Issue 025
Digital health research from Brian Dolan
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. This week: Two weeks’ worth of funding.
E&O Mondays.
In this issue:
- A giant round-up of nearly $2 billion worth of health tech funding from the past two weeks (and I’m sure I missed a few — there were so many.)
- Plus: A new trivia question that happens to be the first one submitted by a reader. I’ll reveal the submitter (if he’s willing) along with the correct answers and a few people who get it right –if any — next week).
- Finally, if you’re new to E&O Mondays, this free newsletter isn’t much like the ones I send out Fridays and every-other-Wednesday (or the long-form research reports). Yea, yea, it’s great and all, but you’re really missing out if you only read this funding list each week. So, consider becoming a full-fledged subscriber of E&O by clicking right here…
Two weeks: Nearly $2B in health tech funding
Here’s what I found for health tech funding these past two weeks. It looks to be approaching $2 billion, which means that slight funding dip I wrote about a few weeks back was just a blip.
France’s health insurance startup Alan raised $220 million led by Coatue with help from new investors Dragoneer and Exor along with existing investors Index Ventures, Ribbit Capital and Temasek. The round valued Alan at $1.67 billion, according to TechCrunch.
App-enabled home gym equipment company Tempo also raised $220 million for its Series C round, which SoftBank Vision Fund 2 led. New backer Steadfast Capital Ventures chipped in along with old friends DCM, General Catalyst, Norwest Venture Partners, and Bling Capital.
Benchling, which builds software for biopharma researchers, raised a $200 million Series E led by Sequoia Capital Global Equities. Altimeter Capital, Byers Capital, and Elad Gil also contributed.
Virta Health, which offers a keto diet-based diabetes management and reversal program, raised a $133 million Series E led by Tiger Global.
CeQur, which has developed a three-day insulin-delivery wearable, raised $115 million in what it is calling its Series C-5 round. Credit Suisse Entrepreneur Capital and Endeavour Vision led along with help from new investors Tandem Diabetes Care and others.
TetraScience, which builds software for biopharma researchers, raised an $80 million Series B led by Insight Partners and Alkeon Capital.
Tesseract Health, a develop of eye-imaging diagnostics, raised an $80 million Series B from Foresite Capital, Glenview Capital, and Opaleye.
Digital clinical trial company Medable raised $78 million led by Sapphire Ventures with help from new backer Obvious Ventures and stalwarts GSR Ventures, PPD Inc. and Streamlined Ventures.
E&O wrote about this company last month when I spotted a $20 million SEC filing, but here’s the full raise: Vesta Healthcare, formerly Hometeam, raised $65 million led by Deerfield Management Company with contributions from a long list of others. The company self-describes as a “technology and clinical services company, dedicated to connecting caregiver insights to the rest of the care team.”
Senior care and companionship startup Papa raised a $60 million Series C led by Tiger Global Management after growing 600 percent year-over-year.
CareRev, an online marketplace for healthcare staffing, raised a $50 million Series A led by Transformation Capital.
Current Health, a remote care management company, raised a $43 million Series B led by Northpond Ventures. Current’s customers include Mount Sinai Health System, Geisinger Health, the UK National Health Service, and AstraZeneca. Current grew its revenue more than 3,000 percent year-over-year.
Proximie, an augmented reality-powered software company focused on digitizing operating rooms, raised a $38 million Series B led by F-Prime Capital.
Cohere Health, which is focused on improving the prior authorization process, raised a $36 million Series B led by Polaris Partners with help from new investors Longitude Capital and Deerfield Management.
Transparent Health Marketplace raised a $30 million Series C led by ARTIS Ventures. THM’s marketplace connects payors to providers via an “open platform featuring market-driven pricing.”
* Remember back in November when virtual autism clinic Sprout Therapy quietly raised $33 million? Well, board member (General Catalyst) Hemant Taneja and Sprout CEO and Co-founder Yury Yakubchyk, Jr. just raised another $30 million without any fanfare.
Recent Mayo Clinic spin-out Anumana raised a $25.7 million Series A led by its co-founders Mayo Clinic and nference along with Matrix Capital Management, Matrix Partners, and NTTVC. “Anumana will use the investment to fund further development and commercialization of AI-enabled ECG and multimodal algorithms for clinical care.”
Oncology clinical informatics company VieCure raised a $25 million Series A led by Northpont Ventures.
1upHealth has raised a $25 million Series B led by F-Prime Capital. The company has built a FHIR-enabled platform “used by dozens of health plans, providers, app developers, and pharma companies.”
Home healthcare equipment and medical devices online store Tomorrow Health raised a $25 million Series A led by Andreessen Horowitz.
Vericred raised a $23 million Series B led by Aquiline Technology Growth. Vericred self-describes as a data services company that powers “digital quote-to-card experiences in health insurance and benefits.”
* Consumer health activation company WellTok quietly raised another $17.4 million.
Medchart raised $17 million across its seed and Series A rounds, which were both led by Crosslink Capital and Golden Ventures. “Medchart lets businesses easily, securely, and cost-effectively access and exchange patient-authorized digital health information for everything from life sciences real-world evidence or insurance underwriting to legal claims.”
Digital therapeutic company Renovia, which is focused on pelvic floor disorders, raised a $17 million Series C.
Predictive algorithms for Chronic Kidney Disease company pulseData raised $16.5 million.
Telemedicine company Ophelia Health, which is focused on opioid use disorder, raised $15 million.
* Health staffing company ConnectRN quietly raised $14.1 million.
* Virtual clinic and health insurance for pets startup Pawp quietly raised $13.3 million.
Seqster raised a $12 million Series A led by OmniHealth Holdings with help from Takeda Digital Ventures and 23andMe CEO and founder Anne Wojcicki. The company self-describes as “a SaaS-based healthcare technology company that enables organizations to drive efficient healthcare via comprehensive medical records (EHR), individual genomic profiles (DNA), and personal health device data.”
Male fertility startup Legacy raised a $10 million Series A led by FirstMark Capital.
De-centralized clinical trials company Lightship quietly raised $10 million in debt, options, and other securities. Site
* Datacubed Health quietly added about another $3 million for its patient-facing app for clinical trial retention and engagement. Site
DignifiHealth, which offers a wide range of digital health services including remote patient monitoring, PBM services, telemedicine, and more, raised a $7 million seed round from undisclosed investors.
Moving Analytics, a telehealth cardiac rehab company, raised a $6 million Series Seed-2 led by Aphelion Capital.
Recent Mayo Clinic spinout Lucem Health raised a $6 million Series A led by founders Mayo Clinic and Commure. “Lucem Health will use the investment to build out its platform for serving AI-generated diagnostic insights to the point of care.”
PyrAmes, a digital continuous blood pressure monitor company, raised a $6 million Series A led by GSR Ventures.
* Prescription delivery startup ScriptDrop quietly raised $5.9 million in debt (promissory note convertible into equity). Site
Aloe Care Health, makers of a voice-activated medical alert system and caregiver support platform, raised $5 million from City Light, Laerdal’s new Million Lives Fund, the Springbank Collective, and Drumbeat Ventures.
SentiAR, which offers augmented reality visualization software for interventional procedures, raised a $5.1 million Series A from new investor TechWald Holding and its existing backers.
* Choosing Therapy, which helps people find a therapist online, quietly raised $5 million. Site
European mental health startup Likeminded, which offers online group therapy meetings, raised $4.2 million from Heartcore Capital and the Hasso Plattner Institute.
Digital therapeutics company 2Morrow, which had an inititial focus on smoking cessation, raised $1.5 million.
OpenLoop, which is a staffing platform that connects providers to telehealth companies, raised $3 million in a seed round led by physician angel investors.
Remote collaboration for surgery support company ExplORer Surgical raised $2.5 million in a round led by Aphelion Capital. Site
Precision birth control and virtual clinic company adyn raised $2.5 million in a round co-led by Lux Capital and M13.
* RxLightning quietly raised $2 million. The company offers providers more than 900 digitized forms: “With our single solution, providers can quickly and easily submit enrollments for patients on any specialty medication to any specialty pharmacy.” Site
German telemedicine company MedKitDoc raised $2 million in a pre-seed round. Site
New and expectant moms subscription-based app Oath Care raised a $2 million seed round from XYZ Venture Capital, General Catalyst, and Muse Capital.
Australia-based, addiction support program Arli raised a $1.9 million seed round led by Folklore Ventures.
* Serenity App, a HIPAA-compliant communication platform that aims to make it easy for seniors to stay in touch with their care team as well as their family, quietly raised $945,000. Site
* Kilter, which allows anyone to set up their own fundraiser by running, biking, walking, etc. quietly raised $733,000. Site
Health Tech Trivia Answer
This week’s trivia question is the first one submitted by an E&O subscriber — pretty sure I was in middle school when this happened…
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: Healtheon is arguably one of the first to claim that digital health and the internet would transform healthcare. Healtheon, founded just over 25 years ago, eventually became a unicorn before that term was even invented. What was Healtheon’s original company name? Bonus follow-up question: Can explain the cause of the company’s name change?
Hit reply if you know…
