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.
In this issue:
- First up a speculative piece backed up by two recent government filings that suggest the price tags of Grand Rounds’ two recent acquisitions.
- Then, we dig into the past two weeks of health tech funding. (Took Monday off for Memorial Day here in the US.)
- Also: Read to the end for a lengthy list of E&O subscribers who got the E&O puzzle right along with the answer.
- But wait: If you’re new to E&O Mondays, this free newsletter isn’t much like the ones I send 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…
Did Grand Rounds pay $889,267,206 to acquire Doctor on Demand?
GR-DoD price tag? When Grand Rounds merged with Doctor on Demand in March the companies would not reveal the financial details of the deal. In recent weeks, however, Grand Rounds filed an SEC filing that indicates the all-stock transaction has a potential price tag of $889,267,206. That figure includes a mix of stock and other options, so it likely includes some kind of potential earn-out. The acquisition reportedly did not include any cash, so that figure likely represents the maximum payout.
Included Health price tag? More recently, Grand Rounds filed a similar document that was also related to an acquisition. Just speculating: There’s a good chance this one relates to Grand Rounds’ more recent acquisition of Included Health. The terms of that deal were also not disclosed (and I’m not sure whether or not it was an all-stock transaction), but Grand Rounds just revealed a stock transfer worth $15,092,002 that was in connection to an acquisition. That’s likely the stock portion of the Included Health deal.
Two weeks: $1.7B billion in health tech funding.
Here’s what I found for health tech funding these past two weeks: More than $1.7 billion. If you see a * in front of the funding news below, that means E&O reported first. (It also means the company may end up announcing a larger amount of money once the round closes and the funding is official.)
As always, I simplified this list to remove those off funding verbs you see in other write-ups. (“Company X grabbed [why not ‘earned’?] $5 million in funding.”) If you’re missing the full sentence structure, however, please assume that most of these companies “bagged” their latest round of funding, (but also know that I believe one of them “scraped together” their funding).
I used the companies’ own descriptions from their press releases or About pages instead of trying to deciphering what they do myself. As expected, the results were mixed:
$540 million – Noom – Series F – Led by: Silver Lake. “Building on … its weight management business, Noom will use the newly-raised capital to expand its … behavior change platform to address a broad range of conditions … including stress and anxiety, diabetes, hypertension, and sleep.” Release
$160 million – Akili Interactive – Series D – Led by Neuberger Berman Funds. “Maker of EndeavorRx, the first and only prescription video game treatment.” Release
$140 million – Thirty Madison – Series C – Led by HealthQuest Capital. “Keeps for men’s hair loss, Evens for gastrointestinal conditions, Cove for migraine, and Picnic for allergies…” Release
$104 million – binx health – Series E – Led by OrbiMed. “…platform includes the point-of-care io platform which puts central-lab quality testing solutions in the hands of clinicians everywhere and the Company’s suite of physician-mediated and medically guideline-driven, at-home sample collection offerings which bring high-quality testing, population health tools and seamless digital integration capability to those unable or unwilling to visit a clinic location.” Release
$56 million (but up to $100 million) – Phil – Series D – Led by Warburg Pincus – “Software therapy deployment platform.” Release
$50 million – Helix – Series C – Co-led by Warburg Pincus, DFJ Growth, Kleiner Perkins Caufield Byers, Mayo Clinic, and Temasek. “Population genomics and COVID-19 testing company.” Release
$50 million – Qualio – Series B – Led by Tiger Global – “Cloud quality management system software for the entire life sciences ecosystem.” Release
$47 million – LifeQ – “Provider of biometrics and health information derived from wearable devices and used in world-leading health management solutions.” Release
$45 million – Hello Heart – Series C – Led by IVP – “Flagship solution helps people manage their blood pressure, pulse, medications, and activity using AI-based technology.” Release
$40 million – Synchron – Series B – Led by Khosla Ventures – “Minimally invasive implantable brain computer interface (BCI) technology, which utilizes the jugular vein to access the brain.” Release
$37 million – Nayya – Series B – Co-led by SVB Capital and ICONIQ Growth – “Insurance benefits experience and healthcare management platform.” Release
$37 million – DayTwo – Led by Marius Nacht – “Personalized nutrition and actionable insights that allow you to live healthier and maintain target blood glucose levels.” Times of Israel
$26 million – Aunt Bertha – Led by Warburg Pincus – “Closed-loop social care networks and the company behind findhelp [dot] org.” Release
$23.2 million – Antidote – Led by LBO France – “Digital patient engagement programs and clinical trial recruitment services.” Release
$20 million – TailorMed – Led by Providence Ventures – “Patient financial navigation technology company that helps healthcare patients remove financial barriers to care.” Release
$20 million – Medallion – Seed and Series A – Led by Spark Capital – “Starting with medical licensing and credentialing, Medallion’s provider network management platform enables our clients to license their providers in new states, verify and monitor credentials, and achieve in-network coverage with insurance payers.” Crunchbase News
$20 million – Clearing – Seed – Co-led by Bessemer Venture Partners and Founders Fund – “Digital healthcare platform built to serve the 50M+ chronic pain sufferers in the US.” Release
$20 million – Pack4U – “Personalized medication delivery and monitoring.” Release
$15 million – Curebase – “Decentralized clinical trial software platform and virtual research site.” Release
$12 million – HumanFirst (FKA Elektra Labs) – Series A – Led by Maverick Ventures – “Experts in decentralized clinical trials and distributed, virtual healthcare.” Release
$9 million – XRHealth – Led by Discount Tech – “Operates state-of-the-art therapeutic care Virtual Clinics, utilizing proprietary FDA and CE registered medical Extended Reality (XR) technology (virtual and augmented reality).” Release
$9 million – Etiometry – Series A – Led by SKK 9i Ventures – “Clinical decision-support software for the intensive care environment.” Release
$8 million – Genoox – Led by IN Ventures – “Community-driven genomic data platform.” Release
$7.5 million – Authenticx – Pre-seed – Led by M25 – “Software company that leverages customer interactions to provide transformative insights for healthcare organizations.” Release
$6 million – Flume Health – Led by Crosslink Capital – “Health plan administration platform for the modern fragmented healthcare ecosystem.” Release
* $5.7 million – MDmetrix – Software that allows clinicians to “visualize, evaluate and monitor clinical and workflow outcomes.” Site
$5 million – Norbert Health – Co-led by Serena Capital and HCVC – “Contactless, multi-modal vital sign scanning.” Release
$4.45 million – moveUP – Co-led by Karista and White Fund – “Data-driven personalized remote digital care for post-acute out-patients.” Release
$4 million – Veri – Seed – Led by PROFounders – A DTC metabolic health coaching company that is powered by Abbott’s CGM device. Release
$3.3 million – NUE Life Health – Seed – Mental health company offering psychedelics and virtual care. TechCrunch
$3 million – Prixa – MDI Ventures and Trans-Pacific Technology Fund – Offers a chatbot, telemedicine services, medication delivery, and on-demand lab work. TechCrunch
$2 million – Opeeka – Seed – Software that makes it easier for mental health professionals to track the treatment and progress of their patients. Site
Health Tech Rebus Answer
Two weeks back E&O offered up a health tech-themed Rebus puzzle. It was a hit. I couldn’t list out everyone who got it right, but here’s a list of a dozen or so who were among the quickest to respond with the correct answer:
- Joe Rubinsztain MD, CEO, Chronwell
- Jonathan Feldstein, MD, Founder, Resilience Health
- Dena B. Mendelsohn, Head of Compliance and Privacy, HumanFirst
- Courtney Lamie, COO, Crosscut Strategies
- Javier Evelyn, Founder and CEO, Alerje
- Mike Radocchia, VP Healthcare Strategy & New Markets, Big Health
- Kelvin Kwong, Chief Product Officer, Big Health
- Evan S. Schnur, Partnerships & Business Development, Healthpilot
- Chris Ludwig, IQVIA BBC MedTech
- Ali Khan MD MPP, Oak Street Health (Follow him on Twitter here.)
- Janice McCallum, Managing Director, Health Content Advisors
- Sam Holliday, CEO, Oshi Health
- Nancy Oliker, Head of Enterprise Marketing, Happify Health
- Eriola Kruja, Director, Digital Strategy, Medullan
- Guillaume Poirier, Digital Health Scientist, Statespace
- Kyle Allen-Niesen, Investment Analyst, FPA (Follow Kyle on Twitter here)
- Daniel Weinstein, Associate Principal, ZS Associates – Digital & Connected Health Practice (Former CEO Oshi Health, Co-founder Cohero Health)
Answer: Software as a Medical Device
ICYMI — last week’s puzzle is below — 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: This is a phrase we started to hear often in health tech circles… maybe starting seven years ago or so.