Issue 067

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 thirteen 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…

Thirteen 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 — unless otherwise noted.)

* 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…

$14.4 million – Reveleer – This company used to be named Health Data Vision and its last round back in late 2021 was $65 million. So, this is a small (partial?) Series E raise (the company disclosed in the filing that it was Series E stock that it sold). “Reveleer is a healthcare software and services company that uses Machine Learning and Intelligent Automation technology to empower payers in all lines of business to take control over their Quality Improvement and Risk Adjustment programs. The Reveleer platform enables payers to independently execute and manage every aspect of provider outreach, retrieval, coding, abstraction, and reporting – all under one platform.” Site

$13.8 million – Triomics – This company has historically operated in India but has since moved to San Francisco after going through Y Combinator back in 2021. “We are developing software to accelerate and improve the process of bringing life-saving drugs, vaccines, and medical devices to market by easing the burden on healthcare organizations where the clinical trials are conducted. Our solution involves leveraging a unique NLP-based data transformation engine to extract and utilize data from health-IT systems such as EHRs/EMRs at hospitals to automate several crucial steps involved in the clinical research/trial processes for hospitals.” Site

$8 million – Koios Medical – “Koios DS Breast is the only FDA-cleared cancer diagnosis software using AI on breast ultrasound images, and works with the physician as an expert on-demand second opinion for classifying suspicious lesions and aligning to a BI-RADS category, while automatically prepopulating diagnostic reports.” Site

$6.7 million – Caire – This company is a virtual-first care platform that was spun up from a joint venture between Aegis Ventures and health system Northwell Health. Caire positions itself as a platform because it will launch a series of virtual care providers that use its infrastructure. Caire is starting to launch virtual care providers focus on various aspects of women’s health to start. “Caire is currently focused on building the scalable infrastructure which will serve as the backbone for a network of in-house virtual care companies to come. Through the creation of a shared operating system across every core function (e.g., technology, product, provider recruiting, healthcare operations), this infrastructure will minimize time on operations while maximizing time on what really matters – high-quality patient care that delivers great outcomes. Over time the Caire platform will position us as a market leader in redefining how virtual care companies exist in a broader ecosystem of in-person and virtual care.” Site

$6.1 million – Datacubed Health – “At its founding, Datacubed was rooted in behavioral science and offered a gamified ePRO solution designed to boost patient engagement. Since then, the company has evolved into a mature eClinical platform offering highly sophisticated ePRO/eCOA solutions, Patient Engagement, eConsent, Geofencing, Medication Adherence, and TeleVisits, all of which have been shown to improve outcomes for sponsors and CROs.” Site

$5.8 million in debt and other options – MedRhythms – “MedRhythms is pioneering the development of next-generation neurotherapeutics designed to improve walking, mobility and related functional outcomes via a proprietary, patented technology platform.” Site

$5.8 million – Monument – This funding included $2,574,928.53 worth of convertible securities. Here’s how the company’s founder described it in the early days: “Monument is an online treatment platform for those looking to change their relationship with alcohol. Designed to support sobriety or moderation, Monument plans are personalized to members’ goals, lifestyles, and preferences.” Site

$5.5 million – BEKHealth – BEK’s pitch to potential job applicants might be the best positioning: “digital health SaaS company that was founded under the belief that accelerating the research of innovative medicines can have a profound impact on human health. BEKHealth has developed a clinical operating platform utilizing artificial intelligence (AI) to reduce the clinical trial process with the goal of cutting research timelines by 50%.” Site

$4.8 million – Frame Fertility – Frame’s $2.8 million round of funding made headlines last spring, but this new filing indicates that 2022 round was actually in Simple Agreements for Future Equity that the company converted this month. So the $4.8 million disclosed in recent weeks seems to include the $2.8 million that you probably read about a year ago. “Frame Fertility is the first and only evidence-based platform that enables the early identification of fertility risk and care navigation leading to better fertility and overall health. Developed with clinical experts, Frame Fertility’s approach alleviates a downstream and often costly fertility crisis for patients, employers and providers.” Site

$3.6 million – Alleviate – This is a specialized MSK startup that currently offers a mix of physical products and app-based exercises: “We develop approachable, ‘one-stop-shop’ solutions to common musculoskeletal pathologies. Our debut product is the Alleviate Method for plantar fasciitis.” Site

$3.5 million – Diligent Pharma – “The cloud-based Diligent Qualification Platform holds comprehensive Request For Information (RFI) details for industry suppliers around the world, as well as Vendor Qualification Assessments (VQAs) audited against latest industry standards. This makes it easy for trial sponsors to identify and qualify relevant potential suppliers – much more quickly than by using traditional methods.” Site

$2.5 million – OcuDoc – The funding included a little more than $2 million in conversion of debt. “OcuDoc Mobile turns an iPhone into a breakthrough, mobile, visual diagnostic tool with myopia monitoring to help licensed eye care and health care providers better serve their patients.” Site

$1 million – Percipio – This stealthy startup is led by Eric Rock, who is the former CEO and founder of remote patient monitoring company Vivify Health. Rock sold Vivify to UnitedHealth Group a few years back. One of Percipio’s board members is at investment firm First Trust Capital Partners, so it’s likely that FT is a backer. Percipio is still staying pretty quiet, but here’s a description pulled from the company’s trademark filing with the USPTO: “Devices for use in improving the accuracy of computer vision software used for automated recognition of patient health status, including the recognition and identification of medications.” No website yet.

$500,000 in a mix of equity and debt – RocketVR Health – “Rocket VR Health is a digital health platform that offers virtual reality therapeutic experiences and programs. We are transforming the mental health treatment landscape by offering immersive live support groups, interactive mindfulness meditations, and evidence-based therapy programs.” Site