Last Week in Digital Health Funding: Jul 1 – Jul 7
The following companies raised funds during the past 7 days: Calm, Belong.Life, 54gene, AlayaCare, Paloma Health, Synyi and mfine.
Meditation and sleep app Calm raised $27M in a Series B extension round. The company will use the funds to further expand from guided meditations into more self-help masterclasses, stretching routines, relaxing music, breathing exercises, stories for children and celebrity readings that lull users to sleep. Lightspeed invested most of the money alongside some celebrity angels at a $1 billion valuation. read more.
Maker of the social network and navigator app for cancer patients Belong.Life raised $14M in Series B. It will use the money to advance and expand its social network and the new Belong Patient Engagement Platform (PEP), which is designed to improve patient engagement, education, compliance, satisfaction, auto-care coordination and efficiency. The end-to-end solution provides patients, payers, providers, and life science companies with hyper-personalized and configurable patient engagement tools, navigation and management services. The round was led by IQVIA, a global provider of advanced analytics, technology solutions and contract research services to the life sciences industry. Also participating were The Group Ventures and other existing investors. read more.
54gene raised $4.5M in seed funding to build first pan-African biobank. Founded earlier this year and based in San Francisco and in Lagos, Nigeria, the company plans to address the fact that only 2 percent of human DNA samples used in pharmaceutical research today are from Africans or those of African ancestry, who have much greater genetic diversity than other human populations. Specifically, 54gene ‐ the number stands for the 54 countries of Africa &dash aims to obtain samples from 40,000 participants by the end of this year and to expand to additional African countries after that in order to gather approximately 200,000 samples by the end of 2020. Investors in this round included Y Combinator, Fifty Years, Better Ventures, KdT Ventures, Hack VC, Pioneer Fund, and Techammer. read more.
Cloud-based home care service developer AlayaCare secured CA$33M in growth funding. The company’s platform enables home healthcare providers to deliver best-in-class services and improve care outcomes. This latest investment of growth capital will allow AlayaCare to focus on research and development to optimize its technology for the needs of any client. As legacy software solutions become outdated, the company is now poised to support even more customers through its market-leading cloud-based platform. Inovia Capital led the round with participation from Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec. read more.
New York City-based Paloma Health raised $2.5M in seed funding. The company is focused on hypothyroidism, offering a treatment that combines the most complete at-home thyroid test kits with continuous physician supervision and medical guidance. Paloma provides continuous remote care with on-demand access to its clinical team, nutritionists and health coaches. Crosscut Ventures led the round with participation from Human Ventures and FJ Labs. read more.
Shanghai, China-based Synyi raised $36.3M in Series C round of financing. The medical AI company is focused on medical data governance, mining and application. Its mission is to accelerate the establishment of futuristic learning healthcare system based on data-driven AI to build up applications for medical management, patient service, clinical research, and more. Tencent led the round with participation from Sinopharm Capital, the private equity arm of state-owned pharmaceutical giant Sinopharm Group. read more.
India-based mfine raised $4.5M in debt from Alteria Capital. The company believes in improving the overall health care delivery experience, with its service allowing users to easily schedule appointments with trusted doctors. mfine has built a network of 160 hospitals across five cities, and its care team of more than 80 in-house doctors works with an AI-based system to offer the best possible diagnosis and care. It plans to bring together India’s top 250 hospitals across 10 cities with more than 2,500 doctors on its virtual hospital platform. So far, the startup has raised over $28 million and has 300 employees in Bengaluru and Hyderabad. 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.