2.22.21
5 min. Read

$820M in health tech funding. Trivia Answer.

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.

 E&O Mondays.

In this issue:

  • I found around $820 million in (announced and unannounced) health tech funding deals (equity and debt). That’s about twice as much as last week. The difference, however, is entirely attributable to one giant round of funding.
  • Also: The long-awaited answer to last week’s trivia question along with three quick-witted E&O readers who got it right. (About a dozen others did too! Harder one coming at you next week.)

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This week’s health tech funding deals

I found 22 funding deals this time around. They include a massive one for a telehealth startup in China and a just-about-but-not-quite $75 million round for Innovacer that the company has yet to announce. 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.

OK, here’s what I found for Issue 016:

Beijing-based Yuanxin Technology raised a $465 million Series E led by Sequoia China and Tencent. The company just raised $85 million in June. The five-year-old company offers a video visits app called Miaoshou Doctor that allows people to talk to a doctor outside of normal office hours.

* Innovacer quietly raised another $74.8 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.

Eden Health, which self-describes as a “national medical practice”, raised a $60 million Series C led by Insight Partners. The company just launched in 2017. It is a “concierge healthcare provider offered through employers and commercial real estate building landlords [that] combines telehealth, in-person primary care, behavioral health, insurance navigation, and overlays it with ‘medical home’ methods.”

Here’s an odd one: Circulo just entered the world with $50 million in funding to “bring new approaches and Internet-scale technology” to Medicaid. What’s weird is Circulo is built on top of Olive AI’s platform and will be led by Olive’s CEO Sean Lane. (He’s going to run both companies in a rare maneuver called The Dorsey.) “Circulo will be built on Olive’s technology platform that has been adopted by over 600 hospitals. Olive will provide automation, intelligence, network tools, and AI co-worker technologies to Circulo as they build the Medicaid insurance company of the future.” Circulo’s lead investors are the same ones backing Olive.

Koa Health, a Barcelona-based digital mental health offering that sells to employers, bumped up its Series A to $36.5 million.

Nanit, which makes monitoring devices for parents of new babies including a breath-sensing sleepsack, raised a $25 million Series C led by GV (formerly Google Ventures).

Carevive, which offers a remote patient monitoring platform for people with cancer, raised an $18 million Series C led by Philips Health Technology Ventures.

* Digital Diagnostics, which has developed an autonomous AI system that is FDA-authorized to diagnose diabetic retinopathy and diabetic macular edema, quietly added another $2.5 million to its latest raise to make it a cool $15 million. The company is looking to create a portfolio of algorithms that enable automated diagnoses for various medical issues. Site

* Claritas Rx, which helps biopharma companies automate and integrate channel, commercial, and clinical data to generate insights, quietly raised $13.6 million in a mix of equity, options, and other securities. Site

Berlin-based health coaching startup actio has raised $12 million in funding from investors that include Heal Capital. Actio offers audio-based, group classes through its app. Site

Cohort, a chronic care management (CCM) services provider, raised an $11 million Series B led by F-Prime Capital.

* Monogram Health, which uses AI to predict necessary and timely care for people chronic kidney disease, raised $8.2 million in debt. Site

Canada’s Felix Health raised $7.9 million for its online prescription site, which offers discreet and free shipping for medications for birth control, ED, hair loss, acne, allergies, and more. Site

Missed this one last week: Rhino Health, which connects hospitals to AI developers and its “large, continually updated, distributed dataset from a diverse group of patients” to create new AI-based diagnostics and treatment pathways, raised a $5 million Series A led by LionBird Ventures.

Talkiatry, which offers telepsychiatry nationwide and in-person psychiatry at its clinic in New York, raised a $5 million Series A led by Sikwoo Capital Partners.

* Trialjectory, which offers a clinical trial matching platform for people with cancer, quietly raised $5 million. Site

Botco [DOT] ai raised $2.2 million in seed funding for its HIPAA-mindful chatbot and marketing automation services that help connect providers to consumers. Stout Street Capital led. (Companies that use .ai as a part of their name really bother me as it auto-inserts the link in most browsers. Here’s hoping this startup naming convention ends soon.)

Rx Redefined, which offers a platform to make it easier for physicians to prescribe and order medical supplies and DME for patients, raised a $2 million seed round led by Silverton Partners.

Pattern Health, which offers a no-code platform that helps researchers or clinicians to put together condition-specific digital health programs quickly and economically, raised $1.5 million from Cofounders Capital and The Launch Place. E&O wrote about their $250,000 from The Launch Place this past November in E&O Mondays Issue 003.

* sovaSage, which offers durable medical equipment makers white-labeled software called TherapistAssist that they can add to their sleep apnea CPAP machines, raised $700,000 in other securities. Site

* Soovu Labs raised $500,000 in debt and other securities for its peel-and-stick back pain relief wearable and companion app. The device “pulses high energy heat” and changes temperature up and down to help desensitize pain receptors. The app offers mindfulness programs and other tips. Site

* Rx Results raised $400,000 in debt, equity and other securities for its Pharmacy Risk Manager services. Rx Results “serves to enhance a PBM model as an advocate for the plan sponsor and its plan participants” by using “proprietary informatics, clinical expertise & business processes to formulate actionable insights & implement evidence-based strategic initiatives to manage pharmacy & specialty pharmacy spend.” Site

Health Tech Trivia Answer

ICYMI – Last Week’s Question: At one time Aetna had an ambitious digital health platform that (and this might be generous) was trying to be what Apple’s HealthKit is today. What was this failed project’s name? (No hints this time because I think this one might be too easy already.)

Answer: CarePass. A lot of people got this one right and those that got it wrong almost all said either iTriage or Healthagen, which were related but not the name of the HealthKit-like platform.

Here are this week’s champions… hats off to:

Next week I’ll try to kick it up a notch. Let me know if you have any tricky ones?

Whew, that’s a wrap on Issue 016 of E&O Mondays.
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