10.17.22
4 min. Read

Nine secret health tech deals

Issue 061

Welcome back to E&O Mondays, the free newsletter from Exits & Outcomes that features health tech puzzles, M&A flashbacks, 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 funding 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 funding 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. Read on for more funding you might see reported elsewhere in the weeks ahead…

$44.5 million – Valera Health – Interesting bit of trivia: One of Valera’ co-founders is the current CEO of the embattled mental health startup Cerebral. Nearly a year ago, in November 2021, Valera announced a $15 million round of funding from Windham Venture Partners, Aquiline Technology Growth, MultiCare Health System, Divergent Investments, Watershed, GreyMatter Capital, Gaingels, AXA Venture Partners, Figure Eight Investments, Alsora Capital, Startup Health and Dr. Tom Insel, former Director of National Institute of Mental Health. I’d expect the actual amount for this round to be more than the amount listed above and in the filing, but no official announcement yet. Here’s the pitch: “…comprehensive longitudinal service using a team-based care model of coaches, therapists and medication prescribers augmented by proprietary digital technology and analytics. From meditation to therapy to medications, patients with mild depression to severe schizophrenia are treated with expert care. A focus on quality has achieved high HEDIS scores and produced significant outcomes.” Site

$8.6 million – Form Health – Online weight loss clinic Form added this funding to the nearly $12 million the company announced last year. The new filing shows the company added four new investors as part of the amendment. “Form Health doctors identify your biological blockers to weight loss and develop a customized weight loss path that may include FDA-approved medications in addition to nutrition, physical activity, and behavioral changes.” Site

$5.3 million – Playback Health – The company helps clinicians better communicate care instructions to patients. “Playback Health is a secure clinical platform for providers, patients, and patient families. Receive, replay, and share health information with the people who need to know. We help deepen the patient-provider bond, enabling superior communication and empowering better patient experience and improved outcomes.” Site

$2.2 million in equity, options and other securities – medZERO – This is an add-on to the $5.5 million the company raised in a similar mix March 2021. The new funds come from three new investors but may include contributions from existing ones too. Here’s the company’s pitch: “Our employer sponsored platform provides employees instant access to funds to pay their out-of-pocket healthcare costs with no interest and no fees. Repayment is made through automatic payroll deduction and for users with Health Savings Accounts medZERO payments are pre-tax allowing them to save up to 30% on all qualified medical expenses.” Site

$2 million – Banjo Health – “Solution offerings Harmony PA, Virtuoso AI, and Concerto Suite utilize AI and cloud-based technologies to meet all compliance regulations across all lines of business to provide a more accurate, streamlined, and transparent [prior authorization] process.” Site

$1.5 million – Vessel Health – Vessel offers supplements, dietary suggestions, and text coaching based on the results of their home-based, smartphone-powered urine analysis tests. Vessel had previously raised about $14.5 million and had sold 100,000 home tests as of January 2021. The pitch: “Reach your wellness goals with a personalized lifestyle plan, food recommendations, and customized supplements, all based on an at-home pee test.” Site

$1.4 million – Aidin – This company has been around for a while — founded in 2011 — and, as far as I can tell, did not previously raise much more than a few hundred thousand. It sells to healthcare providers and focuses on care transitions, prior auth, and re-admissions. Aidin’s website claims the company has 100,000 monthly active users. “The online marketplace for care transitions… Aidin improves patient outcomes by connecting providers, partners, and payers in a seamless digital platform. ” Site

$1.2 million in equity and debt – AI Metrics – “…developing software to more accurately assess cancer treatment effectiveness. The founders set out to leverage augmented intelligence in innovative imaging software solutions, improve radiology workflows, quantitative metrics, and reporting in clinical practice and clinical trials..” Site

$1.1 million – Valorant Health (formerly Bettermeant) – “The Valorant Health platform helps patients find in-network care and coverage and scales healthcare capabilities with robust and innovative digital health and telehealth tools. Valorant Health prioritizes patients and providers in the healthcare journey by implementing a data-driven approach to incorporate features that promote positive mental and behavioral health outcomes.” Site

Let’s call that E&O Mondays Issue 061. 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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