12.05.22
4 min. Read

Another nine secret health tech deals

Issue 063

Welcome back to E&O Mondays, the free newsletter from Exits & Outcomes that features health tech puzzles, 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 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…

Nine secret health tech 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. Here we go… funding you might see reported elsewhere in the weeks ahead…

$24.3 million in equity and other securities – Nectar – This company just raised an $8 million seed round in the spring. This latest funding round seems to have added new investor Harmony Partners to the company’s board — joining Obvious and Juxtapose as backers. Nectar sends people a blood-based allergy test through the mail. After blotting a few drops of blood in the designated areas on a cardboard card, the patient mails it back to Nectar for analysis. Once the results are in, they hop on a video call with a provider to go over their treatment options. If appropriate, Nectar will then put together a personalized mix of allergens that it can then send a patient via the mail. They then put a drop or two of this under their tongue at a designated cadence to help their immune system learn to ignore the allergen. Interestingly, Nectar has a “coming soon” section on its site that lays out some of its roadmap: in-person clinics, more virtual care options, asthma treatment, eczema treatment, and more. Site

$19.2 million – Embodied – This one might be a bit of a stretch. The company is the maker of a headline-grabbing robot companion for kids, named Moxie, that was named a Time invention of the year back in 2020. “Moxie is the most advanced home robot ever created with bleeding-edge artificial intelligence and robotics. See a demo to learn more. It’s the fun, playful way for children across the neurodiversity spectrum to develop essential social, emotional and life skills… Moxie intends to help your 5 to 10-year-old child develop the necessary real-world skills to help them succeed in life by teaching and practicing skills associated with high emotional intelligence.” Site

$6.2 million – BeMe Health – Since BeMe raised around $7 million in November 2021, I expect this current round isn’t topped off yet. (The SEC filing, however, notes the current raise is an expected $8 million, so we will have to see how it compares to the 2021 raise once the company announces it.) Fastcompany called BeMe a Tik Tok for mental health. Here’s how it pitches itself: “BeMe is a mobile mental health platform — made for and With Teens In Mind — to improve teen well-being by bringing together the best aspects of social, gaming and streaming engagement along with human coaching and clinical care. Today’s teens need and deserve more, and BeMe was created to make teens happier — to intervene early and prevent the need for more intensive levels of care while democratizing emotional health for those who don’t always engage or have access to resources.” Site

$6 million – ChiroHD – “ChiroHD is a cloud-based EHR focusing on the Chiropractic space. We are a full-featured Chiropractic software office management system with scheduling, texting, insurance management, integrated financials, and care management.” Site

$4.5 million – Barti – “Designed by 30+ leading eye care providers from across the US and developed by Silicon Valley engineers, Barti aims to free eye doctors from bad software. We’ve built our EHR from the ground up with the goal of reducing the 100+ clicks it takes to document an eye exam using legacy solutions. Our software combines the ease of a paper chart with the power of modern technology.” Site

$3.4 million – MedZoomer – This Florida-based company operates like an Uber for medication delivery. Here’s how it describes itself: “Medzoomer is an on-demand prescription delivery platform that delivers medications from your pharmacy to your front door!” Site

$1.2 million – Mesh Health – So, this one is still self-described as in “stealth” by some of the founders, but I did find a website that uses the same company name as the one listed in the SEC filing. So this is an educated guess as to what they’re up to: “Mesh Health automates prior auth for payers and delegated entities Your prior authorization process is as unique as your members. Mesh uses your existing software to automate prior authorization behind the scenes, providing a bridge to the digital transformation of prior auth.” Site

$1.3 million in options and other securities – Vitls – This company managed to get its wearable and platform through the FDA 510(k) process back in 2020. “Our wireless, unobtrusive, wearable medical device monitors various vital signs around the clock like body temperature, pulse rate etc. …Patient data is sent to the cloud where our algorithms convert it into actionable intel. Grant your nurses and physicians intelligible data that enables them to make quick, informed decisions.” Site

$1 million – Sentry Health – Sentry’s filing shows it has raised $1 million out of a hoped-for $6 million. The company sells a care navigation offering and virtual care support to self-insured employers. “With our care navigation solution that combines advanced data and behavioral science to deliver personalized guidance across virtual and in-person care, our members are connected to the highest quality, most affordable care. As a result, they better engage in their own decision-making, which improves outcomes and delivers significant cost savings for them and their employer.” Site

Let’s call that E&O Mondays Issue 063. 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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