Health tech funding snapshot—Zocdoc lands $150M; Cerner, Philips back Carevive

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

Health technology company Carevive—which developed a platform that helps clinicians create personalized treatment plans for cancer patients—won a new major backer last month.

The company banked a series C equity investment of $18 million with support from Philips Health Technology Ventures. Phillips joined prior investors HLM Venture Partners, LRVHealth, Cerner and founder Madelyn Trupkin Herzfeld in the round.

Carevive's platform allows clinicians to tailor cancer care management programs for each patient's needs, informed by real-world patient experiences and outcomes, not just clinical data. Its remote symptom management system means patients need to take fewer trips to health centers. And Carevive's data and analytics are helping researchers design innovative cancer care delivery models, payers to reimburse treatments effectively and life science companies to develop personalized therapies for cancer.

Carevive plans to use the funds to bring its software and analytics platform, which uniquely connects clinical data with patients' real-world reported experiences, to even more clinicians, patients, life science companies, and payers," said Bruno Lempernesse, Carevive's CEO.

Here's a snapshot of other health IT funding deals of note in February:

    Virtual care expansion: Online medical appointment booking company Zocdoc banked $150 million in new growth financing led by Francisco Partners.

    Big data: Innovaccer joined the ranks of digital health unicorns when it secured $105 million in a series D funding round, bringing its valuation to $1.3 billion. The round was led by Tiger Global Management and existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and M12 (Microsoft's venture fund), which participated in the round, as well as new investor OMERS Growth Equity. 

    Cancer genomics company: Personal Genome Diagnostics has raised $103 million in series C funding led by Cowen Healthcare Investments. Other investors in the round include Northpond Ventures, Vensana Capital, Rock Springs Capital, Kern Capital, Sands Capital, PFM Health Sciences, Windham Ventures, New Enterprise Associates, Innovatus Capital Partners and Catalio Capital Management.

    ER infrastructure: RapidSOS, a company that built a platform to make it easier for first response teams to do their jobs, just banked $85 million to scale its technology. The company's series C funding round was led by global venture capital and private equity firm Insight Partners. The investment brings RapidSOS’ total funding to $200 million.

    Behavioral health: Modern Health has closed a $74 million series D investment round. The investment round was led by Founders Fund. Lachy Groom also invested in the round. The infusion of cash comes on the heels of  Modern Health's $51 million series C raise in 2020. 

    Genomics medicine: Ensoma closed a $70 million series A funding round. 5AM Ventures led the round joined by F-Prime Capital, Takeda Ventures, Viking Global Investors, Cormorant Asset Management, RIT Capital Partners, Symbiosis II and Alexandria Venture Investments. 

    Medical practice: Eden Health nabbed $60 million in series C funding it plans to use to scale its healthcare practice for employees at companies nationwide. Growth stage investor Insight Partners led the funding along with Amigos Health, Aspect Ventures, Company Ventures, Flare Capital, Flexcap Ventures, Max Ventures and PJC. 

    Pharmacy benefit manager: Capital Rx has just closed a $50 million series B funding round. The round was led by Transformation Capital and also included investment from Edison Partners, who led the PBM's series A round. 

    Medical management: Medisafe raised $30 million in series C funding. Sanofi Ventures and Alive Israel HealthTech Fund co-led the round, joined by Leumi Partners, Menora Mivtachim, Consensus Business Group and earlier backers Pitango Ventures, 7Wire Ventures.

    Virtual musculoskeletal market: Sword Health secured a $25 million financing round backed by investors Todd Cozzens, managing partner at Transformation Capital and former healthcare investor at Sequoia Capital. Existing Sword investors Khosla Ventures, Founders Fund, Green Innovations, Vesalius Biocapital and Faber Capital also contributed to the new round. 

    Virtual care for the LGBTQIA+: A queer and trans-venture-backed company offering virtual care, Folx Health, scored $25 million in new financing led by Bessemer Venture Partners with participation from existing investors Define Ventures and Polaris.