Health tech funding snapshot—Data analytics startup Axtria banks $150M; Binx Health nabs $104M for at-home testing

Life sciences and healthcare companies are struggling with how to leverage vast amounts of data and find ways to use it intelligently to drive thoughtful decision-making.

Axtria, a global cloud software and data analytics provider, has focused on helping companies replace archaic and ad hoc systems with digital data enablement, analytics at scale and omnichannel software.

The company scored a $150 million growth investment from Bain Capital Tech Opportunities to accelerate the development of AI-enabled software platforms for the global life sciences industry. 

"The industry is not just looking for consultants and custom-built solutions but for partners that will help them bring therapeutic drugs to market faster and efficiently,” said Axtria founder and CEO Jassi Chadha in a statement. “With this new investment, Axtria will further solidify its leadership position of enterprise products that help customers drive better patient outcomes globally."

The company supports more than 100 life sciences companies, including 12 of the top 20 global leaders with its software solutions.

Axtria, founded in 2020, has secured $206 million in funding to date, according to Crunchbase.

Here's a snapshot of other health IT funding deals of more than $50 million in May:

Precision medicine: Caris Life Sciences closed a whopping $830 million growth equity round led by Sixth Street with significant contributions coming from Coatue, Silver Lake, Fidelity Management & Research Company and funds and accounts managed by T. Rowe Price Associates. 

Weight loss app: Noom is bulking up with $540 million in a series F funding round. The round was led by new investor Silver Lake with other new investors participating in the round including Oak HC/FT, Temasek and Novo Holdings. Existing investors Sequoia Capital, RRE and Samsung Ventures also participated.

Employer health benefits platform: Collective Health hauled in $280 million in series F funding led by major insurer Health Care Service Corporation. The funding round was backed by new and existing investors including DFJ Growth, Founders Fund, G Squared, Maverick Ventures, NEA, PFM Health Sciences, SoftBank Vision Fund 1, Sun Life and others.

Portable diagnostics: Cue Health clinched $235 million in new financing to grow its diagnostics business. It brought on new investors Perceptive Advisors, MSD Capital and Koch Strategic Platforms, a subsidiary of Koch Industries, and brought back its previous backers Johnson & Johnson Innovation, Decheng Capital, CAVU Ventures and ACME Capital, among others. 

Remote care platform: A group of investors led by the venture capital arms of Bayer and Hitachi funneled $130 million into London-based startup Huma. The group of investors also include Samsung Next, Sony Innovation Fund, Unilever Ventures and HAT Technology & Innovation Fund. The investors committed another $70 million to come as the company's partners reach certain milestones.

AI pathology: PathAI, which developed AI-based technologies to augment the work of pathologists, pulled in $165 million in a newly closed series C. The financing was co-led by D1 Capital Partners and Kaiser Permanente. Another dozen investors joined in the round, including Bristol Myers Squibb, Labcorp and Merck’s Global Health Innovation Fund.

Prescription video games: Boston-based digital therapeutics company Akili Interactive raised $160M in funding. That funding includes a $110 million series D led by Neuberger Berman Funds and $50 million in debt financing, in the form of a credit facility with Silicon Valley Bank.

Digital health coaching: Vida Health banked $110 million in a series D funding round led by General Atlantic and joined by Centene, AXA Venture Partners and Ardea Capital Partners. Returning investors include Ally Bridge Group, Yahoo founder Jerry Yang’s AME Cloud Ventures, Aspect Ventures, Canvas Ventures, Guidewell, NGP Capital and Workday Ventures.

Data analytics: Aetion, which offers real-world evidence and analytics to drug companies, payers, life sciences companies and regulatory agencies, scored $110 million in a series C funding round led by Warburg Pincus, with additional investments from B Capital and Foresite Capital. Aetion’s existing backers New Enterprise Associates and Flare Capital Partners also joined the round.

At-home testing: Healthcare technology and diagnostics company Binx Health closed a series E financing of $104 million. OrbiMed led the round, with participation from new investors Arrowmark Partners, Hildred Capital Management, Alta Life Sciences and Parian Global as well as existing investors LSP and Johnson and Johnson Development Corporation, among others.

Wearable tech: Oura Health, maker of the health tracking Oura ring, nabbed a $100 million series C funding round led by The Chernin Group and Elysian Park, the investment arm of the Los Angeles Dodgers. Health investors Temasek, JAZZ Venture Partners and Eisai Co. Ltd. also participated along with growth investors Bedford Ridge and One Capital. Several existing investors also participated.

Hospital at home: Mayo Clinic and Kaiser Permanente invested $100 million into Medically Home to help size and scale its hospital-at-home model to more patients.

AI-based symptom checker: Ada Health has raked in a $90 million series B led by Leaps by Bayer, the Big Pharma’s dedicated investment arm. Samsung Catalyst Fund, Vitruvian Partners, Inteligo Bank, F4 and Mutschler Ventures also contributed to the funding round.

Remote clinical trials: Decentralized clinical trial Florence closed an $80 million series C funding. The round was led by Insight Partners, with participation from existing investors Fulcrum Equity Partners, Bee Partners and Flashpoint.

Digital mental health: Headway raised $70 million in a series B round backed by Andreessen Horowitz (A16Z) led the round with participation from Thrive, GV (formerly Google Ventures) and Accel. 

Digital infrastructure: Vim, a technology company building the digital infrastructure for U.S. health care, completed a $60 million financing round backed by leading U.S. healthcare funds including health insurance giant Anthem, pharma store chain Walgreens and Optum Ventures. Other investors include GreatPoint Ventures, Sequoia Capital, Frist Cressey Premera and Blue Cross.

Personalized nutrition: Startup Zoe topped up its series B round with $20 million, bringing the total raised to $53 million. Ahren Innovation Capital led the round with participation from two former American football players, Eli Manning and Ositadimma “Osi” Umenyiora; Boston, US-based seed fund Accomplice; healthcare-focused VC firm THVC and early-stage European VC, Daphni.

E-Prescription software: DrFirst pulled in $50 million equity investment to invest in targeted acquisitions and accelerate the company's growth. The investment was backed by Sixth Street Growth, the growth investing platform of investment firm Sixth Street.

Telehealth infrastructure: Wheel, which provides the tech and the staff for virtual care, banked a $50 million series B investment led by Lightspeed Ventures. Existing investors CRV, Silverton Partners, Tusk Venture Partners and JPMorgan also participated as well as new investors including Tony Fadell's Future Shape.

Quality management: Qualio, a cloud quality management system software for the life sciences companies, raised $50 million in series B funding round. The round was led by Tiger Global with participation from Menlo Ventures and current investors Frontline Ventures, MHS Capital, Operator Partners, Sorenson Ventures, and Storm Ventures.