Last Week in Digital Health Funding: Jul 29 – Aug 4
The following companies raised funds during the past 7 days: PathAI, Sterifre Medical, Thriva, Ciox Health, OptioSurgical, BabySparks, Hello Heart, and Babylon.
Boston-based PathAI announced strategic investment from LabCorp. The company is a leading provider of AI-powered research tools and services for pathology. PathAI’s platform promises substantial improvements to the accuracy of diagnosis and the efficacy of treatment of diseases like cancer, leveraging modern approaches in machine and deep learning. The relationship with LabCorp will support the company’s efforts to expand clinical development of AI-enabled computational pathology and advance its eventual integration with clinical laboratories. • read more.
Kirkland, WA-based Sterifre Medical raised $8M in Series B round. The company is developing a proprietary low-cost “plug-and-play” technology platform, called Aura, to offer a suite of innovative, modular point-of-care applications for disinfection and sterilization in the healthcare environment. Proceeds from the Series B financing, provided by unnamed existing investors, will fund Sterifre’s initial commercialization in the U.S. Acute Care Market beginning early next year. The company has raised $20 million to date. • read more.
Proactive health company Thriva raised £6M Series A. The company offers affordable, clinical-grade insights based on the latest research and has helped over 100,000 people understand how their lifestyle is impacting their health. Thanks to Thriva, customers can understand, keep track of and improve what’s happening inside their bodies. Its at-home testing kits are processed by UKAS accredited laboratories and can analyse anything from vitamins and minerals to hormone function to indicators of heart disease and diabetes. The funding will support Thriva as it builds towards its ambitious vision: to put optimal health in anyone’s hands. • read more.
Clinical data exchange leader Ciox Health raised $30M. The company rapidly and securely facilitates access to clinical records on behalf of its healthcare provider customers, enabling increased data liquidity and the improvement of health care outcomes. The financing will be used to accelerate the development of its Digital Patient Clone (DPC) ‐ a health data repository that brings de-identified real-world patient data to researchers at scale and on-demand. Through the DPC platform, Ciox can stitch together the digital fragments of a patient’s story from disparate clinical information systems, then normalize the data for use by researchers. The investment also will enable Ciox’s provider partners to contribute to advancing clinical research and development without introducing additional administrative burden or complexity. Merck Global Health Innovation Fund (Merck GHIF) and private equity owner New Mountain Capital led the financing. • read more.
Analytics software company OptioSurgical raised $3.3M to fuel continued growth. Founded in 2017, OptioSurgical’s software empowers supply chain and clinicians with key insights to make more intelligent decisions. The platform analyzes devices used, ranks surgeons by procedure, alerts on over-charging or mistaken charges, and automatically predicts savings opportunities. The funding round, led by Next Frontier Capital, will be used for continued growth of the OptioSurgical platform and for expansion into other specialties such as spine and cardiovascular. • read more.
The technology platform that supports early development through meaningful play BabySparks closed a $2M seed round. With more than 3.5 million downloads in 180 countries, BabySparks develops technology-enabled tools to help parents and caregivers, in multiple languages, support the early development of their young children. Using a proprietary smart adaptive technology, the company’s platform learns each child’s development profile, identifies specific needs, and then provides parents and caregivers with a customized program to support those needs. BabySparks will use the funds to accelerate the development of its product, adding content for new age ranges, and expanding its team. The round was led by Ocean Azul Partners and was also joined by Miami Angels, Kairos, Marstar Investments (Steven and Brian Finn), Lou Kreisberg, and Steve Goodman. • read more.
Heart Health raised $12M for its mobile-enabled treatment for hypertension. The company offers a digital program that empowers people to understand and improve their heart health. The program is clinically based and targets people with high blood pressure, providing participants with a wireless blood pressure monitor and real-time personalized tips on their smartphone. Heart Health plans to use the funds to expand by scaling up its sales team in the employers and health plan space. The round was led by Khosla Ventures, with additional support from BlueRun Ventures, Maven Ventures and Resolute Ventures. • read more.
Developer of AI-driven health services and virtual medical consultations services Babylon raised $550M. The London, UK-based company now delivers 4000 clinical consultations a day, and one patient interaction every 10 seconds. It has a proven model capable of successfully improving access to high-quality healthcare at a lower cost in both developed and emerging markets. The funds will enable Babylon to further deliver on its growth and innovation strategy, with proceeds focused on advancing its suite of products and pioneering AI technology into chronic care management while increasing its global footprint, particularly in the United States and Asia. Investors in this round included Saudi Arabia’s Public Investment Fund (PIF), a large US-based health insurance company, Munich Re’s ERGO Fund, and returning investors Kinnevik and Vostok New 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.