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, snippets from E&O’s research reports (sometimes), health tech trivia challenges, and more…
In this issue:
- I found nearly $650 million in announced (and unannounced) funding (equity deals and debt financing) across almost 30 deals between January 11, 2021, and a few hours ago when I had to start writing.
- Plus: A brand new trivia question (I think more than one reader will able to answer this one).
This week’s health tech financing deals
I spend a lot of time each week creating this comprehensive list of health tech funding deals. This week I labeled the deals below that were first in Exits & Outcomes with a *.
To kick things off, here’s a health tech funding fact I haven’t seen reported elsewhere yet: Norwest participated in Calm‘s round of funding last month. Curiously, they weren’t listed on the announcement or any of the write-ups back then. Wonder why? (My theory: Norwest was a big name backer of Talkspace, which just SPAC’d its way into an exit. Now, Norwest takes a stake in Calm. Just a coincidence?)
China’s online fitness classes startup Keep has raised a $360 million Series F led by SoftBank Vision Fund to build out its offerings, including Peloton-like connected exercise bikes. TechCrunch
Paige, formerly known as Paige AI, raised a $100 million Series C for its digital pathology products. Casdin Capital and JJDC, the strategic VC arm of Johnson & Johnson led. Release
Dutch startup Quin, a technology-enabled diabetes management care company, raised $30.2 million from Hans Wackwitz of Partners in Equity. MT/Sprout
Belgian pharma UCB announced a new digital health spinout, Nile AI, which is developing an epilepsy care management platform. UCB injected $29.3 million to seed the startup. Release
Bryte, which aims to license its AI-powered restorative sleep technology to bed manufacturers, raised a $24 million Series A led by ARCHina Capital. Release
NeuroFlow, which offers providers technology that makes it easier to integrate remote behavioral health care into their workflows, raised a $20 million Series B led by Magellan Health. Release
India’s MFine, which is a virtual care provider that connects patients with doctors for chronic conditions and acute illnesses as well as diagnostics, health checks, radiology and e-pharmacy, has raised a $16 million round. Heritas Capital led and Singapore-based family office of Y’S Investment contributed too. Release
Lumiata, which says it can analyze big data sets of claims records and identify risks at the member-level while protecting privacy, raised a $14 million series B led by Defyvc and AllegisNL Capital with a little help from return backers Khosla Ventures and Blue Venture Fund. Release
* Vital Labs, which will soon relaunch as Riva Health, raised a $12.5 million round. Vital Labs, which was founded in 2013, previously described itself as a “mobile digital therapeutics platform” for cardiology: “By using mobile devices, patient-provided data, and predictive analytics our platform helps clinicians deliver personalized therapies to patients, which leads to significant reductions in cost while increasing the number of lives saved.” Riva Health site (coming soon).
Nayya, an insurance benefits experience and management platform, closed an $11 million Series A led by Felicis Ventures along with return backers Social Leverage, Guardian Life, and Cameron Ventures. Release
Brazil’s ViBe Saude, a DTC on-demand virtual care provider, raised a $10 million Series A from Swedish healthtech investors. The company was co-founded by Sweden healthtech VC firm Webrock Ventures. Release
OncoLens, a pioneer in tumor board and cancer treatment planning solutions, raised a $7.25 million Series A from BIP Capital, Martin Ventures, and SeedToB Capital. OncoLens aggregates patient-specific data from various disparate sources, including EMR/clinical/genetics information systems. Release
* AireHealth bumped up its $2.5 million raise from November to $6.4 million this past week. The new funds are likely to power its upcoming expansion beyond connected nebulizers, which is slated for Q1 2021: “AireHealth is no longer only a connected nebulizer company, now we are an in-home, virtual respiratory care company allowing a person with compromised lungs to be more proactive with their respiratory care with the support and oversight of their provider.” The expansion also comes after Aire acquired Breath Research last June. Site
* ForeSee Medical added another $700,000 to its continuously updated raise from 2020, which now stands at $5.7 million. The company describes its offering as “a specialized software platform with artificial intelligence built for accurate risk adjustment integrated seamlessly with your EHR.”
* Nirvana Health, which offers practice management services to mental health providers, raised $4.3 million. Nirvana is mainly focused on dealing with insurance providers for behavioral health practices: “Forget about the hassle of bills and insurance. We work with all private pay, out-of-network, or insured clients so you get paid on time, every time.”
* ORintelligence, which offers a dashboard and app interface for managing the surgical suite, raised $4.3 million. The company sometimes stylizes its offerings as akin to an air traffic controller for operating rooms. First in Exits & Outcomes: MaxOne, the youth coaching and fitness training platform I wrote about last week bumped up its round to $3.5 million.
* There’s a good chance this one is not digital in any way: Elevate Movement has raised $1.9 million for its (still under wraps) orthopedic devices. The team is led by a former product design engineer from Apple. It expects to make its launch announcement this month: “We’re empowering people to move by redefining how healthcare products are designed, manufactured and delivered.”
Italy’s PatchAi, maker of a chatbot that collects patient reported outcomes during clinical trials, raised a $2 million round led by UV Cap and SFEM Italia along with a contribution from return backer Healthware Ventures. Release
Pace, a virtual group-therapy offering for emotional and mental health, brought in $1.9 million in seed funding from Nellie and Max Levchin, Jeff Weiner, Emilie Choi, Ben Silbermann, Box Group, and SV Angel. Pace offers 90-minute synchronous video sessions with a group once a week. TechCrunch
Ireland’s Frankie Health raised $1.3 million in funding for its employee-focused digital mental health offering. The company sells its offering, which includes CBT exercises, video calls with therapists, and guided meditations, to employers. Irish Times
BreatheSuite, developer of an inhaler add-on device that helps track inhaler adherence, raised $1.2 million from Venture NL, Pluto Investments, and Killick Capital. Release
* Mantra Health, which offers virtual mental health services to university students, raised another $500,000 in debt after raising $2 million in debt back in 2019. Site
* Folia Health also raised $500,000 in debt. Here’s how the company describes itself: “We believe there is untapped power in the observations of patients and caregivers. Folia tracks any observation — from COVID-19 symptoms, to flare-ups associated with a chronic condition, to which treatments are used and when — to improve care for you and people like you.”
Foresight Mental Health, a technology-enabled mental health clinics business, raised an undisclosed amount of funding from investors including What If Ventures and JAZZ Venture Partners. What If Ventures Medium Post
* Nanoleq raised an undisclosed amount of funding (could be a convertible note) from Joyance Partners. Nanoleq is developing smart textiles: “Our PhantomTape elastic conductors and ElectroSkin electrodes enable your clothing to sense your heartbeat, your muscles and brain activity. They can also stimulate your body for more power, better training and pain relief. Our electronics are seamlessly integrated into clothing, making them highly comfortable, smooth and washable. Easy to integrate, the Nanoleq product platform is a game-changer for the long-awaited scaleup of the smart textile market.” Site
Health Tech Trivia Question
Here’s this week’s health tech trivia question…
Rules: Don’t use Google. Just guess. Hit reply and email me your answer along with whether you want me to include your name/company, just your initials, or keep it anonymous. I’ll provide the answer next Monday along with the first three (3) people to get it right — if anyone does! I’m happy to link out to your company’s website too, which might be worth a lot in SEO mojo someday, who knows?
Question: Which well-known company did American Well remove from its list of competitors in an amendment to its S-1 just before its IPO? (Bonus points if you know why they removed them too.)
Hit reply if you know!