight plans to ramp up investment in technology to support patient engagement and remote patient monitoring.
BetterNight has raised $52.6 million to date, according to Crunchbase.
Feb. 28—CodaMetrix
Amount: $55 million
Series: A
Investors: SignalFire, Frist Cressey Ventures (FCV), Martin Ventures, Yale Medicine, CU Healthcare Innovation Fund, and Mass General Brigham physician organizations.
Automated coding technology vendor CodaMetrix, which uses AI for hospital revenue cycle management, nabbed $55 million to accelerate its go-to-market with major provider organizations and health systems. The startup was spun out of Mass General Brigham in 2019.
The company's platform combines machine learning, deep learning, and natural language processing to translate clinical notes automatically and autonomously into billing and diagnostic codes that satisfy coding requirements while reducing human coding workload, according to the company.
U.S. healthcare contends with high coding expense, increasing complexity and ongoing skilled labor scarcity further underscoring the critical need for automation to address the chronic inefficiencies that continue to waste 25-30% of every dollar spent in healthcare, executives said.
Hospital CFOs and revenue cycle VPs are facing a severe shortage within their revenue cycle management or billing departments. Medical coding is one of the costliest and most time-consuming roles to fill, based on job search and time for onboarding, and 30% of positions sit empty.
The company says its technology helps to tackle manual coding inefficiencies, reduces coding costs and improves coding quality.
Feb. 16—Axena Health
Amount: $25 million
Series: A
Investors: AXA IM Alts through its Global Healthcare Private Equity Strategy
Axena Health, a newly-formed commercial-stage medical device company focused on women’s pelvic health, nabbed a $25 million series A investment. The funding will support and expand access to the Leva Pelvic Health System, a prescription digital therapeutic that offers easy-to-use, at-home treatment for urinary incontinence and chronic fecal incontinence in women. The Leva System is cleared by the U.S. Food and Drug Administration (FDA) to treat stress, mixed and mild-to-moderate urgency UI (including overactive bladder) in women and for first-line treatment of chronic FI in women.
Feb. 16—Include Health
Amount: $11 million
Investors: CincyTech, with participation from Tamarind Hill and other investors
IncludeHealth, a hybrid musculoskeletal care provider, secured new financing to expand its MSK-OS remote care platform powered by computer vision. IncludeHealth partners with providers delivering musculoskeletal care to offer hybrid services to their patients under remote therapeutic monitoring and value-based care.
Feb. 15—Wyndly
Amount: $2 million
Investors: Y Combinator, Goodwater Capital, Civilization Ventures, Sweater Ventures, Kevin Mahaffey.
Allergy immunotherapy provider Wyndly score $2 million in a funding round to continue its work eliminating allergy symptoms.
The Lakewood, Colo.-base company was founded by cousins Manan Shah, president of the Colorado Ear, Nose and Throat Society, and entrepreneur and software engineer Aakash Shah. The company's approach was born when Manan Shah realized his pandemic-forged allergy treatment created new pathways to care. Wyndly's methodology helps desensitize patient's to allergens while maintaining immune system viability.
While the practice eases barriers to online visits, physical offices and at-home care are also available. Wyndly gained a footing in allergy care through both founders responding to questions on the popular information platform Reddit. Similarly, Manan Shah earned notoriety through his TikTok account dispelling immunology myths.
Feb. 13—Twentyeight Health
Series: pre-series A
Amount: $8.3 million
Investors: RH Capital, Seae Ventures, Impact Engine, Acumen America, Stardust Equity, California Health Care Foundation, Penn Medicine-Wharton Fund for Health, and Great Oaks Venture Capital, and strategic angel investors including Andrey Ostrovsky, former Chief Medical Officer of US Medicaid Program and Elina Onitskansky, former SVP & Head of Strategy at Molina. Many of Twentyeight Health’s previous investors also participated in the round, including SteelSky Ventures, Third Prime, Town Hall Ventures, GingerBread Capital, and Algaé Ventures.
Twentyeight Health, a telehealth company providing affordable access and convenience for reproductive and sexual health, raised a pre-series A round. Launched in 2018, Twentyeight Health has expanded across the U.S. in the past two years — growing from six to 34 states and covering more than 85% of women of reproductive age. The company will use its new funding to continue to grow its geographic footprint, expand payer partnerships, and provide additional women’s health care services.
Feb. 8—Avicenna.AI
Series: A
Amount: $10 million
Investors: Innovacom and CEMAG Invest
Medical imaging AI provider Avicenna.AI will use the series A funds to bring the company's pathology solutions to scale. Currently, the France-based company uses deep learning to identify, detect and quantify emergency pathologies from CT medical images. The company’s FDA-cleared and CE-Marked tools for neurovascular and thoraco-abdominal pathologies are directly integrated into clinical workflows. Avicenna.AI boasts a total of four FDA and six CE mark approvals.
In 2022, the tech was rolled out into over 140 hospitals in 14 countries across three continents. Avicenna.AI plans to continue scaling by entering 30 new sites every month in 2023. Series A funds will also be used to diversify the company's offerings in new areas of medicine
Feb. 6—Simple Healthkit
Series: A
Amount: $8 million
Investors: Initialized Capital, Kleiner Perkins, Kapor Capital, Quest Venture Partners
Simple HealthKit offers an end-to-end healthcare platform delivering diagnostics, treatment and follow-up care. With the new funding round, the platform expanded its collection of solutions to include diagnostics in sexual health, diabetes, COVID-19, RSV and Flu A/B. Patients can access diagnostics though the platform at-home, in-clinic or at the pharmacy.
Simple HealthKit's digital infrastructure is designed to plug into any organization's workflow through an open-ended API or HL7. Samples are sent to the company-operated labs and returned within 24 hours. The platform plans to partner with leading retailers later this year to increase test availability.
The series A funds elevates the Fremont, Calif.-based company's total funding to $12 million.
Feb. 2—Re:course AI
Amount: $4.3 million
Investors: Par Equity, Northern Gritstone, the GMC Life Sciences Fund By Praetura, Rob Wood, the founders of Current Health
Re:course AI bills itself as the "flight simulator for healthcare and life sciences." The company's interface uses AI models and digital human avatars in virtual training exercises to help healthcare providers soar through realistic patient interactions with automatic feedback. With dozens of avatars with different conditions, the company seeks to help professionals address internal bias and experiential limitations.
The new funds will allow for Re:course AI to expand its engineering team and enter new markets. In a time when healthcare professionals are scrambling for time, the company sees its platform as a tool for efficient and effective training. Practicable scenarios range from diagnosing rare cancers to assessing mental health conditions.
Re:course AI's platform is also applicable to life sciences where clinical "pilots" can practice clinical learning and drug discover processes.
Feb. 1—Aluna
Series: B
Amount: $15.3 million
Investors: Matrix Partners, Rho Ignition, Warner Carr
Aluna, the lung management platform, will use the series B funds to to finance expanding its use among doctors and patients. Patients living with diagnoses like asthma, cystic fibrosis and COPD can blow into Aluna's spirometer daily to share their daily lung health with their doctor. Patients also use an app to collect symptoms, medications, activities and environmental factors.
Aluna uses machine learning to aid medical teams in identifying respiratory problems and take corrective action to keep patients healthy. Currently, one in thirteen Americans live with asthma while that number continues to rise due to environmental factors, according to the Asthma and Allergy Foundation of America. More than one million emergency room visits annually are attributed to the disease, according to the American College of Asthma, Allergy and Immunology.
Aluna's spirometer is eligible for reimbursements as remote patient monitoring.
January
Jan. 31—Clearsense
Series: D
Amount: $50 million
Investors: HealthQuest Capital, Health Catalyst Capital, UPMC Enterprises
Healthcare analytics and data management firm Clearsense banked a $50 million series D capital raise. Clearsense is a data platform for healthcare that enables real-time insights into clinical, operational and financial metrics.
With 2023 poised to be a huge growth year for Clearsense, this new funding will allow Clearsense to further invest in infrastructure, technology and people to drive the expansion of the 1Clearsense Data Management Platform.
Jan. 26—Health Payment Systems
Amount: $25 million
Investors: SVB Capital, SV Health Investors, Hexagon and Caltius Equity
Healthcare technology and services organization Health Payment Systems nabbed $25 million in debt and equity funding to accelerate the growth of its PayMedix healthcare financing solution.
The company plans to use the funds to further develop its payment platform, increase staffing and support geographic expansion. The Milwaukee-based firm aims to reduce the cost and complexity of the healthcare payments process to benefit providers, employers, patients and TPAs. HPS has an independent network of 96 hospital facilities and 22,600 individual providers.
Health payment Systems is expanding to meet rapidly growing demand from healthcare providers and employers to change the way people access, pay for and benefit from healthcare, executives said. PayMedix has processed more than $5 billion in medical payments for hospital systems and physician practices.
Jan. 26—Smile Digital Health
Series: B
Amount: $30 million
Investors: UPMC Enterprises, 30 Group North
Health data infrastructure company Smile Digital Health picked up $30 million to help tackle interoperability. The company's health data fabric (HDF) and integration platform uses HDF architecture and ONC-compliant, event-driven FHIR APIs to allow healthcare providers, payers and IT vendors to build secure, composable and scalable data infrastructures.
The company sells its health data platform to providers, payers, digital health vendors and researchers. Smile Digital Health will use this new round of funding to expand its newly acquired clinical reasoning utility and forward-looking artificial intelligence and machine learning capabilities.
Jan. 26—New Enterprise Associates
Amount: $6.2 billion
Investors: Co-led by Will Ventures and GFT Ventures. Supporting members of the round included AARP, Immad Akhund, Hyper, Baselayer Ventures and Z Venture Capital.
New Enterprise Associates, a venture capital firm funding technology and healthcare companies, announced the closing of two funds totalling $6.2 billion dollars. The funds leave the company's assets under management at $25 billion.
Both funds will be redirected into enterprise and consumer technology and digital health and life sciences. NEA aims to invest in companies at every stage of growth. Notable alums include addinia therapeutics, Acadia pharmaceuticals, Bright Health group, Hydra Biosciences and WebMD.
The global venture capital firm was founded in 1977 and has invested in more than 270 portfolio company IPOs and over 450 mergers and acquisitions.
Jan. 25—Mighty Health
Amount: $7.6 million
Investors: Co-led by Will Ventures and GFT Ventures. Supporting members of the round included AARP, Immad Akhund, Hyper, Baselayer Ventures and Z Venture Capital.
The daily health program designed for adults ages 50 and up, Mighty Health, announced funding to spur partnerships and initiatives including bringing premium membership to Americans free of charge.
Mighty Health partners with Medicare Advantage and commercial health plans to cover over nine million patients nationwide. Aging adults are given access to health guidance through joint-friendly workouts, chronic condition-specific programs, custom nutrition plans and 1-on-1 health coaching.
The app is also available directly to consumers who may access 250 low-impact workouts, personalized grocery lists and recipe recommendations, health guidance, live virtual events such as doctor Q&As and their own certified health coach.
Jan. 25—Deciphex
Series: B
Amount: $15.7 million
Investors: Seroba Life Sciences with support from existing Deciphex investors.
Deciphex, a provider of pathology software and services, announced new funding to add to its series B round. The funds will allow for the company's continued expansion in the UK, Canada, the Middle East and the U.S.
Jennifer McMahon, a partner with leading investor Seroba Life Sciences, will join the Deciphex board.
In December, the Dublin-based digital pathology company released its pathology offering on a centralized platform, Patholytix 3.0. On the platform, research pathologists can review and score non-clinical studies on a single platform. The company entered the U.S. market in late 2022.
Jan. 25—Oxipit
Amount: $4.9 million
Investors: Taiwania Capital, Practica Capital and Coinvest Capital
Oxipit, an AI medical imaging company, will use the completed funding round to support market expansion into new geographic regions with particular focus on the United Kingdom.
In April 2022, Oxipit received CE Class IIb certification for the ChestLink autonomous imaging software. ChestLink can now be deployed in 32 European markets.
The platform produces final reports for healthy patient X-ray studies with 99.8% sensitivity if the image features no abnormalities. For settings with relatively low abnormalities, like primary care facilities, the technology can help address a shortage of radiologists.
Oxipit Quality is available in Europe and Australia. In December it was certified for use in Brazil. The company has expressed a desire to file for U.S. FDA certification in 2023.
Jan. 17—Authenticx
Series: B
Amount: $20 million
Investors: Blue Heron Capital with participation from Beringea, Indiana Next Level Fund/50 South Capital Advisors, High Alpha, Mutual Capital Partners, Signal Peak Ventures, Allos Ventures, Elevate Ventures and M25.
Authenticx scored $20 million in new funding for its voice-based customer service and analytics solutions.
The investment comes after a significant year of growth for Authenticx, which saw a 2.5x increase in ARR in 2022 and 64 new employees since July 2021, many of whom joined product innovation and sales departments, according to the company.
Additionally, Authenticx’s customer base doubled over the last year, with its client portfolio now including five of the top 10 leading global pharmaceutical companies.
Authenticx plans to use this capital infusion to further increase customer-centricity in healthcare by innovating in machine learning and product engineering, fueling sales and marketing efforts and continuing to expand the business.
Jan. 17—Paytient
Series: B
Amount: $40 million
Investors: Mercato Partners Traverse Fund with participation from Bertelsmann Investments. The duo was joined by existing investors Lightbank, Felicis Ventures, Box Group, Lachy Groom, Left Lane Capital, Commerce Bank, Crossbeam Ventures, Cultivation Capital and Inspired Capital.
Paytient, a company that built health payment accounts, announced a $40 million series B funding round. The round raised the total funding for the provider of interest-free credit cards to $63 million.
The series B funds were comprised of $33 million in equity from existing investors and $7.5 million in debt from Silicon Valley Bank. The Columbia, Missouri-based company said the round will allow for scaling growth and product development in 2023. Full story.
Jan. 12—Oula
Series: A
Amount: $19.1 million
Investors: Led by 8VC with participation from existing investors including Chelsea Clinton's fund, Metrodora, the Female Founders Fund, Collaborative Fund and Alumni Ventures.
Oula opened in Feb. 2021 with the goal of improving pregnancy and childbrith experiences and maternal survival rates. The maternity clinic had exhibited lower rates of cesarean births and preterm deliveries while surpassing other quality standards.
Within three months of opening its first clinic in Brooklyn, NY, the branch reached full capacity. A second branch has now opened in Manhattan, the company has doubled its employee base and grown a clinician team without spending any capital on recruiting, according to a company press release.
The most recent round brings Oula's total funding to $22.3 million. Seed funding was provided by Great Oaks, January Ventures, Rock Health, Black Jays and individuals such as Kate Ryder of Maven Clinic, Tom Lee of One Medical and Jonathan Bush of Athena Health.
Series A funds will allow Oula to advance its sonography capabilities.
Jan. 12—Ferrum Health
Amount: $6 million
Investors: Urban Innovation Fund, Cercano Management, and Singtel Innov8.
Ferrum Health, the developer of an artificial intelligence (AI) platform for healthcare, scored new funding to scale its enterprise AI deployment platform to improve patient outcomes.
Ferrum has already seen significant traction for its enterprise AI Platform, with major healthcare organizations such as Sutter Health and Carle Clinic adopting its technology, according to executives. The company’s AI platform uses advanced machine learning algorithms to analyze medical data, providing doctors with insights and recommendations that can help improve patient care.
As of 2022, more than 750,000 patient records have been analyzed via the Ferrum enterprise AI platform.
Jan. 11—ShiftKey
Amount: $300 million
Investors: Majority investor Lorient Capital and completed through a continuation vehicle led by the Ares Management Secondaries funds and Pantheon. Other investors participating in the raise include Clearlake Capital and Health Velocity Capital.
ShiftKey, a healthcare staffing technology company, scored $300 million, bringing its valuation to more than $2 billion, as first reported by Axios. The company’s scheduling platform connects licensed healthcare workers to facilities with staff openings to help tackle the labor and staffing issues in the industry.
The Dallas-based company says its sotware now enables work for hundreds of thousands of licensed professionals across over 10,000 healthcare facilities nationwide.
Jan. 11—Censinet
Amount: $9 million
Investors: MemorialCare Innovation Fund, Rex Health Ventures and Ballad Ventures, with participation from LRVHealth, HLM Venture Partners, Schooner Capital, Excelerate Health Ventures, and Cedars Sinai.
Censinet, a provider of healthcare risk management solutions, raised $9 million in funding to ccelerate growth and expand operations.
The company developed a cloud-based, HIPAA-secure risk exchange that enables healthcare organizations to share and manage risk data to strengthen cybersecurity. With close to 40 customers across health systems, health plans, and vendors, and 100% ARR growth year-over-year through Q3 2022, the company is undergoing record growth and has never lost a customer.
The company’s flagship offering Censinet RiskOps delivers total automation across all third party and enterprise risk management workflows, processes, and insights.
Jan. 10—ModifyHealth
Series: B
Amount: $10 million
Investors: RC Capital, Nashville Capital Network
ModifyHealth, a nationwide food as medicine platform and provider of medically tailored meals,n abbed $10 million in new funding. The partnership with RCC will support ModifyHealth's continued growth of its category-leading food as medicine solutions and further expansion of its nationwide operations to deliver meaningful patient outcomes.
The company intends to use the funds to support its continued growth of its category food as medicine solutions and further expansion of its nationwide operations to deliver meaningful patient outcomes.
Jan. 10—Alira Health
Amount: $58 million
Investors: not disclosed
Alira Health, a healthcare advisory, clinical research and technology company, raised additional $58 million in funding. Alira Health is focused on new opportunities brought into effect in the United States by federal rules preventing the blocking of electronic health information (EHI) under the 21st Century Cures Act.
The company intends to use the funds to accelerate the delivery of patient-centric, technology-enabled healthcare solutions. Alira Health raised $35 million in 2021 and $40 million in 2022, in two rounds led by Creadev.
Jan. 9—Monogram Health
Amount: $375 million
Investors: CVS Health, Cigna Ventures, Humana, Memorial Hermann Health System and SCAN along with TPG Capital, Frist Cressey Ventures, Heritage Group, Pura Vida Investments, Norwest Venture Partners and other unnamed investors.
Monogram Health, a tech-enabled in-home kidney disease management company, announced Monday the close of $375 million in new funding to continue rapid deployment of its care delivery model and clinical services. Full story.
Jan. 9—Array Behavioral Care
Amount: $25 million
Investors: CVS Health
Virtual psychiatry and therapy practice Array Behavioral Care picked up $25 million in fresh funding backed by CVS Health.
Array, a 20-year-old company, plans to use the capital to scale faster and provide further access to quality, timely behavioral care in new and existing markets. The funding round comes amid a mental health crisis in the U.S. and surging demand for behavioral health services. Array also plans o enhance its service offerings, invest in innovative technology and expand its practice team, according to a press release.
CVS Health joins other industry leaders and early investors in Array Behavioral Care, including Wells Fargo Strategic Capital, Health Velocity Capital, Harbour Point Capital, HLM Venture Partners, OCA Ventures and OSF Healthcare. Full story.
Jan. 5—KeyCare
Series: A
Amount: $27 million
Investors: Ziegler, and and two additional health systems joined 8VC, LRVHealth, Bold Capital, and Spectrum Health Ventures.
KeyCare, a Chicago-based provider of a virtual-first care platform built with Epic, raised series A funding. The company intends to use the funds to improve patient access, expand provider capacity, and streamline care delivery across the country.
KeyCare offers health systems the ability to easily augment their care teams, optimize capacity, and widen their digital front doors by partnering with a nationwide network of virtual care groups working on KeyCare’s Epic-based platform. Patients can easily schedule appointments with these Virtualist healthcare providers via their health system’s MyChart portal or call center. Virtualists then complete the telehealth visit on KeyCare’s Epic platform and their data can be seamlessly shared with members of the patient’s regular care team.
Jan. 5—LinusBio
Series: A
Amount: $16 million
Investors: Led by GreatPoint Ventures and Bow Capital with support fromDivergent Investments, Nicole Shanahan, the David Bellet Family Office, Gillian Sandler and Sanford Robertson.
LinusBio will use the round to fund a novel platform to unite genomic and environmental factors along with biological responses in otder to increase disease detection and tracking while also improving treatment.
The biotech company said in a press release that the initial focus of the platform has been neurological disorders, including autism spectrum disorder. The company's program pipelines also include advanced diagnoses and treatment of amyotrophic lateral sclerosis (ALS), cancers, inflammatory bowel disease and mental disorders, such as psychosis and schizophrenia.
Funding will also allow the company to hire staff in order to help develop the new diagnosis and treatment hub.
December
Dec. 20—RxAnte
Amount: $25 million
Investors: Trinity Capital Inc.
RxAnte, a pharmacy care management business, received $25 million in growth financing. $15 million was drawn under the facility, and RxAnte has the option to draw an additional $10 million, subject to the conditions under the agreement.
RxAnte improves prescription drug use for regional and national health plans covering over 30 million lives. The company uses patented analytic technology and targeted clinical services to lower costs, improve quality scores, and enhance member experience.
The team at RxAnte expects to use investment proceeds for scaling operations to support accelerating growth, particularly for the company's value-based pharmacy service aimed at medically complex and vulnerable Medicare beneficiaries. The service has proven to reduce hospitalizations and total cost of care and will continue to expand nationwide in 2023.
Dec. 20—Carallel
Amount: $8.2 million
Investors: FCA Venture Partners, 450 Ventures, Create Health Ventures, Gratitude Railroad, Loud Capital and Wanxiang Healthcare Investments
Carallel, a platform that provides supports for caregivers, banked $8.2 million in Series A funding, led by FCA Venture Partners and including multiple payer industry backers including 450 Ventures, Create Health Ventures, Gratitude Railroad, Loud Capital and Wanxiang Healthcare Investments.
Carallel currently supports 400,000 Medicare Advantage and commercially insured patients as well as their caregivers nationally, the company said. The company plans to use the new funding to expand its reach in both markets, as well as to develop digital experiences, peer-to-peer supports and targeted care interventions.
“Carallel has demonstrated the clear value of compassionate, human-led caregiver support to health plans, members, and, above all, caregivers,” said Todd Johnson, FCA Venture Partners. “We are happy to stand behind this important work and support Carallel’s continued growth.”
The company is launching multiple new programs in 2023, including with NextBlue of North Dakota, Priority Health and Vermont Blue Advantage. These efforts include new strategies to improve stars performance in Medicare Advantage, extend care management to improve quality and different offerings in the market.
Dec. 13—Komodo Health
Amount: $200 million
Investors: Coatue Management led the new investment with Dragoneer Investment Group contributing.
Health data startup Komodo Health secured a structured equity infusion of $200 million in early November as it looks to continue scaling its data-driven "healthcare map" and analytics tools. Full story.
Dec. 12—Juno Medical
Amount: $12 million
Investors: Julian Eison, Next Ventures' managing partner, Serena Williams, managing partner at Serena Ventures along with Vast Ventures, Empire State Development’s New York Ventures, TXV Partners, Genius Guild, Gaingels, and previous investors Atento Capital and Humbition.
Tech-enabled healthcare provider Juno Medical raises $12 million in a series A round backed by tennis ace Serena Williams to build out its "modern doctor's office."
With two locations in New York City, Juno is reimagining modern healthcare for families and will open in Atlanta, Tulsa, and Los Angeles in 2023 under the leadership of Juno founder and CEO Akili Hinson. The funding will support Juno’s continued development of its technology platform and expansion into new markets, company executives said.
Juno’s products and services are designed for the family’s “chief caregiver” by bringing the best of primary care, pediatrics, women's health, same-day care, and virtual care into one thoughtfully designed experience, according to executives.
Juno accelerated the opening of its first location in the Harlem neighborhood of New York City to see patients in April 2020 when the COVID-19 pandemic devastated New York and many physician offices were closed.
Unlike recent trends in concierge medicine and digital health, Juno says its model is designed to work with nearly all types of insurance—including commercial plans, Medicare and Medicaid—without initial barriers or exclusive membership fees.
Dec. 8—Sonde Health
Series: B
Amount: $19.25 million
Investors: Led by Partners Investment with participation from NEOM Company, KT Corporation and existing investors including co-founder PureTech Health and M Ventures.
Sonde Health, a health tech company providing voice-based health monitoring, announced a $19.25 million Series B funding round. The Boston-based company uses audio signal processesing, speech science and AI to predict physiology changes through the voice.
With $35.25 million in total funding, the health tech company will use the funding to drive global commercial growth and expand respiratory and mental health monitoring technologies. It will also work to expand which diseases its technology predicts. CEO David Liu said in a press release that the teachnology uses digital biomarkers to detect health issues before symptoms occur.
1.2 million voice samples from over 85,000 subjects on four continents make up the company's voice dataset. The company states that it is a one-of-a-kind in its status as a vocal biomarker company using AI and machine learning products for multiple health condition that has developed the capability to embed technology into device chipsets.
Telehealth, pharmaceutical, remote patient monitoring and medical device companies already use the technology. Telecom company KT Corporation, hearing device company GN Group, mobile device compant Qualcomm and Koye Pharmaceutiacals all recently announced partnerships with Sonde.
As a part of Partners Investment's support of the company, Partners Investment Vice President Joonsoo Kim will join Sonde’s board of directors. Release
Dec. 7—Lokavant
Series: B
Amount: $21 million
Investors: Edison Partners led with support from Roivant Sciences
Lokavant, a provider of clinical trial platforms and analytic applications, will use the funds to scale commercial teams and accelerate feature development. Lokavant's platform provides a centralized data repository and aggregates data from disparate trial data sources to support research teams in study management and execution.
Edison Partners led the round and will contribute General Partner Gregg Michaelson to Lokavant's board of directors. Edison Partners aims to invest in high-growth healthcare IT companies located outside Silicon Valley who exhibit $10 million to $30 million in revenue.
Lokavant launched in 2020 and holds partnerships and boasts a multi-year licensing agreement with Parexel along with partnerships with clinical trial companies Thread and Ergomed and healthcare networking and data platform H1. Release
Dec. 2—Voiceitt
Amount: $4.7 million
Investors: AMIT Technion led with support from Cisco Investments and Third Culture Capital
Speech recognition technology company Voiceitt successfully raised $4.7 million with a new, extended goal of $10 million. To date, the company has raised $20 million.
The Israel-based company recently launched the beta of its speech recognition platform for non-standard speech, which translated spontaneous speech of people with speech disabilities.
An earlier version of the technology is available in the iOS App Store along with integration with Alexa. The company also offers an API with integration capabilities into other voice interfaces.
November
Nov. 21—PayZen
Amount: $200 million credit facility and $20 million equity raise
Investors: 7wireVentures and Viola Credit
Fintech startup PayZen, which offers buy now, pay later services to the healthcare industry, raised a $220 million growth round. The funding round was led by 7wireVentures and brings the company’s total equity raised to $40 million. The payments company also received $200 million in a warehouse credit facility from Viola Credit to support continued market expansion.
With the fresh funds, PayZen plans to expand its credit lines and scale its operations and product development.
Current investors SignalFire, Link Ventures and Picus Capital also participated in the funding round.
Since PayZen’s last round in November 2021, the fintech company has doubled its revenue every month and expects its growth trajectory to continue due to expanding market need, the company said. Release
Nov. 21—Care.ai
Amount: $27 million
Investor: Crescent Cove Advisors
Care.ai developed an AI-powered ambient facility monitoring technology for hospitals and banked $27 million to boost growth and scale deployments of what it calls a "smart care facility platform."
Led by founder and CEO Chakri Toleti, care.ai provides a platform comprised of a network of sensors that monitors patients using AI and allows a facility to collect real-time behavior data for clinical and operational insights.
Powered by AI-enabled edge sensors, care.ai's platform surfaces real-time inferences and insights to alert and report on activities that help healthcare organizations improve quality, safety, and compliance while optimizing the clinical workforce. The company has deployed its technology to more than 1,500 facilities across the U.S., including hospitals, skilled nursing facilities and assisted living facilities. Release
Nov. 21—Capitol
Amount: $10 million
Investors: 468 Capital, Designer Fund, Fuel Capital, Tokyo Black, Brian Chesky, Chase Coleman III, Nomad Capital, AirAngels, Sanno Capital and John McCormick.
The AI company, which creates data visualizations to better inform health insurers decisions, will use the seed funding to advance their platform, transition out of stealth and increase its adoption in the healthcare space.
Capitol's Data Stories Platform leverages AI to create visual insights to help reveal data to combat fraud, identify cost savings and improve quality of care within the health industry. Through this technology, the company states that its customers can redirect funds it would otherwise use hiring data scientists or analysis.
CEO and founder of Capitol, Shaun Modi, was a founding designer at Airbnb and co-founded the design group TM. The AI company’s head of product, Ezra Lee, most recently held the position of director of analytic technology at Signify Health. Release
Nov. 17—Resilience Lab
Series: A
Amount: $15 million
Investors: Morningside and Viewside Capital Partners
Mental health tech company Resilience Lab banked $15 million to build out its platform. The company allows mental health care clinicians to collaborate and provides a matching care delivery platform for clinicians and patients.
More than 200 therapists work today at Resilience Lab, serving New York, New Jersey, Pennsylvania, Connecticut and Massachusetts, and have delivered more than 120,000 therapy sessions since the creation of the company. Release
Nov. 15—DispatchHealth
Amount: $330 million
Investors: Optum Ventures led the equity raise with support from Humana, Oak HC/FT, Echo Health Ventures, Questa Capital, Adams Street Partners, the Olayan Group, Silicon Valley Bank, Pegasus Tech Ventures and Blue Shield of California. Silicon Valley Bank and K2 HealthVentures led the debt raise.
Home healthcare company DispatchHealth nabbed a hefty $330 million in funding, Home Health Care News reported. Overall, that brings its funding total to well over $700 million since it was founded in 2013.
The funds will be used to continue building the company's proprietary platform, called the Last Mile Health Care Technology Platform, aimed to help with care delivery via logistics, clinical support and coordination with other parties in its ecosystem.
The Denver-based company's in-home, high-acuity care model has developed rapidly over the past few years. Once focused on in-home urgent care, DispatchHealth's services are now available to more than 75% of Medicare Advantage members across the country.
Nov. 14—Maven Clinic
Series: E
Amount: $90 million
Investors: General Catalyst, CVS Health Ventures, La Famiglia and Intermountain Ventures, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group and Lux Capital
Maven Clinic, a virtual care provider for women and families, reeled in $90 million with plans to expand its global service offerings and family building. The company also is targeting an expansion into Medicaid and to build out its menopause health offerings, Neel Shah, M.D., chief medical officer at Maven Clinic, told Fierce Healthcare.
Maven also will use the fresh cash to continue to invest in personalization across its platform.
Nov. 14—Validic
Amount: $12 million
Investors: Kaiser Permanente Ventures, Green Park & Golf Ventures, Ziegler, Arkin Digital Health, Greycroft Partners, SJF Ventures and Gore Range Capital
Validic, a digital health company focused on remote patient monitoring, raised new funding to further invest in its platform, which integrates digital health with clinical data in electronic heath records systems to manage chronic conditions and care for patients remotely.
The company works with healthcare providers, health plans and health IT companies, such as Mass General Brigham, Cleveland Clinic, Mayo Clinic and CVS Health, to provide personalized chronic condition management, remote care and support for healthy living, the company said. Release
Nov. 14—Nymbl Science
Series: B
Amount: $12 million
Investors: Cobalt Ventures, Outcomes Collective Growth Capital and 450 Ventures
Nymbl Science, a digital at-home fall prevention program for older adults, nabbed $12 million to expand operations and support of its balance improvement system. Release
Nov. 10—Elemental Machines
Series: B
Amount: $41 million
Investors: Sageview Capital, Omega Venture Partners, Gutbrain Ventures and Digitalis Ventures
Elemental Machines secured $41 million for its lab management software. The company plans to use the additional capital to leverage its connected operations platform and broadly support related fields such as manufacturing, materials science, food tech, ag tech, and other data-focused industries.
To date, Elemental Machines has supported over 500 life sciences customers and plans to use the new funds to fuel commercial growth in research, clinical, and quality control laboratory operations (LabOps), servicing a growing $60 billion market. Release
Nov. 9—Fathom
Series: B
Amount: $46 million
Investors: Alkeon Capital, Lightspeed Venture Partners, Cedars-Sinai, Vituity’s Inflect Health, ApolloMD, Founders Fund and Tarsadia
Automated medical coding startup Fathom scored $46 million in fresh funding to continue to scale its engineering team. The company built an AI solution that fuses the best of deep learning and natural language processing to automate medical coding.
Inflation and severe staffing shortages are driving up costs at a time when revenues are declining, which is driving demand for automation technology.
The series B round brings Fathom’s total funding to $61 million. Release
Nov. 3—Guaranteed
Amount: $6.5 million
Investors: Brand Project led the round with support from Precursor Ventures, Springbank Ventures, Lakehouse Ventures, and Cake Ventures.
Guaranteed’s mission to provide digitally enabled end-of-life care was bolstered by a seed round of funding which notably came from 50% women and/or person of color-led institutions with 27% of the funds coming from Black financiers.
The hospice company will use the funds to scale its platform while hiring hospice and clinical care professionals, engineering and marketing talent.
Guaranteed implements a hybrid-home approach to include family and loved ones in the dying process. The US hospice care market was valued at $29 billion in 2019 and is projected to reach $56 billion by 2027. Release
Nov. 2—Intus Care
Series: A
Amount: $14 million
Investor: Deerfield Management
Intus Care, a predictive analytics platform designed to improve care outcomes among geriatric patients, closed a series A, securing over $14.1 million. Founded in 2019 by Brown University undergraduate students, Intus Care’s mission is to empower geriatric care providers through data to deliver more effective patient management and treatment for dual-eligible seniors. Intus Care currently works with over 25 PACE Programs (Program for All-Inclusive Care for the Elderly) in 13 states who are utilizing its predictive analytics platform. The funds will be used to advance and scale its software platform for geriatric care.
Nov. 2—Carta Healthcare
Series: B
Amount: $20 million
Investors: Paramark Ventures, Frist Cressey Ventures, American College of Cardiology, Asset Management Ventures, CU Healthcare Innovation Fund, Mass General Brigham, Maverick Ventures Investment Fund and Storm Ventures
Carta Healthcare will use the latest funding round to scale its AI-based clinical data management solution. The startup currently serves 20 of the leading health systems in the United States, including Stanford University Medical Center, Common Spirit, UCSF and Mass General Brigham. Release
Nov. 1—Joylux
Series: A
Amount: $13 million
Investors: J-Ventures, J-Impact and Dr. Kathy Fields
Menopausal health services and devices company Joylux closed on $5.5 million in new commitments, bringing their total series A round to $13 million. Joylux will use the news funds to hire key individuals and accelerate the growth of their app-enabled vFit and vSculpt devices and accessory products, FemtechInsider reported.
Nov. 1—Yes Hearing
Series: A
Amount: $10 million
Investors: Blue Heron Capital with participation from Primetime Partners, Ensemble Innovation Ventures, Maccabee Ventures & Gaingels.
Virtual-first audiology and hearing care provider Yes Hearing plans to use the funding to advance the growth and scale of its direct-to-consumer operations and accelerate the development of its proprietary home care technology platform. The startup, founded in 2019, says its the largest national provider of in-home hearing healthcare, operating in 50 states with a network of over 500 mobile audiologists and hearing care specialists. The company's service combines audiologist-led telehealth with hands-on professional hearing care at home to increase the adoption, usage, and ongoing care for individuals with hearing loss. Release
Nov. 1—MedCrypt
Series: B
Amount: $25 million
Investors: Intuitive Ventures, Johnson & Johnson Innovation – JJDC, Inc. (JJDC), and participation by institutional investors Section 32, Eniac Ventures, Anzu Partners, and Dolby Family Ventures
MedCrypt is a cybersecurity solution provider for medical devices and has raised $34.4 million to date, according to Crunchbase. The company says it currently provides enhanced security features and services for seven of the top 10 medical device manufacturers as well as startups and mid-sized companies. MedCrypt will use the fresh funds to scale their cryptography, behavior monitoring, and vulnerability inventory products across various types of medical devices, from small devices like glucose monitors to hospital-based surgical robots. The funds will also be used to expand MedCrypt's engineering team to support the market's exponential increase in demand for medical device cybersecurity products and services. Release
Nov. 1—ConnectRN
Amount: $65 million
Investor: Bridge Bank
ConnectRN, the Waltham-based startup that connects nurses and aides with flexible work opportunities, received a $65 million loan package from Bridge Bank. The loan provides the company with working capital and growth capital to support the company’s rapid growth. In the past year, connectRN’s revenue has grown by 250%. The company plans to expand to 40 states by the end of the year. The loan package comes less than a year after the company raised $76 million in funding. ConnectRN has raised $160.5 million to date, according to Crunchbase. Release
Nov. 1—Galen Robotics
Series: A
Amount: $15 million
Investor: Ambix Healthcare Partners
A Digital-Surgery-as-a-Service company, Galen Robotics developed a robot to assist in soft tissue surgeries. Galen plans to level the surgical playing field by erasing large capital expenditures associated with today's surgical robots. Galen Robotics aims to be the first surgical robotics company to launch as "as-a-service" using the per-usage disposable model. The Series A helped complete the final robot prototype, and submission to FDA. Funds will also be used to develop a clinical sales team, expand engineering, grow product development, and develop surgeon training programs. Release
October
Oct. 31—HealthJoy
Series: D
Amount: $60 million
Investors: Valspring Capital, Endeavour Vision, CIBC Innovation Banking, US Venture Partners, GoHealth co-founders Brandon Cruz and Clint Jones, Health Velocity Capital, Nueterra Capital and Epic
The startup aims to make health benefits easier to navigate for employees and plans to use the fresh capital to accelerate growth. HealthJoy designed its app to function as a single front door to employee benefits and care. Launched in 2014, the company has raised $108 million to date. Fierce Healthcare
Oct. 31—Valera Health
Amount: $44.5 million
Investors: Heritage Group, a healthcare-focused private equity firm, with participation from Cigna Ventures, Horizon Healthcare Services and existing investors, which include Windham Ventures, AXA Venture Partners, Aquiline Technology Partners, Trinnovate Ventures (BCBS AZ), Figure Eight Investments, Watershed VC and Alsora Capital
Valera Health, a virtual mental health provider serving high acuity patients, closed a $44.5M growth equity raise. The company delivers care to patients through a team-based model that includes licensed therapists, nurse practitioners, case managers, and psychiatrists. Valera partners with health plans and provider groups that cover over 50 million lives across several states. Release
Oct. 28—Navina
Series: B
Amount: $22 million
Investors: ALIVE Israel HealthTech Fund, Grove Ventures, Vertex Ventures Israel and Schusterman Family Investments
Navina, the maker of an AI assistant for physicians, has raised $44 million to date and will be use the fresh funding to advance its algorithms, expand integration of more emerging data sources and scale among physician groups and the enterprise market. Fierce Healthcare
Oct. 28—Floreo
Series: A
Amount: $10 million
Investors: Tenfore Holdings, Felton Group, the Autism Impact Fund and the Disability Opportunity Fund
Launched in 2016, Floreo develops clinically designed VR lessons that help teach life skills aimed at children with autism and other neurodevelopmental disorders. Its mission, led by founder and CEO Vijay Ravindran, is to help every child reach their full potential; hence the name Floreo, which comes from the Latin root for the word "flourish." Floreo has been deployed by more than 100 providers nationwide and was used in 17,000 therapy lessons last year. It currently has Medicaid approval in five states. Fierce Healthcare
Oct. 27—Hazel Health
Series: C1
Amount: $51.5 million
Investors: Tao Capital Partners, Owl Ventures, Firework Ventures, Carrie Walton Penner through Fiore Ventures and Hermann Memorial. A strategic investment with Children’s Memorial Hermann included a partnership between the telehealth company and the Houston health system’s pediatric network.
Hazel Health, a K-12 school-based telehealth provider, plans to use the fresh funding to continue its mission of bringing digital health support to all K-12 schools regardless of family income or background. The provider of digital pediatric mental health and physical health said it will use the funds to expand its national reach, workforce and investment in its technology stack. Fierce Healthcare
Oct. 27—Midi Health
Series: Seed
Amount: $14 million
Investors: Felicis, SemperVirens, Emerson Collective, Icon Ventures, Operator Collective, Muse Capital, Steel Sky Ventures and Anne and Susan Wojcicki
Midi Health developed a virtual care clinic for women focused on menopause. Currently providing insurance covered care for patients in California, Midi will leverage the new capital to expand operations nationwide and launch partnerships with some of the largest hospital systems in the country, as well as major U.S. employers. Midi offers evidence-based interventions ranging from lifestyle coaching and supplements to prescription medications, all covered by major insurance providers, including Aetna, Anthem Blue Cross, Blue Shield, Cigna, Health Net and UnitedHealthcare. Release
Oct. 26—RightMove
Series: A
Amount: $21 million
Investors: Flare Capital and the Hospital for Special Surgery
Hospital for Special Surgery launched RightMove Powered by HSS, a for-profit company independent of the nonprofit hospital. HSS believes that its creation and collaboration with RightMove will help address the $380 billion national musculoskeletal health burden while also offering a new model for telehealth. The telehealth platform expects to launch in the late second quarter of 2023 with partners or regional focuses yet to be determined. Fierce Healthcare
Oct. 24—Robin Healthcare
Amount: $17 million
Investor: Horizon Technology Finance Corporation
The Berkeley, California-based orthopedic healthcare management platform provider received a $17 million venture loan facility from Horizon Technology Finance Corporation. Robin's proprietary device, the Robin Assistant, silently observes physician-patient visits while remote scribes—powered by AI and trained by over 1 million patient visits—extracts data, identifies conditions, then builds and uploads clinical notes with medical codes, all directly to the electronic health record. The company will use the loan proceeds for general corporate and working capital purposes. Release
Oct. 24—Electronic Caregiver
Series: D
Amount: $42.5 million
Investors:
Digital health technology and services company Electronic Caregiver (ECG) announced the close of its latest funding round that raised $30 million, plus a warrant exercise, to lock in a total of $42.5 million. The company anticipates its next round of funding will have a pre-valuation of $560 million, raising an additional $100 million. The new funds will dramatically grow ECG's revenues and customer base leading to an expected IPO within 24 months. To date, the company has raised $110 million in equity and $10 million in debt, totaling $120 million. Release