Last Week in Digital Health Funding: Jul 22 – Jul 28
The following companies raised funds during the past 7 days: Pivot, Onward, Closed Loop Medicine, Flow Neuroscience, Tivic Health, Freenome, Seer, Casetabs, Benchling, axial3D, and Halodoc.
At-home smart fitness tech maker Pivot raised $17M Series A. The company is developing it calls a next-generation at-home smart fitness solution, which is complete with all the necessary equipment, a mobile app, analytics and a monthly subscription featuring live content that is updated daily. Using 3D sensors, Pivot tracks the user’s motion in real-time, allowing trainers to provide targeted feedback as they work out. It will use the funds to expand recruitment across engineering and operations teams as the company prepares for its consumer launch in Fall 2019. The round was led by DCM with participation from Bling Capital, Founders Fund, Khosla Ventures, Signal Fire and Y-Combinator. • read more.
Onward raised $1.5M Seed to offer round-trip rides to seniors needing assistance. Launched a few months ago, the company aims to help seniors safely get from point A to point B. Unlike Uber and Lyft, it also offers round-trip, door-to-door rides. Also, Onward’s drivers are all trained in CPR, dementia, and have gone through a background check and car inspection. The service costs $35 per hour, which is also the minimum charge for the trip. After the first hour, Onward charges by the minute. The funds were provided by Royal Street Ventures, Matchstick Ventures and JPK Capital. • read more.
Closed Loop Medicine got £1.3M in research grant funding for hypertension clinical programme. The newly secured funding will be used to support a dedicated research project at the William Harvey Research Institute Clinical Research Centre (WHCRC) to support patients who have had side-effects on tablet treatments better manage and control their blood pressure. One in four adults in the UK has high blood pressure but the condition is poorly controlled in one-third of these patients. Lack of management and control can lead to higher rates of heart attacks and strokes. The grant was provided by the InnovateUK Innovation Accelerator, Longwall Ventures and IQ Capital. • read more.
Sweden-based Flow Neuroscience raised $1.5M for treating depression with AI. The medical device company was co-founded in 2016 by Daniel Mansson and Erik Rehn. With combined backgrounds in clinical psychology, computer networks, computational neuroscience, and electrical engineering ‐ they launched Flow to transform the treatment of depression. The capital, provided by Khosla Ventures, will be used to further support Flow’s European rollout and fund clinical studies that will introduce its brain stimulation headset and therapy app to health clinics. The company has already managed to earn the approval for sale in Europe as a Class IIa medical device and is planning to seek regulatory approval with the US’ FDA. • read more.
Medical device company that treats chronic conditions Tivic Health raised $8M in Seed funding round. With initial investments in 2017 and 2018, the company completed product development and design, clinical studies, FDA clearance, production, and early marketing. Additional funds will be used for marketing of Tivic’s first product, ClearUP Sinus Pain Relief, which is dubbed the only bioelectronic solution on the market that provides consumers with a drug-free option to treat allergy-related sinus pain using microcurrent (low-level electrical stimulation). It will be available in mid-September without a prescription for $149. The investment came from Sand Hill Angels, Astia Angels, Golden Seeds, HBS Angels, Sierra Angels, Lateral Capital, Skylight Investments, a physician network, and individual investors. • read more.
Freenome raised $160M Series B to commercialize its blood test for detecting colorectal cancer. The biotech company has pioneered what it says is the most comprehensive multiomics platform for early cancer detection through a routine blood draw. It will use the proceeds to further the development of its early cancer detection blood test powered by its AI-enabled platform. Specifically, Freenome plans to conduct a pivotal validation study and submit to the U.S. FDA and CMS under the Parallel Review Program the first application of its platform in colorectal cancer screening and expand its laboratory infrastructure and software to support its continued growth. The round was was led by RA Capital Management and Polaris Partners, which were joined by other new investors including Perceptive Advisors, funds and accounts advised by T. Rowe Price Associates, Roche Venture Fund, Kaiser Permanente Ventures, the American Cancer Society’s BrightEdge Ventures, Andreessen Horowitz, GV, Data Collective Venture Capital, Section 32, and Verily Life Sciences. Freenome has raised $238 million to date. • read more.
San Francisco-based Seer raised $17.5M Series C financing round. The company is focused on capturing and translating molecular insights from the proteome to enable early detection of cancer and neurological diseases and drive earlier treatment to improve patient outcomes. It will use the proceeds to continue to advance its Proteograph platform and build its proteomic database, progress discovery programs for multiple indications, and develop first-in-class liquid biopsy products for early disease detection, with an initial focus on oncology and neurology. New investors Wing VC and Aju IB participated in the round, along with existing investors Maverick Ventures and Invus, and other institutional and private investors. • read more.
Santa Monica, CA-based Casetabs received $3M for its surgery coordination tech. The company has developed a cloud-based application that serves as a central hub to store, access and share all case-related information. It is accessible via computer, tablet, or mobile app so that everyone ‐ including surgeons, anesthesiologists, vendor reps, facility staff, and outside physician practice staff &dash has appropriate access to the most current case information regardless of location. Casetabs will use the funds to accelerate growth, further increase the application’s value to customers, and expand integration capabilities with physician practices and partners. Name(s) of the investor(s) were not revealed. • read more.
Life sciences R&D cloud platform Benchling raised $34.5M Series C. This financing round comes after the company recently tripled revenue and customers, winning over one hundred new industry and institutional clients since closing its Series B a year ago. Today, Benchling is used by over 170,000 scientists worldwide. It will use the investment to grow globally, extend its product lead and expand commercial relationships to enable breakthrough biotech innovations faster than ever before. The funding led was by Menlo Ventures with participation from new investors Lead Edge Capital and Y Combinator Continuity as well as returning investors Benchmark and Thrive Capital. • read more.
Medical 3D printing firm axial3D raised $3M funding round. The company is developing an automated 3D printing solution for the healthcare sector that is dramatically advancing the standards and efficiency of surgery worldwide. The investment will support axial3D’s rapid growth plans for the USA. It plans to open an office in the region, following recent customer wins and as other healthcare institutions sign up to the service. The funding round was led by London-based Imprimatur Capital Fund Management, with participation from Techstart Ventures, Clarendon Fund Managers, Innovation Ulster and a US-based investment consortium consisting of a number of surgical angel investors. • read more.
Halodoc raised Series B+ round to simplify healthcare in Indonesia. The company operates a mobile platform that connects roughly 7 million patients per month to 22,000 doctors and 1,000 pharmacies throughout Indonesia, with 80% of patients residing outside the main cities of Jakarta and Surabaya. It also provides pharmacy delivery across 50 Indonesian cities and offers home lab services. Strategic investors ‐ including the Bill and Melinda Gates Foundation, Allianz X, and Prudential ‐ provided funds for this (add-on) round. Halodoc has raised almost $100 million to date. • 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.