12.19.22
3 min. Read

Six secret health tech deals

Issue 064

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 a half dozen 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…

About $37 million in 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. (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…

$13.4 million – OpenLoop Health – This one is listed as a $15 million offering, so I think the announced amount could end up being that when the company officially announces this deal. OpenLoop previously raised a total of $11 million so with this new funding the company more than doubles its funds raised to date: “…Streamline and simplify go-to-market care delivery for companies offering virtual support to patients across an expansive array of specialties in all 50 states, with in-network insurance coverage… OpenLoop was able to launch two new services in the first half of 2022: Clinician Licensing and Payer Coverage & RCM. These new services offer our clients a more complete suite of white-label solutions that streamline regulatory and compliance processes and drastically decrease the time-to-first-patient.” Site

$7.3 million – Prealize Health – This one made it difficult to find a short blurb that explains what the company does in plain English, but this is as close as I could get to it: “AI-enabled health insights company that powers proactive healthcare to improve population health.” Site

$4.8 million – Axiom Health – Axiom, formerly Virtumed, counts big names in pharma and medtech among its customers. Here’s their pitch: “A Verticalized No-Code AI Engine that Unlocks Healthcare Decision-Making: You’re tired of spending time wrangling data and building new models each time you have to make a critical business decision. We’re building an AI-drive platform for healthcare companies that reduces the time spent on complex analysis from hours to minutes.” Site

$4.7 million – EmVenio – The company added another couple of million to top up its funding disclosure from August. The total for this most recent round so far is now $9.2 million. “…Decentralized research organization providing scalable and hybrid decentralized trial solutions with a focus on improving access and health equity in clinical research. Its mission is to eliminate the barriers to clinical trials by engaging with people in their communities and in their homes. EmVenio’s technology-enabled, innovative network of Mobile Research Sites, At Home Visits, and Virtual Visits are a unique blend of global DCT capabilities that can be deployed to better reach, recruit, and retain diverse patient populations, while improving the clinical trial experience.” Site

$4 million SAFE – knownwell – This one is still pretty quiet. Best I can figure it: This is a new virtual weight loss company or virtual care clinic focused on obesity. Humana VP of Enterprise Strategy Ben Wanamaker is on the board. The two executives on the filing look to be a commercial real estate company exec (knownwell’s CEO) and an MGH-affiliated physician focused on obesity care (knownwell’s chief medical officer). I expect this company will be something like Calibrate or AccomplishMD. No Site Yet.

$3.5 million – Sheer Health – This is another still very quiet startup backed by Story Ventures and led by Jeffrey Witten, who previously founded and led CoinOut until its acquisition in 2021. Here’s the little bit I was able to figure out about Sheer’s plans: “Ingesting healthcare claims data to provide personalized recommendations that saves money and maximizes plan benefits.” A placeholder site for the company also provides this one-liner: “Healthcare questions shouldn’t be so hard. We’ll help you make the best decisions before, during and after care for your wallet and family.” Site

Let’s call that E&O Mondays Issue 064. 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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