9.12.22
4 min. Read

About $120 million in secret health tech deals

Issue 060

Welcome back to E&O Mondays, the free newsletter from Exits & Outcomes that features health tech puzzles, M&A flashbacks, new and under-the-radar funding news, paid content teasers, and other digital health odds and ends.

 E&O Mondays.

In this issue:

  • Read on for 9 stealthy or under-reported digital health funding deals…
  • But first: If a friend recently told you to subscribe to E&O, they probably meant the paid version. The E&O Mondays newsletter is great and all but you’re missing the real deal: Sign up as a paying subscriber to E&O by clicking right here…

$120 million in secret health tech funding deals from recent weeks

Instead of rehashing the dozens of funding deals you’ve already read about, I focused this week on a few deals that you likely have not yet read about. (Outside of a couple of these getting mentioned in local news round-ups, these are all first in E&O — as far as I can Google.)

Keep in mind: Most of the amounts listed below are currently unannounced equity deals, so the full amount the company raises and eventually announces may be higher than the numbers you read here. Read on for more funding you might see reported elsewhere in the weeks ahead…

$61.5 million – Upfront Healthcare Services – This one is a bit curious because the company did just announce a $10.5 million funding round, but their SEC filing clocks the funding at about $61.5 million. Date of first sale was in mid-August, according to the filing, so this wasn’t a catch-up filing. I asked Upfront to explain the discrepancy and will report back if I learn more. My guess: Upfront acquired another startup named PatientBond around the same time as this filing. The difference between the amount listed and the announced funding (which amounts to about $50 million) may be the base price of the acquisition, which I’m guessing the company paid for via equity. “Upfront activates patients before, after and between each visit with your health system to ensure every patient gets the care they need. Personalization is the key to the superior outcomes Upfront produces. Using advanced analytics, Upfront uniquely adapts communication channel and content to the individual, eliminating common barriers to patient engagement by digitally guiding them to the services they need…” Site

$26.7 million – Kindbody – Kindbody’s filing showed it was looking to raise $50 million. Here’s their one-line pitch: “As the owner and operator of fertility clinics, Kindbody saves employers 25%-40% by contracting directly with them to provide comprehensive virtual and in-person fertility and family-building care to their employees.” Site

$22 million – Medivis – The company was looking to raise a total of $25 million. Here’s what they do: “… medical technology company harnessing augmented reality and artificial intelligence to advance surgical visualization.” Site

$3.7 million – Redi Health – Redi builds software tools for people with multiple chronic conditions to help them better manage their health issues. It markets its platform to pharma and specialty pharma companies mostly. Site

$3.5 million in equity and other options – Intelligent Locations – This company is focused on asset tracking and other RTLS (real-time location services) applications for brick-and-mortar health providers: “By combining innovative tracking technology with advanced Artificial Intelligence (AI) algorithms, INTRAX delivers a comprehensive HIPAA-compliant [real-time location services] solution to drive measurable improvements in clinical outcomes, patient experience and financial results through asset tracking, patient tracking, staff safety, environmental monitoring and contact tracing.” Site

$1.6 million in equity, options, and other securities – Measure Labs – This startup was incubated at Microsoft co-founder Paul Allen’s Allen Institute for AI: “Historically, providers have struggled to accurately identify high-risk patients. And even as Claims/EMR (clinical) data becomes more available in quality and quantity it still only captures a limited view of the patient. A computer vision model will enable a provider to instantly capture physiological data across their patient population with just a text message and a smartphone camera.” Site

$1.5 million – Treatment Technologies & Insights – “TTI builds custom, AI-enabled solutions for cancer and chronic illness patients and care teams to impact patient outcomes through intervention opportunities and behavioral change. We are working with healthcare partners to deliver better outcomes and improve experiences for people impacted by cancer and over 200 chronic illnesses.” Site

$1.2 million – Ksana Health – “Vira by Ksana Health digitally transforms the practice of behavioral healthcare by converting the quantifiable behavioral patterns that are continuously and passively collected by smartphones into actionable and objective insights for practitioners and their patients. Practitioners can now develop personalized therapy plans that support positive behavior change through just-in-time “nudges” and communication.” Site

$550,000 – Wellsheet – “Wellsheet’s predictive clinical workflow platform uses the FHIR API standards to work within an existing EHR to surface the most relevant content for physicians in a view that is contextualized and prioritized for their needs. Its AI-powered, cloud-based intuitive workflow is integrated with both Epic and Cerner to reduce a physician’s time in the EHR, lessening physician burnout and improving the quality of patient care.” Site

Let’s call that E&O Mondays Issue 060. Help me E&O subscribers, you’re my only hope: If you learned something from today’s issue, would you forward this newsletter to someone you think might be interested?
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