Health tech funding snapshot—Telehealth startup Kry banks $316M; SoftBank backs AI drug discovery Exscientia

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

With the aim of bringing transparency to healthcare, Transparent Healthcare Marketplace launched earlier this year as a marketplace to connect payers and providers of workers’ compensation healthcare services.

The startup combines the power of the market with digital innovation to automate complex business processes and accelerate access to care for the healthcare and insurance industries, according to the company.

Philadelphia-based Transparent Healthcare Marketplace completed an oversubscribed $30 million series C Preferred equity funding round led by ARTIS Ventures.

New investors in the round include Phase 2 Partners, combined with significant participation from existing institutional and individual investors. The latest funding brings THM’s total equity raised to $57.4 million.

“Consumers, payers and providers are all paying the price for the inefficiencies within the current healthcare structure,” said ARTIS Ventures’ Founder and Managing General Partner Stuart Peterson in a statement. “THM is using their tech-enabled marketplace to simplify and streamline how medical services are accessed and delivered, reducing the enormous amount of wasteful spending that is happening today. They are trailblazers in an industry that has previously been slow to transform, and we look forward to partnering with them to bring positive and needed change.”

“With over $300 billion in medical spending primed to fit a marketplace model, THM is poised to systematically change the paradigm and reduce costs for all stakeholders—so we are thrilled to use this funding to accelerate the growth and adoption of our platform,” said Munawar Ali, executive chairman of THM’s board of directors in a statement.

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

Telehealth platform: Swedish digital health startup Kry has raised a hearty €262 million, or about $316 million, in its latest funding round. The newest influx of funding was led by the Canada Pension Plan Investment Board and Fidelity Management & Research. Other participants included the Ontario Teachers’ Pension Plan, Index Ventures, Accel, Creandum and Project A.

Digital pharmacy startup: Capsule banked $300 million in new capital funding led by Durable Capital Partners. New investors Baillie Gifford, T Rowe Price, and Whale Rock also participated. 

AI drug platform: Exscientia reeled in $225 million in series D financing led by SoftBank Vision Fund 2. Other investors participated, including BlackRock, Novo Holdings, Bristol Myers Squibb and Mubadala Investment Company. SoftBank will also provide another $300 million in an equity commitment that Exscientia may tap at its discretion.

Cloud-based R&D platform: Benchling, which developed a cloud platform used by pharmaceutical and biotech companies to analyze complex datasets, pulled in $200 million in series E funding led by Sequoia Capital Global Equities. Other participants in the funding round included Altimeter Capital, Byers Capital and serial entrepreneur and Color Genomics founder Elad Gil, as well as several previous investors.

Insulin delivery patch: CeQur created a wearable insulin delivery patch and snapped up $115 million in new venture capital funding. Credit Suisse Entrepreneur Capital and Endeavour Vision led the series C5 round, alongside new backing from Tandem Diabetes Care, Ypsomed Group, Federated Hermes Kaufmann Funds, Kingdon Capital and GMS Capital, plus the returning investors Schroder & Co. Bank and VI Partners.

Cloud-based cancer diagnostic services: C2i Genomics, which is developing a blood test to detect residual cancer cells after tumor removal, scored $100M in financing from Casdin Capital, NFX, Duquesne Family Office, Section 32, iGlobe Partners, Driehaus Capital and others.

Digital surgery platform: Caresyntax closed a $100 million series C funding round. PFM Health Sciences headlined the raise, which included support from new backers Optum Ventures, Intel Capital, Lauxera Capital Partners, Vesalius Biocapital Partners, Arno Capital and Rezayat Invest. Prior investors IPF Partners, Relyens and Surgical.AI also participated.

Data cloud provider: TetraScience secured an $80 million series B investment to speed up the discovery of therapeutics. Global venture capital and private equity firm Insight Partners and investment firm Alkeon Capital Management led the investing round.

Virtual trials: Decentralized study company Medable raised $78 million in its third funding round in less than six months. The round was led by Sapphire Ventures along with new investor Obvious Ventures and follow-on investment from existing investors GSR Ventures, PPD and Streamlined Ventures.

Virtual PT: Kaia Health, a digital therapeutics company, raised $75 million in series C funding. An unnamed investor led the funding round and existing investors such as Optum Ventures, Eurazeo, capital300 and Symphony Ventures, the investment company of golfer Rory McIlroy, also participated.

At-home healthcare: Vesta Healthcare clinched $65 million in growth capital to help it expand in other states and increase program offerings. The financing was led by Deerfield Management Company with participation from existing investors Oak HC/FT, Kaiser Permanente Ventures, Lux Capital, Generator Ventures, Nationwide, CareCentrix and Epstein Partners as well as new participation from K2 HealthVentures and an unnamed investor.

Family on-demand: Papa, the startup tackling loneliness among seniors, closed a $60 million series C funding round, led by Tiger Global Management.

Liquid biopsy maker: Nucleix closed an oversubscribed $55 million financing round. RA Capital Management led the round, with additional participation from new and existing investors including BlackRock-managed funds and accounts, Lilly Asia Ventures, OrbiMed and more.

Portable EEG maker: Ceribella, a company that developed portable EEG that can deliver a seizure diagnosis in a few minutes, landed $53 million in series C funding. The round was co-led by Longitude Capital and The Rise Fund. Participants in the funding include RA Capital Management, Redmile Group, Red Tree Venture Capital and others. 

Labor marketplace solution: CareRev scored a $50 million series A financing round to scale its technology solution. Transformation Capital led the round. Industry Ventures and Zach Coelius, Michael Siebel, Gaingels and other investors joined the round.

Remote monitoring: Enterprise remote care management platform Current Health pulled in $43 million in series B financing from top healthcare and pharmaceutical venture capital investors. The round was led by Northpond Ventures with additional financing from LRVHealth, OSF HealthCare, Section 32, Elements Health Ventures and existing investors.

Tech-enabled primary care startup: Firefly Health banked $40 million in series B funding backed by Andreessen Horowitz (a16z) to launch a new health plan benefit for employers. Existing investors F-Prime Capital and Oak HC/FT also participated in the round. As part of the round, a16z General Partner Julie Yoo will join the Firefly Health board.

Automating prior auth: Cohere Health landed $36 million in series B funding led by Polaris Partners, with additional participation from new investors Longitude Capital and Deerfield Management. Existing investors Flare Capital Partners and Define Ventures also participated.

Augmented reality for surgery: Israeli startup Augmedics banked $36 million in a funding round led by Almeda Ventures, H.I.G. Capital and Revival Ventures. HCA Healthcare Health Insight Capital and XR Invest also participated in the round.

9-1-1 dispatch platform: RapidDeploy, a cloud-based computer-aided dispatch and analytics platform, pulled in $29 million in series B funding round led by Morpheus Ventures with participation from GreatPoint Ventures, Ericsson Ventures, Samsung Next Ventures, Tao Capital Partners, Clearvision Ventures, Tau Ventures, and others.

Medical equipment delivery: At-home healthcare startup Tomorrow Health nabbed a $25 million series A round of funding led by Andreessen Horowitz with participation from Obvious Ventures and BoxGroup. Individual investors in the company include C-level executives of Tenet Healthcare, Flatiron Health, Quartet and PillPack, Stripe, Massachusetts Medicaid and the World Bank.