Welcome back to E&O Mondays (coming at you on a Tuesday), the free newsletter from Exits & Outcomes that features health tech puzzles and trivia, new and under-the-radar funding news, paid content teasers and other digital health odds and ends.
In this issue:
- Eleven under-the-radar or not-yet-reported health tech funding deals.
- And… brand new Health Tech Rebus Puzzle for you.
- But wait: If this was forwarded your way, why not sign up as a paying subscriber to E&O by clicking right here…
11 secret (or under-reported) health tech funding deals from recent weeks
Instead of rehashing the dozens of funding deals you’ve already read elsewhere, I focused this week on a number of deals that you likely have not yet read about. (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 sales, so the full amount the company raises and eventually announces may be higher than the numbers below.
$242 million – SonderMind – While online therapy provider SonderMind announced its $150 million Series C in July, it only just filed its Form D with the SEC last week. Surprisingly, the amount of equity sold was actually almost $100 million more than the figure disclosed in the announcement. “For people seeking mental health support, SonderMind is centered around a commitment to provide individualized care that produces quality outcomes. Through innovative technology and a focus on the end-to-end journey, SonderMind is able to help millions of Americans not just find a therapist, but to find the right therapist for them.” Site
$12 million – PatientPay – PatientPay promises more effective communications with patients and more flexible payment options. “PatientPay is the leading end-to-end patient payment solution focused on the complex financial challenges facing specialty healthcare. PatientPay partners with specialty care medical groups and revenue cycle management (RCM) companies to capture patient payments during every step of care.” Site
$6 million – Embr Labs – Embr has so far raised $6 million of a hoped-for $23 million. “Embr Labs is a Boston-based technology startup with patented wearable technology that goes beyond sensing. Our wearable thermal technology provides heating and cooling at the touch of a button and is already helping tens of thousands of people live better lives through personal temperature control.” Site
$6 million – Agothos – “Agathos sends action-level insights on practice patterns directly to hospital physicians, empowering better care and lower costs. We leverage precise attribution, trusted peer comparisons, and seamless mobile notifications to reduce length of stay and unwarranted variation in care.” Site
$4 million in equity and other securities – Apollo Neuroscience – Apollo added another $4 million to the $4 million it had already raised in May. “Apollo Neuro is scientifically sound, wearable touch therapy that you wear on your ankle or wrist. Apollo’s silent, soothing vibrations speak to your nervous system, telling you that you’re safe and in control. Developed by neuroscientists and physicians, it’s a safe, non-invasive stress relief tool for adults and children, without drugs or side effects.” Site
$3.3 million – Vivoo – “At-home urine test strips for personalized nutrition and lifestyle advice.” Site
$3 million – Walla Software – Walla offers fitness studio management software to a wide range of brick and mortar wellness businesses. One of its founders is Doug Hecht, who joined Mindbody after it acquired his wellness startup Lymber in 2017. On a podcast earlier this year, Hecht explained Wall like so: “If you run a yoga studio, barre studio, pilates studio, we handle all of the back office for you… basically the whole package for boutique studio management.” Site
$1.9 million in a mix of equity and debt – Stepful – This startup just graduated from Y Combinator. “Stepful trains people with a high school education, and in 4 months places them into entry-level healthcare jobs like phlebotomists, medical assistants, and nursing assistants. There will be a shortage of 1.5 million healthcare workers in 5 years. There are 37 million workers who could double their income with short vocational training. Stepful will bridge this gap.” Site
$1.4 million – MyMedicalHUB – “MyMedicalHUB is connecting Wellness, Health and Worker’s Compensation Industries through our proprietary musculoskeletal care and case management solution. Deploying MyMedicalHub’s architecture between Employers, Employees, Wellness Providers, TPA’s and Insurers provides a gateway of meaningful data for identifying and intervening in all stages of musculoskeletal care cycles.” Site
$1 million in equity and other securities – Ksana Health – Ksana just raised $1.6 million over the summer and it looks like it bolted on another $999,999 since then. “Ksana Health was founded in 2019 in Eugene Oregon in order to translate the tools and findings developed by the University of Oregon’s Center for Digital Mental Health into products and services that will transform mental health care and research.” Site
$350,000 convertible note – Vheda – Vheda offers remote patient monitoring and coaching services to Medicaid and Medicare patients. “How it works: It begins by identifying and enrolling key population segments. Next, with a personally delivered kit, members begin their journey with the Vheda Health mobile app and remote monitoring devices. As your members engage, the Vheda Health aggregates and interprets various data to identify and deliver the best intervention based on real-time need. This data is shared with the health plan and Vheda Health Services team to ensure consistent compliance, coordination, and outcomes.” Site
Health Tech Rebus Puzzle
Alright… time for a new health tech puzzle… Hit reply with the answer if you get it!
Here’s how to play: This kind of puzzle is called a Rebus. Write down or think of the word for what’s pictured in each box as a starting point. Then swap letters (if you see =), or remove letters (when you see -), or add letters (when you see +) at the beginning, middle, or end of the words as noted. Then sound it out.
Hint: Some payers evaluating digital health programs can’t seem to get enough of these.