Last Week in Digital Health Funding: Aug 26 – Sep 1
The following companies raised funds during the past 7 days: PeerWell, Luma Health, FIGUR8, Array Analytics, Aperiomics, Hound Labs, Fitternity, Wefight, and Linkura.
PeerWell raised $6.5M Series A for its musculoskeletal surgery optimization platform. The company’s solution helps patients prepare physically and mentally for orthopedic surgery and recover faster. It does that by addressing the five pillars of health optimization: Physical Therapy, Nutrition, Pain & Anxiety, Health Literacy, and Environmental Preparation. The platform is now available to all employers and health plans across North America. PeerWell will leverage the funding to fast-track the commercial rollout of its offering which has improved patient outcomes and reduced costs in several clinical deployments. The round was led by OMERS Ventures and joined by existing investors, XSeed Capital, and a number of notable angel investors. • read more.
Luma Health raised $16M Series B for its patient engagement platform. Luma Health helps healthcare providers extract greater value from their EHRs by unlocking key insights to improve access and communication across the entire patient journey, from scheduling to maximizing patient outcomes. This new round of funding will help the company continue to invest in patient access and communications by offering providers the solutions they need to acquire, engage, and retain increasingly sophisticated patients. Luma Health also plans to hire additional talent to expand the platform providers and patients both love, increasing its footprint among healthcare organizations ranging from small clinics to large health systems. The round was led by PeakSpan Capital and with strategic investments from Cisco Investments, the Texas Medical Center, and continued investment from U.S. Venture Partners. • read more.
FIGUR8 raised $7.5M Seed for its body movement tracking platform. The company’s diagnostics platform can capture three-dimensional skeletal movement in conjunction with muscle output to allow clinicians to objectively measure musculoskeletal performance and recovery. The portable system, developed in collaboration between Massachusetts General Hospital (MGH) Sports Science Lab and MIT Media Lab researchers, enables the assessment of the cause, effect and quality of movement to reduce injuries and improve physical performance, recovery and overall health. FIGUR8 is currently working with elite athletes, teams, training facilities and major occupational and physical therapy clinics. It plans to use the funds to implement the solution with elite PT/training centers on the general assessment, and go through the regulatory process of becoming a medical device. P5 Health Ventures led the round with participation from E14 Fund, and other individual investors. • read more.
Array Analytics raised $2M Pre-Series A financing round from three undisclosed investors. Founded in 2017, the company has developed a healthcare IT enterprise SaaS product called Pivotal which employs mapping technology to allow users to visualize target areas, identify patient care locations, and perform complex analyses that factor in travel times, patient encounters and volumes and competitor analysis. Roadmap features for the product will produce insights around staffing, revenue, capital and operating expenditures, and overall ROI, all necessary components of health system strategic planning. The funding round comes on the heels of striking a strategic partnership agreement with UnitedHealth Group’s OptumInsight analytics division. To date, Array raised $4.8 million. • read more.
Sterling, Virginia-based Aperiomics raised $1.8M Series A. The company uses genomic analysis to detect every known pathogen from a sample of any nature in just one test. Called Xplore-PATHO Test, it helps healthcare providers prescribe more precise treatments for specific conditions to offer patients better care. The latest round of funding will primarily be used for building out Aperiomics’ lab and office, as well as to expand the team and increase overall sale and marketing activity. The round was led by South Carolina-based investment group VentureSouth, with participation from Pipeline Angels, Propel(x) and others. • read more.
Hound Labs raised $30M Series D to accelerate manufacturing and availability of its dual marijuana and alcohol breathalyzer. The funding arrives on the heels of peer-reviewed research from the University of California, San Francisco (UCSF) that validates breath as a viable medium for measuring marijuana use within three hours of smoking. Hound Labs is now moving into its next phase of commercial manufacturing as it prepares to meet growing worldwide demand from employers, law enforcement and insurance groups. The scientific and technological breakthroughs underpinning the Hound breathalyzer will enable a solution that balances safety with fairness. Intrinsic Capital Partners led the financing round with participation from NFP Ventures and Main Street Advisors, as well as existing investors Icon Ventures and Benchmark. • read more.
India’s Fitternity extends its Series A round, gets a top-up of $1M. The company is operating the country’s largest online fitness platform that provides an integrated eco-system to help users start and sustain their fitness journey. It will deploy the funds across three main areas, including venturing into sports and ancillary categories, deepening presence across top 15 cities in India, as well as providing service providers with enterprise solutions to manage inventory at scale. Ultimately, Fitternity’s goal is to grow 10 times to $100 million annual revenue over the next 24-36 months. The funding, provided by Sixth Sense Ventures, is an extension to the $4M Series A round raised by the company in May. • read more.
Paris, France-based Wefight raised €1.8M to combat loneliness in chronic disease. The company’s flagship product, called “Vik”, is a virtual companion who answers patient questions related to their condition, treatment and care pathway ‐ helping alleviate the isolation patients feel when dealing with a chronic condition by themselves. Vik has already been made available to patients living with breast cancer, depression, asthma and migraine. Additionally, patients with many other types of conditions are expected to benefit from the technology, as well. Part of the funding has been raised through the EIT Health Investor Network, which connects European health-oriented investors with promising start-ups to encourage cross-border financing and co-investments. Wefight investors who were brought in through this network include Investir&+, Angels Santé, Business Angels des Grandes Écoles, MELIES Business Angels. • read more.
Stockholm, Sweden-based Linkura raised SEK 7M ($720k). Founded in 2013, the company offers advanced and unique research-based measurement of heart rate variability (HRV), analysis, insight and measures to enable improved health and reduced stress levels for people in everyday life. It works with clients including Saab, Verizon, Nordic Capital and Bokadirekt. The money was provided by new and existing investors, including the investment companies 3T Invest and Gamlegård Invest matched by the governmental agency Almi Invest. Prior to this transaction, Linkura raised a little more than $1M from outside investors. • 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.