Health tech funding snapshot—b.well nabs $32M to build out healthcare's digital front door; Olive rakes in $400M

concept of one hand holding up a light bulb and other hands holding up money
(Lia Shaked)

Digital health company b.well Connected Health focuses on enabling consumers to become navigators of their own care journey.

The startup brings together patient data across providers, insurers, pharmacies and a patient's own apps and devices and banked $32 million in an over-subscribed series B financing round to fuel its next growth phase among health plans, health systems and self-insured employers.

The funding round follows a strong year of growth in 2020-21, which saw b.well’s business increase by two times as more organizations implemented the b.well platform to connect with their patients, employees and communities.

The capital raise was led by HLM Venture Partners (HLM) with participation from existing investors ThedaCare, UnityPoint Health Ventures and Well Ventures, a subsidiary of Walgreens Boots Alliance.

The startup’s platform gives consumers one-stop, mobile access to all of their health information, while streamlining everything from refilling prescriptions to reviewing lab results and scheduling care in-person or virtually.

 “Our digital transformation platform is helping healthcare organizations and self-insured employers deliver an unparalleled and personalized health care journey for their patients, members and employees,” said Kristen Valdes, CEO and founder of b.well, in a statement.

“Consumers have grown accustomed to technology that makes banking, travel and shopping simpler and more convenient. Now more than ever they’re demanding the same convenience when it comes to managing their health and that of their loved ones. We thank our investors for their strong support of our vision for creating simple, connected, and personalized health care journeys.”

Here's a snapshot of other health tech funding deals of more than $25 million in July:

Healthcare automation: Olive raked in $400 million in fresh capital to build out its enterprise AI for hospitals. The round, led by Vista Equity Partners, boosts the company's valuation to $4 billion, it claims. Base10 Partners Advancement Initiative also participated in the round.

Scaling up primary care: Carbon Health, a primary care provider combining brick-and-mortar clinics with virtual services, is targeting nationwide expansion with the announcement of a hefty $350 million funding round led by Blackstone’s Horizon platform.

Stroke device maker: Imperative Care netted $260 million to build out its stroke care portfolio. The funding round was led by D1 Capital Partners and included backing from HealthCor Investments, Innovatus Capital Partners, Ally Bridge Group, Bain Capital Life Sciences, Ascension Ventures, Delos Capital, Rock Springs Capital and Amed Ventures.

Handheld ultrasound: Exo secured a new $220 million financing round, as venture capital investors line up to back the company and its upcoming point-of-care diagnostic device. The round was led by RA Capital Management, with additional backing by BlackRock, Sands Capital, Avidity Partners and Pura Vida Investments, plus previous backers.

Digital behavioral health: SonderMind has reached a valuation "well north" of $1 billion with the close of a new $150 million series C funding round. The raise, co-led by Drive Capital and Premji Invest, represents a stark jump over the $27 million series B announced by the startup just over a year ago.

Tech for IVF:  A startup that provides an automated platform for tracking, monitoring, and storage of frozen eggs and embryos used in in vitro fertilization nabbed $105 million in series C equity and debt financing. The equity round for TMRW Life Sciences was led by Transformation Capital with participation from GV (formerly Google Ventures), Casdin Capital, Peter Thiel, Anne and Susan Wojcicki, and existing investors 5AM Ventures and Life Sciences Innovation Fund, among others.

Data analysis: Truveta, the data startup jointly backed by a cadre of major providers, has announced three new health system members and the close of a $95 million series A funding round. By bringing Baylor Scott & White Health, MedStar Health and Texas Health Resources into the fold, Truveta said its 17 members now deliver more than 15% of all patient care in the U.S.

Digital therapist: AI-powered mental health platform Woebot scored a whopping $90 million series B funding round. The series B was co-led by Jazz Venture Partners and Temasek. Other participants included Owl Ventures, BlackRock Private Equity Partners, AI Fund and a handful of other new and existing backers.

Genomic cancer testing: Strata Oncology got a $90 million boost led by Wellington Management along with new and existing backers that included the venture capital arms of Pfizer and Merck, which previously co-led Strata’s $26 million series B in mid-2018.

Clinical data network: OM1, a company that provides chronic disease registries and real-world data, banked $85 million backed by Kaiser Permanente and General Catalyst. The round was led by D1 Capital Partners, Kaiser Permanente and Breyer Capital, with participation from General Catalyst (GC), Polaris Partners, Scale Venture Partners, 7wire Ventures and Glikvest.

Digital wellness: Arianna Huffington’s Thrive Global closed an $80 million series C round co-led by Mamoon Hamid at Kleiner Perkins and Owl Ventures. The round also includes additional investment from existing institutional shareholders IVP and Jazz Venture Partners, as well as new investment from funds managed by Goldman Sachs Asset Management.

AI precision medicine: Xilis landed a $70 million series A funding round to build out its organoid-generating platform for cancer treatment and drug development. The round was led by Mubadala Capital. New and existing investors also joined in, including Alphabet’s GV, Felicis Ventures and European healthcare investor LSP, among a handful of others.

AI imaging: Aidoc collected $66 million in a new investment round to help it meet growing demand for its automated imaging systems. The Israel-based company’s series C round was led by General Catalyst.

Digital substance abuse clinic: Quit Genius, a digital clinic for treating multiple addictions, banked an oversubscribed $64 million series B funding round co-led by Kinnevik and Atomico, with participation from series A investors Octopus Ventures, Triple Point Ventures and Startup Health.

Alzheimer’s screening: Linus Health uses built-in sensors of smartphones and tablets to conduct its series of cognitive assessments and track patients’ progress over time, allowing for both in-clinic and remote observation. Morningside Ventures and other investors sunk $55 million in new funding into the startup.

RCM automation: VisiQuate, a provider of advanced analytics and AI-powered automation offerings to healthcare providers, received a $50 million equity investment from Sixth Street Growth.

Data processing platform: Startup veda developed an AI-powered data processing platform and closed on $45 million in series B funding led by Oak HC/FT.

Decentralized clinical trials: Clinical trial software company Castor added $45 million to the bank, bringing the startup's total fundraising to $65 million. Eight Roads Ventures and F-Prime Capital led the round with financing also coming from existing backers Two Sigma Ventures and Inkef Capital. 

Remote monitoring: BioIntelliSense developed a suite of remote monitoring technologies, including adhesive wearable devices for monitoring vital signs and health symptoms. It nabbed an oversubscribed series B totaling $45 million, led by United Arab Emirates-based Chimera Investments, part of Abu Dhabi’s Royal Group conglomerate with Philips’ health tech-focused venture funding arm and 7wire Technology Partners also participating.

Sleep apnea device: Signifier Medical Technologies, which developed a tongue stimulation device for sleep apnea, closed a $35 million series D funding round from lead investors Segulah Medical Acceleration, Angelus Venture Fund I, Pioneer Healthcare Partners and Alan Howard, the co-founder of European hedge fund platform Brevan Howard Asset Management.

Digital concierge: Wellthy, a digital care concierge platform that partners with employers to find care for employees and their families, raised an additional $35 million in series B funding. The round was led by Rethink Impact and joined by additional strategic partners and existing investors Hearst, Polaris Partners and Eldridge.

Virtual wound care: Swift Medical built an app that helps care providers improve wound care and brought in $35 million to scale up its technology. The series B investment was led by Virgo Investment Group through one of its managed-investment funds, followed by existing investors DCVC and BDC Capital’s Women-in-Tech Fund. Other participating investors include leading health tech firms Claritas Capital, Chrysalis Ventures, Pender Ventures and Export Development Canada.

Virtual reality for surgery: A healthcare startup has attracted alums from Microsoft, Apple and George Lucas' visual effects company to turn surgical training into a cinema-quality virtual experience. San Francisco-based Osso VR banked $27 million to train surgeons using high-fidelity, virtual reality simulations.

Reinventing rural health: Former Center for Medicare and Medicaid Innovation chief Brad Smith launched Main Street Health to focus on providing value-based care in rural America. The health tech firm is starting with the help of a $26.4 million investment from Smith, Frist-Cressey Ventures, Oak HC/FT and other healthcare entrepreneurs. 

Automated medical coding: A startup that uses explainable AI and automated medical coding to reduce insurance denials and operational expenses raised $25 million in funding. The funding round for Nym Health was led by Addition and will support the expansion of the company’s footprint in urgent care centers.

Music-based treatment: MedRhythms is a rare digital therapeutics company using a music-based system to treat neurological diseases. The startup’s work has clearly struck a chord, as evidenced by the $25 million funding round it recently closed. The series B was co-led by Morningside Ventures and Advantage Capital and brings the startup’s lifetime funding to $34 million.