Last Week in Digital Health Funding: Aug 12 – Aug 18
The following companies raised funds during the past 7 days: TimeDoc Health, ChartSpan, MedAnswers, Baze, Imago Systems, Nurx, Nomad Health, MyHealthTeams, Buoy Health, Doxper, and VeriSIM Life.
TimeDoc Health raised $2.5M for its chronic care management platform. The Chicago, Illinois-based company provides healthcare organizations with technology and digital nursing services to coordinate care for their chronically-ill patients on a continuous, monthly basis. The new investment will enable TimeDoc to expand its platform into behavioral health and remote patient monitoring – both services that are underprovided and hold tremendous potential to improve patient outcomes. The company is also expanding internally and anticipates doubling its headcount within the next 12 months. Grand Ventures led the raise with participation from Serra Ventures and Break Trail Ventures. • read more.
Chronic care management provider ChartSpan raised Series A round. ChartSpan is the largest healthcare managed service provider of chronic care management programs in the U.S. The company offers healthcare providers a turn-key service for MIPS compliance, Chronic Care Management, and Annual Wellness Visits, allowing both patients and providers to see higher levels of engagement, better adherence to prescribed care paths, and better patient outcomes. Private equity firm Blue Heron Capital participated in the round as part of a five-investor syndicate. The amount raised has not been disclosed. • read more.
Fertility-focused startup MedAnswers raised $5M Seed round. The money is being used to launch new tools on the FertilityAnswers app including a fertility services matching resource and the first social media feed to provide access to clinically and scientifically validated fertility information. Each of these free resources aims to shorten the time to conception by aligning users with personalized, precise, family-building resources at the right time. Funds will also be used to expand the team, bolster the company’s intellectual property position, increase the user base, grow the app’s available board certified experts from 200 to 1,000 globally, and launch multi-lingual support. The round was led by Special Situations’ Life Sciences Innovation (LSI) Fund, managed by David Sable, with Viking Global Investors also participating. • read more.
Personalized nutrition supplement service Baze raised $6M Series A. The company is offering what it says is the first blood-based, at-home nutritional testing kit with high-quality subscription supplements. The Baze Starter Kit is available for $99 and it includes the blood test, results analysis, and one month of personalized daily vitamin packs. Additionally, the company offers personalized packets starting at $15/month, featuring supplements that are free of GMOs, gluten, lactose, and artificial coloring. Baze will use the funds to expand its marketing efforts to educate consumers on the importance of truly personalized supplements, as well as expand its nutrient testing and supplement offerings. The round was led by supplement manufacturer – Nature’s Way. • read more.
Imago Systems scored investment from Mayo Clinic. The investment comes as part of the broader multi-year agreement with Mayo Clinic that will focus on clinical trial support for Imago Systems’ ICE Reveal product for breast imaging. The collaboration will be led by a breast imaging research specialist at Mayo Clinic who will spearhead Imago’s pilot and pivotal studies to clinically validate Imago’s visual intelligence software as applied to screening mammograms. Mayo Clinic’s involvement will play a critical role in the evolution of the technology to improve breast imaging across multiple imaging modalities. The amount invested has not been disclosed. • read more.
Birth control startup Nurx raised $52M Series C. Nurx provides more than 200,000 current patients across the country with high-quality care for sensitive health needs that can often carry shame and stigma, and can be met with judgement. The company has provided birth control to more than 400,000 women since the company was founded. It will use the funds to introduce more services for sensitive health needs as well as grow its patient community to reach more people who face systemic barriers to healthcare. Nurx will also focus on expanding its medical provider team as well as investing in its telemedicine platform to continue improving and streamlining the patient experience. The round was led by Kleiner Perkins Digital Growth Fund and Union Square Ventures with participation from Reproductive Health Investors Alliance, Dreamers VC, Lowercase Capital, and Y Combinator, as well as Triple Point Capital for equity and debt. • read more.
Healthcare staffing company Nomad Health raised $34M in funding. The company is revolutionizing the healthcare staffing industry, touting its offering the most efficient and effective technology for placing nurses and doctors into freelance jobs to address critical clinician shortages across the United States. Nomad Health plans to use the new funding to double the size of its staff, expand its footprint and continue to enhance its technology platform. Alongside the financing, it has also announced a new office in Charlotte, North Carolina… Palo Alto-based VC firm Icon Ventures led the round with participation from prior investors Polaris Partners, RRE Ventures, .406 Ventures, and Silicon Valley Bank. • read more.
MyHealthTeams raised $9.44M to expand its social networks for chronic condition communities. The company has developed the largest and fastest-growing social networks for people facing chronic health conditions. The funds will be used to fuel MyHealthTeams’ continued growth, including expansion of the company’s existing social networks as well as the launch of additional social networks that make it easy for people diagnosed with a chronic disease to connect with others living with similar challenges and to find relevant, objective information about managing their health. UCB, a global biopharmaceutical company, led the round with participation from existing investors, including Adams Street Partners, Qiming US Ventures, CVS Health, The Westly Group, HealthTech Capital, 500 Startups. This financing brings total investment in MyHealthTeams to $26.84 million. • read more.
Symptom checker platform Buoy Health raised $15M Series B runding. The Boston, MA-based company has developed an AI-enabled platform to provide personalized clinical support to individuals the moment they have a healthcare concern. It will use the funds to grow in the US market and expand its enterprise offering by providing in-depth navigation for new populations, including the Baby Boomers and those covered by Medicaid. The round was led by Hambrecht Ducera Growth Ventures, with participation from Humana, F-Prime Capital Partners and Optum Ventures. • read more.
Mumbai, India-based InformDS Technologies raised $4M Series A to expand its Doxper service. Doxper is an ML/AI powered data capture solution that allows doctors to instantly digitize their case sheets using a digital pen and encoded paper. The solution can be fully integrated with any existing EMR systems. The company plans to use the funds to double down on its growth in India expanding geographically across the country. Further investments in technology and R&D are planned to improve the accuracy of the ML/AI powered handwriting recognition engine and to develop products in business and clinical analytics. The round was led by healthcare focused fund Alkemi, with participation from Rainforest Venture Network, existing investor growX Ventures and some marquee angel investors. • read more.
VeriSIM Life raised $5.2M to build digital animal and human simulations for drug testing. The San Francisco, CA-based company’s BIOiSIM solution is providing pharmaceutical scientists a competitive advantage to accelerate R&D decisions to bring more personalized drugs in the market. VeriSIM Life intends to use the funds to optimize its models through expanded academic partnerships, grow a team to include talent in the engineering and operations space, and engage larger pharma institutions. The round was co-led by OCA Ventures and Serra Ventures with participation from Susa Ventures, Intel Capital, Stage Venture Partners, Village Global, Twin, and Loup Ventures. • read more.
Please note that this list represents only the digital health deals that caught our eye in the past 7 days. There may be other deals we are not aware of or those which we don’t think fit the “digital health” category.