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:
- Last week I found well over $1 billion over the course of two weeks, and this week I found another $1 billion in one week alone. The investment flowing into health tech right now continues to accelerate. Read on for this week’s (announced and unannounced) health tech funding deals (equity and debt) from the past week.
- Also: Scroll down for the long-awaited answer to last week’s multiple choice trivia question.
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This week’s health tech funding deals
OK, here’s what I found for the past week (a * means you are reading it first in E&O):
Komodo Health raised a $220 million Series E led by Tiger Global Management and joined by Casdin Capital. Existing investors ICONIQ Growth, Andreessen Horowitz, and SVB Capital also joined the round. Komodo is a real-world evidence-focused digital health company that offers a platform called Healthcare Map, which tracks the patient journeys of more than 325 million patients.
Evidation Health raised a $153 million Series E co-led by OMERS Growth Equity and Kaiser Permanente Group Trust. Evidation is using the massive round to continue to build out the virtual care programs it offers via its Achievement platform.
Unite Us raised $150 million in a Series C led by ICONIQ Growth. Unite Us describes its offering as “outcome-focused coordination software securely connecting community-based organizations with health care providers, health plans, state and local governments, and private foundations.” Site
Strive Health, which offers a “combination of high-touch care teams, predictive analytics, advanced technology, seamless integration with local providers, and next-generation dialysis services to form an integrated care delivery system that supports” people with kidney disease, raised a $140 million Series B led by CapitalG, Google parent company Alphabet’s independent growth fund.
Clarify Health, a health analytics company that provides insights into provider performance, patient journeys, and therapy adoption, raised a $115 million Series C led by Insight Partners, Spark Capital, Concord Health Partners and HWVP.
Happify Health raised a $73 million Series D led by Deerfield Management Company with participation from Omega Capital Partners, ION Crossover Partners, and other existing investors. Happify offers digital therapeutics for various chronic conditions that include access to telehealth and AI-powered coaching.
Viz [DOT] ai raised a $71 million Series C led by Scale Venture Partners and Insight Partners. “Viz.ai aims to accelerate [the] expansion of its Intelligent Care Coordination A.I. platform beyond stroke to other areas of acute care such as cardiology, pulmonary and trauma, and into new global markets.”
Bigfoot Biomedical, which develops technologies and programs for people with insulin-requiring diabetes, raised “financing of up to $57 million” from Madryn Asset Management LP.
MedMinder Sytems which describes itself as a “fully-integrated, end-to-end pharmacy, medication adherence and connected care solution for elderly and polypharmacy patients,” raised a $40 million round of funding led by Accelmed Partners with a little help from return backer Arkin Holdings.
Glooko, a remote patient monitoring and chronic care management company focused on diabetes and obesity, raised a $30 million Series D led by Health Catalyst Capital. Existing investors Canaan Partners, Georgian, Novo Nordisk, Insulet, and Mayo Clinic chipped in too.
* E&O broke the news of this financing round back in Issue 011 in January: Riva Health, which acquired and rebranded Vital Labs, has raised $15.5 million. Its CEO is also the founder of Siri. (Back in January, the company’s SEC filing showed a $12.5 million raise.) Vital Labs, which got its start in 2016, “developed software-only sensor for smartphones using cutting edge GPU-based video-processing techniques to characterize cardiovascular disease burden and changes.” While “Riva’s measurement technology provides novel cardiovascular data and real-time management that can be directly tied to health goals and outcomes.” The announcement of Riva’s funding this week describes the news as the company’s launch and makes no mention of Vital Labs, which has a nearly five-year history.
* Clearing, which until recently was named Relief Labs, raised $12.5 million in a mix of debt and options. “Clearing is a digital health platform built to serve the 100M chronic pain sufferers in the United States. In partnership with leading physicians and researchers at Harvard, Johns Hopkins, and the Hospital for Special Surgery, and with significant funding from top-tier investors Bessemer Venture Partners, Founders Fund, Breyer Capital, and a host of leading healthcare and consumer entrepreneurs (including the founders of Hims, Seamless Grubhub, Flatiron Health, Forward Health, Curology and more) we are on a mission to provide patients with access to comprehensive, opioid-free pain relief.”
* Pulsara, which offers mobile apps to healthcare provider facilities to keep health teams in touch and care coordinated, raised $11.3 million to bring its latest raise upt to $22.6 million. Site
* Cureatr, a telepharmacist-powered medication management services provider, raised $11.1 million. Site
Cylera, a healthcare IoT cybersecurity and intelligence company that offers cybersecurity for asset management, risk analysis, and threat detection, raised a $10 million Series A led by Concord Health Partners and Maverick Ventures.
Harmonize Health raised a $10 million Series A led by Launchpad Digital Health for its remote patient monitoring program focused on seniors with multiple chronic conditions.
* Inbox Health raised $9 million for its patient billing offerings. The company helps providers create easy-to-understand billing statements that it says lead to timelier payments. Site
* Insight Medical Systems, which uses augmented reality to guide surgeons through complex procedures, raised $8 million. Site
* Cipher Skin, which makes a sensor-equipped sleeve that is used for various applications including physical therapy, raised $7.8 million in a mix of equity and other options. “Our BioSleeve monitors movement and captures the data, and the software translates these data sets into measurable and trackable statistics in real time.” Site
* Jasper Health, a startup from venture studio Redesign Health, quietly raised $6.8 million. Jasper helps people manage their cancer care via an app stocked with a smart planner, expert recommendations, a symptom tracker, and tools to share updates with family and friends. Site
* Cosan, formerly Chronic Care Management Inc., that rare health tech that might be named after a CPT billing code, quietly raised $5.7 million. Site
Digbi Health, which offers a genetics and gut microbiome-based digital care program for managing obesity as well as inflammatory digestive, skin, and cardiometabolic illnesses, raised a $5.4 million Series A led by Accel.
* Medcase Health, which offers a marketplace that allows companies to hire clinicians to label data, quietly raised $3.1 million. (One of Medcase’s illustrative use case studies: A client, which they called a fast-growing startup, hired Medcase because it required clinicians to label 100,000+ x-ray images for lung cancer.) Site
* DeepScribe, which describes itself as an “AI-based scribe technology” that takes care of medical documentation, raised a $3 million SAFE. Site eCare21 raised a $2.7 million seed round for its SaaS offering, which combines telehealth, remote patient monitoring, and chronic care management.
* SenseAI Health, a still stealthy health tech startup raised $2.2 million. Its founder, physician-engineer Dr. Shuai Xu is a professor at Northwestern University. While Xu is a dermatologist by training, his work has extended into other therapeutic areas. Xu also has a lot of experience with advanced wearable sensors.
Spora Health, a primary care provider for Black people and people of color that is initially telemedicine-only, raised $1.6 million. The practice charges members $9.99 a month currently. (Spora told TechCrunch in November that it had raised a $1.2 million seed round, so this might just be that.)
* MayaMD, a virtual assistant for patients and providers that allows them to check symptoms, receive accurate triage and other healthcare insights, raised $1.1 million in a mix of equity and options. Site
* Kneevoice, which makes a connected knee brace, raised $600,000. “Our brace design seamlessly integrates that microphone and motion sensors, allowing us to capture the sound and data coming from the knee.” Site
* Vytal Health, which is a holistic virtual health clinic for women, raised $600,000 in debt. Site
* VaxAtlas added another $500,000 in debt as it builds out its COVID–19 vaccine passport software. “VaxAtlas provides on-demand tools that enable you to store your vaccination record – it will be needed to travel and attend concerts and sporting events.” Site
* Somatix added another $500,000 to its ever-amended round of debt, options, and other securities, which is up to $6.7 million now. Somatix’s lead product is SafeBeing, which it describes as “a real-time Remote Monitoring solution that enables caregivers to passively detect changes in conditions, reduce hospitalizations, and improve on quality metrics. Using a simple, waterproof smartband with built-in sensors, SafeBeing tracks users’ Activities of Daily Living using novel gesture-detection algorithms and provides insights and predictive analytics around them including sleep quality, fall risk, fall detection, drinking/hydration, activity patterns, wandering, UTI risk and more.” Site
* Mentioning this one because it has an interesting focus: Marvin, which offers personalized mental health support for physicians, just got started raising funds with a $60,000 raise that included a mix of equity and options. Its action plans include teletherapy, meditations, mood analytics, and peer support. Site
Health Tech Trivia Question
Here’s the answer to last week’s Health Tech Trivia Question. But first, a congratulatory Zoom wave to this week’s impressive trio of trivia winners:
- Jared Seehafer, CEO & Cofounder, Enzyme (of course Jared got this one)
- Erin Brodwin, Health Tech Reporter, STAT News (Follow her on Twitter here)
- Paul Schultz, VP Global Accounts, BrightInsight (LinkedIn)
ICYMI: The question was… One of Apple’s first FDA market authorizations was for its ECG App, which runs on the Apple Watch, way back in 2018. Apple received De Novo clearance for the app in record time. Which one of these describes how long it took from when the FDA said it officially received Apple’s De Novo application and when the agency officially made its decision?
- 28 Days Later
- 45 Days Later
- 61 Days Later
THE ANSWER: 28 Days Later. Incredible, isn’t it? (Hey, let me know if you have an idea for next week’s trivia question and I’ll give you a link if I end up using it.)