Fierce Healthcare Fundraising Tracker—Midi Health banks $60M for women's health; Lumeris pockets $100M

A new year brings a new approach to tracking health tech and digital health investments. 

Fierce Healthcare is switching from a continuous fundraising tracker to a weekly roundup of financing rounds.

Our weekly 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.

Do you have fundraising news to share? Email Senior Editor Heather Landi at [email protected].

For news about funding deals from 2023, check out our 2023 Fundraising Tracker.

Value-based care strategy company Lumeris scores $100M

Lumeris, a health tech company that supports value-based care operations, completed a $100 million equity capital raise. The funding round was led by Deerfield Management, a long-standing lender, and new investor Endeavor Health. Existing investors Kleiner Perkins, Sandbox Industries, BlueCross BlueShield Venture Partners and JDLinx (an investment company owned by John Doerr) participated in the round.

Lumeris collaborates with health systems and physician practices to move their operations to a value-based care system supported by technology-powered enablement and care provider services. The company says it manages over $13 billion in medical spend.

This new growth capital supports the recent rapid expansion of Lumeris' provider partnerships, including with some of the country's largest health systems and physician groups, according to the company. 

Startup that provides virtual midlife care for women banks $60M

Midi Health, a virtual care clinic for women navigating perimenopause and menopause, closed a $60 million series B funding round led by Emerson Collective.

The company has raised $100 million to date, including a $25 million series A round back in September.

Additional investors include GV (Google Ventures), which led the previous funding round, along with Memorial Hermann, SemperVirens, Felicis, Icon Ventures, Black Angel Group, Gingerbread Capital, Able Partners, G9 and Operator Collective. They join a syndicate of primarily female-led investors including F7, Steel Sky Ventures, Avestria, Muse Capital, 1843 Capital, Anne Wojcicki, Susan Wojcicki and K50 Ventures.

Midi Health was founded in 2021. Over the past year, the company says it has cared for tens of thousands of patients, expanded to all 50 states, added Fortune 100 employers offering its services as a workplace benefit and launched partnerships with major healthcare systems such as Memorial Hermann and benefits platforms such as Progyny and Cleo.

The additional round of funding will allow Midi to expand insurance coverage, which it already established nationwide, along with hire and upskill an additional 150 clinicians by the end of the year. The company also will focus on diversifying its service lines and scaling up to care for 1 million-plus women per year by 2029.

Women spend more than a third of their lives in perimenopause or menopause, with more than 1.2 billion women globally expected to be in these life stages by 2030. Upward of 85% of women will experience menopausal symptoms that can negatively impact their productivity and quality of life, yet 75% of women who seek care for these symptoms do not receive any treatment. The primary reason is that only about 1 in 5 OB-GYNs, and even fewer primary care physicians, receive specialized menopause education or training.

Amae Health picks up $15M to scale behavioral health clinics

Amae Health launched in January 2022 to improve care for individuals with severe mental illness through a community-based, integrated approach.

The startup, which opened its first outpatient clinic in Los Angeles 18 months ago, closed a $15 million series A round to fuel its growth as it plans to open new clinics in four markets over the next 12 months.

Read the full story here.

Summer Health pockets $12M grow text-based pediatric service

Summer Health, a pediatric telehealth messaging service launched just 18 months ago, picked up $11.65 million in series A funding to build out its technology platform.

The series A round was led by Lux Capital, doubling down on its seed investment, and new investor 7WireVentures. Existing investors Sequoia Capital, Box Group and Metrodora Ventures also participated in the round as well as another new addition, Pivotal Ventures, a Melinda French Gates fund. 

In August 2022, the company raised a $7.5 million seed round. Summer Health did not disclose its valuation.

Read the full story here.

Clarity Pediatrics banks $10M to expand pediatric ADHD platform

Clarity Pediatrics, a digital health company focused on pediatric chronic care, picked up $10 million in seed funding led by Rethink Impact with participation from Homebrew and Maverick Ventures.

The seed round also included investments from January Ventures, Vamos Ventures, Alumni Ventures and Citylight VC. These institutional investors join a set of angel investors who are healthcare leaders at CityBlock, Quartet, Livongo, Headspace (Ginger), Rock Health, Solv and more, according to the company.

This investment supports Clarity Pediatrics’ launch of new clinical service lines, further development of its care platform and geographic expansion, the company said.

The company launched in 2021 as a virtual pediatric clinic.

Nearly 1 in 10 American children have attention-deficit/hyperactivity disorder (ADHD), impacting their relationships, self-confidence and performance at school.

The cornerstone of Clarity Pediatrics’ approach to ADHD care is Behavioral Parent Training (BPT), recommended by the American Academy of Pediatrics for families of children ages 5 to 12 with mild to moderate ADHD. Unfortunately, 80% of children with ADHD don’t have access to BPT, and most families wait over a year and pay $3,000 or more out of pocket to get access to ADHD treatment.

Clarity Pediatrics says it makes pediatric ADHD care 10x more accessible and 20x more affordable: Families have access to next-day appointments, including for ADHD diagnostic screening and medication-related services, and pay an average co-pay of $15 per session.

Clarity’s newly expanded ADHD care platform enables families to enroll in 12 months of virtual group therapy support via skill building programs designed to address executive function challenges and emotional dysregulation. Clarity also recently launched medication management for pediatric ADHD.

The company is in-network with all major commercial insurers in California.

Claims operation AI company Alaffia Health raises $10M

Alaffia Health, a health tech business that works with payers and third-party administrators to minimize fraud and help clinicians conduct reviews more efficiently, has raised $10 million in series A funding to advance its research and development.

The company uses Ask Autodor, its generative AI tool, to help medical coders navigate an avalanche of insurance claims. The tool is built upon models like GPT-4 by OpenAI and is integrated with internal, proprietary transformer-based models.

Read the full story here.

Handl Health nabs $2.5M seed round

Handl Health built a benefits platform to help consultants build health plans for employer clients. The startup picked up $2.5 million in seed funding initiated by Mucker Capital and Everywhere VC.

Investors Tau Ventures, Riverfront Ventures, DHVP (Digital Health Venture Partners), Boutique Venture Partners, Plug and Play Ventures and Techstars also participated. The company said the funding round was oversubscribed.

With the seed funding, Handl Health plans to invest in further advancing its analytics and workflow automation capabilities to give benefits consultants a single place to access verified price transparency data to build and manage health plans, the company said.

Handl Health was founded in 2022 after founders Ahmed Marmoush and Ria Shah were awarded a Phase I Small Business Innovation Research grant from the National Institutes of Health to research the effect of price transparency legislation on the American employer and consumer. This research led to the development of Handl Health's platform, which leverages proprietary AI models to mine, clean and organize healthcare price transparency data from publicly available sources at scale.

The platform is now used by benefits consultants to build affordable health plans for their employer clients.

Women's health startup snaps up $5M in seed funding

Women's health medtech company Pelvital closed an additional $2.32 million in its seed funding round, bringing the total funding raised to $5 million.

The funding exceeds the initial target by $500,000, according to the company.

The investment round was led by Boomerang Ventures. Pelvital also welcomed new investors including Pier 70 Ventures, Life Science Angels, Tech Coast Angels Orange County and Blue Pacific Fund.

The seed funding will help the company expedite the commercialization of its Flyte device, a FDA-cleared, in-home treatment for stress urinary incontinence (SUI) and weakened pelvic floor muscles.

"Completing this round is an important step in continuing Pelvital's unwavering dedication to provide women with innovative solutions for pelvic health, including the treatment of SUI," says Lydia Zeller, president and CEO of Pelvital, in a statement. "This funding will play a crucial role in accelerating our commercialization of Flyte with a strong emphasis on expanding payor coverage and enhancing clinical education and clinician awareness."

Flyte delivers the therapeutic treatment modality of mechanotherapy to the pelvic floor. Mechanotherapy is a well-established treatment modality that stimulates tissue regeneration and the creation of neuromuscular memory, according to the company.