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:
- I found well over $1 billion in (announced and unannounced) health tech funding deals (equity and debt) from the past two weeks.
- In fact, there were so many I left a bunch out. I’ll include them next week.
- Also: Scroll down for a new health tech trivia question… this one is multiple choice.
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This week’s health tech funding deals
OK, here’s what I found for the past two weeks:
Direct pay, primary care clinic company Forward Health raised a $225 million Series D from Founders Fund, Khosla Ventures, SoftBank, Inovia, Mark Benioff, and recording artist The Weeknd. TechCrunch
Cedar, which offers a patient engagement and financial technology platform, raised a $200 million Series D led by Tiger Global Management and with help from existing investors Andreessen Horowitz (a16z), Thrive Capital, and Concord Health Partners.
DispatchHealth, a house visits care provider, raised a $200 million Series D (less than one year after closing a $135.8 million Series C). The most recent round was led by Tiger Global with help from existing investors Alta Partners, Echo Health Ventures, Humana, Oak HC/FT, and Questa Capital.
Outside Interactive, which is the new media and fitness tech company run by ex-MapMyFitness CEO Robin Thurston, raised $150 million according to an SEC filing. Axios actually had an exclusive on this raise three weeks ago, but I missed it. Sequoia led the round and JAZZ Ventures, Zone 5 Ventures, and NEXT Ventures chipped in too.
Paige, which offers AI-based diagnostic software in pathology, raised a $125 million Series C co-led by KKR, Casdin Capital and Johnson & Johnson Innovation.
Valo Health, which uses patient data and machine learning to discover new drugs, closed a $300 million Series B, which includes $110 million in new funding from Koch Disruptive Technologies.
Beam Dental, which calls itself “a digital-first dental insurer that rewards its members for good dental hygiene,” raised an $80 million Series E led by Mercato Partners’ growth equity fund, Traverse. (I remember Beam when it was a simple, smartphone-connected toothbrush company.)
Health Recovery Solutions, AKA HRS, raised a $70 million Series C led by LLR Partners with help from Edison Partners. Forbes reports that the company’s headcount grew 258 year-over-year to 155 employees and revenue grew by 188 percent to $23.5 million (assuming that is for 2020). HRS is a remote patient monitoring company that offers Bluetooth-enabled home health devices and a software platform.
TytoCare, another remote patient monitoring company, raised a $50 million Series D after raising that same amount last April. Insight Partners led the recent round with participation from Tiger Global Management, Qumra Capital, Qualcomm Ventures, Olive Tree Ventures, and Shenzhen Capital Group Company. TytoCare says its revenue grew 2.5x in 2020 (assuming that year-over-year).
100Plus, a remote patient monitoring company run by former Practice Fusion CEO Ryan Howard, raised a $25 million seed round.
Providence spin-out DexCare, which calls itself a healthcare OS that “orchestrates health system capacity and digital demand across all lines of business,” quietly raised $20 million. Site
Health Gorilla, a health API company focused on interoperability, raised a $15 million Series B financing co-led by Nationwide and IA Capital. BurnAlong raised a $7 million round of funding led by Triventures, an investment vehicle that counts Medtronic, Philips, Boston Scientific, Abiomed, Intermountain Healthcare, Cardinal Health, Johnson and Johnson, Samsung, Nikon, and Sheba Medical Center as its strategic investors.
Reperio Health, which offers a subscription for at-home medical tests paired with an app that walks users through their results, raised $6 million.
Hook MD, another company working on interoperability between EHR systems, quietly raised $4.7 million in a mix of equity and securities. Site
Brave Care, which runs pediatric clinics and also offers virtual care, quietly raised $4.3 million. Site
UCM Digital Health, which calls itself a “digital front door” to healthcare, quietly raised $4 million. “UCM Digital Health brings emergency medicine expertise at the touch of a button with its unique treat, triage, and navigate approach, serving as health care’s digital front door. Patients simply download the UCMnow app on an iOS or Android device to receive access to a health care provider.” Site
PayGround, a self-described health FinTech startup that is trying to simplify the way patients pay their medical bills, raised a $4 million seed round.
Conversio Health, a care coordination company focused on pharmacotherapy management, bumped up its recent raise from $2.2 million to $3.9 million in a mix of equity, options, and securities. Site
SamaCare, which works with a manufacturer’s physician-administered products to optimize the prior authorization process, quietly raised $3.7 million.
Clinical Research IO (AKA CRIO), which tries to streamline clinical trials with digital consent and remote patient monitoring offerings, raised a $3.5 million Series A led by Rally Ventures with participation from Raymond Chang, Boston Millennia Partners, and Mark Lacy.
NFP added TrustLayer to its portfolio: “A next-generation collaborative risk management platform and one of the insurance industry’s first real-time proof of insurance verification solution.”
Ryse Asset Management added Oto to its portfolio: “Oto builds digital therapeutics that allows instant access to an evidence-based therapy app for tinnitus – a debilitating condition affecting 1 in 8 people. Their vision is simple: a world where everyone can live without intrusion from tinnitus.”
Ryse Asset Management also added Healthera to its portfolio: “Healthera is the leading online healthcare prescription marketplace platform through the largest digital platform of pharmacies and GPs in the UK.”
Health Tech Trivia Question
Here’s a new Health Tech Trivia Question.
Rules: Don’t use Google. Just guess. Hit reply and email me your answer along with if you want me to include your name/company, just your initials, or keep it anonymous. I’ll provide the answer next Monday along with three (3) randomly selected people who got it right (if anyone does). I’m happy to link out to your company’s website too, and that might be worth a lot in SEO mojo someday, who knows?
Question: 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
Hit reply if you know!
