Welcome back to E&O Mondays, the free newsletter from Exits & Outcomes that features the world’s most complete weekly health tech funding round-up.
- I found around $425 million in (announced and unannounced) health tech funding deals (equity and debt).
- Also: A new health tech trivia question…
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This week’s health tech funding deals
As always, the deals listed below that I didn’t see reported anywhere else have a * next to them to indicate this news is first in Exits & Outcomes.
Before we get to the new ones, here’s a quick look at a few that were officially announced this week that you read about in past issues of E&O before the rest of the world found out about it.
Last week I had a scoop that Innovacer had raised another big round. The SEC Form D filing showed the raise was just under $74.8 million, but this week the company officially announced and it turns out the latest round was $105 million. The company offers a “proprietary integration & analysis engine” that “cleans, aggregates, and delivers insights when physicians need it most—at the moment of care… [It] streams rich analytics with custom insights and dashboards, automates workflows, provides real-time decisions for care teams, and point-of-care alerts—actionable intelligence without leaving the EHR.” The company raised a $70 million Series C in February 2020 with participation from Microsoft. Former athenahealth CEO and co-founder Jonathan Bush is on the company’s board.
E&O wrote about January‘s latest round of funding a few weeks ago in E&O Mondays Issue 013, and the company just officially announced that the amount of funding was about twice what their SEC filing showed. So, January actually raised $21 million for its CGM and heart rate monitor-powered, digital nutrition service. In that same issue (Issue 013), I also noted that SpineZone had been quietly added to Polaris Ventures’ portfolio, suggesting a recent round of funding. This week the company did, in fact, announce a raise of $12 million. Polaris led the round with Providence Ventures. SpineZone offers a six-week, online program that includes CBT coaching, to relieve back pain.
And the third scoop from Issue 013 that was confirmed this week was Odonata Health’s $3.7 million round, but the company has changed its name to Marani Health. The company calls itself an “AI-powered platform for remote pregnancy care.” It was co-founded by the Mayo Clinic.
OK, here’s what’s new this week for Issue 016:
BetterUp, which offers coaching services to employers that include health-related services, raised a $125 million Series D. (Weirdly, their SEC filing shows a $146.7 million raise.) BetterUp says its valuation is now up to $1.73 billion. Here’s the BetterUp pitch: “[Offering] mobile-based coaching, counseling, and mentorship, BetterUp is an all-in-one platform that combines behavioral science, AI technology, and human interaction to optimize personal growth and professional development in support of a person’s whole health, at work and in life.”
Redox raised a $45 million Series D led by PE firm Adams Street Partners, with help from Avenir, Battery Ventures, .406 Ventures, and RRE Ventures. Redox describes itself as “a full-service integration platform to securely and efficiently exchange healthcare data.”
Medisafe, which develops digital drug companion software, raised a $30 million Series C led by Sanofi Ventures and ALIVE Israel HealthTech Fund.
Pear Therapeutics, which develops and commercializes prescription digital therapeutics, just announced the second closing of its Series D. The company added $20 million to the round from an unnamed “leading national Integrated Delivery Network (IDN)” that will join as a strategic investor. That brings the Series D to $100 million total. Weird that the strategic is unnamed.
* Brightside Health, which delivers medication and virtual care for depression and anxiety, quietly raised $16.5 million. Its board of directors include investors from ACME Capital and Bullpen capital. Site
This is sort of like a European version of Redox: Founda Health has raised $15 million. Site
Ribbon Health quietly raised another $3.5 million. “Ribbon Health provides healthcare enterprises with an API layer for accurate data on doctors, insurance plans, and costs & quality of care.” Site
Liteboxer Technologies, which has created a Peloton for boxing at home, quietly raised $3 million in debt. Site
Sri Lankan virtual care provider ODoc raised a $1 million round of funding.
* Patient Pattern, which helps “identify, manage and communicate patient risk across care settings group” with a special focus on geriatric care, raised $535,000 in debt and other securities. Site
* Opio Connect, which connects people in rural areas with care options for opioid use disorders, quietly raised $250,000. Site
* TegoSens, which is “building non-invasive solutions to detect [thoracic] fluid retention at point-of-care and in-home,” quietly raised $225,000 in debt and other options. (This one seems similar to Corventis.) The website is not yet up for this one — still a bit stealthy.
* ZealCare, which describes itself as a high-touch, tech-enabled services provider for individuals living with complex chronic diseases, raised $120,000 via a SAFE. ZealCare’s offering includes peer-to-peer social support, integrative health coaching, mindfulness coaching, and more.
* NightWare quietly raised a $100,000 convertible note for its Apple Watch-powered digital therapeutic for nightmares associates with PTSD.
* Nimbal Health, which describes itself as a “team-based, patient-centric, holistic digital health platform” for people with IBD, quietly raised $75,000 in a mix of equity and options.
Health Tech Trivia Question
Here’s a new Health Tech Trivia Question.
Rules: Don’t use Google. Just guess. Hit reply and email me your answer along with if you want me to include your name/company, just your initials, or keep it anonymous. I’ll provide the answer next Monday along with three (3) randomly selected people who got it right (if anyone does). I’m happy to link out to your company’s website too, and that might be worth a lot in SEO mojo someday, who knows?
Question: In September 2011 the FTC famously fined two app developers for falsely claiming that their apps could cure which medical condition? Extra bonus point(s) if you remember one or both of the names of the apps.
Hit reply if you know!