Last Week in Digital Health Funding: Jun 24 – Jun 30
The following companies raised funds during the past 7 days: DayTwo, Omada Health, Remedy, Oska Wellness, Florence and CryoTherapeutics. Also, two companies registered for an IPO.
DayTwo, gut microbiome testing & guidance platform for people with type 2 diabetes, secured $31M in Series B. The company will use the funds to accelerate its go-to-market initiatives in the U.S. where it partners with payers, providers, and employers, and to continue to develop a new generation of products and services for metabolic and gastrointestinal conditions. The round was co-led by aMoon, the leading life sciences venture fund, together with Ofek Ventures, a new venture fund focused on disruptive ICT technologies. Existing investors Seventure Partners and Johnson & Johnson also participated. read more.
San Francisco-based digital chronic disease management company Omada Health raised $73 million in funding. The round was led by Wellington Management Company, with participation from previous investors Cigna Ventures, Andreessen Horowitz, U.S. Venture Partners, Norwest Venture Partners, Kaiser Permanente Ventures, Sanofi Ventures, Civilization Ventures, and Providence Ventures. It will use the proceeds to fuel the continued expansion of its digital care program, including support for those with type 2 diabetes and hypertension, as well as those dealing with anxiety and depression. read more.
Remedy, the provider of transparently priced and easily-accessible healthcare services, raised $10M million in Series A financing. The company aims to simplify the pathway to urgent and primary care through a combination of its proprietary technology-enabled telemedicine portal, modern house call doctor visits and walk-in clinics. It will use the funds to support its ongoing rapid growth, expand its technology platform and enhance its business offering for self-funded employers. The round was led by Santé Ventures. read more.
Tech-based pain management solution provider Oska Wellness raised $5.5 million in the seed round. It will use the funds for sales, marketing, distribution and product development, and will help the company better serve the 100 million Americans who suffer daily from chronic pain. Investors in the financing round include Falls Angel Fund, GlobalLink1 Capital and individual investors “key to medical industry.” Oska Wellness’ Oska Pulse product utilizes Pulsed Electromagnetic Field (PEMF) technology, which is clinically proven to work at the source of pain by accelerating the body’s ability to repair injured cells and increasing blood flow. read more.
Florence, a recruitment marketplace connecting home care providers with qualified professionals to fill temporary shifts, raised £5M in Series A funding. The company intends to use the funds to widen its nurse and carer user base, and invest in the development of digital tools to improve the platform experience, and native apps including mandatory training and revalidation features. SEEK lead the round with participation from existing backers Waverly Capital, Rianta Capital and a network of angel investors. read more.
Cryotherapy systems developer CryoTherapeutics raised €7M Series B round. Participants in the financing were the Belgian public investor Noshaq (formerly Meusinvest), the Walloon region, as well as existing investors Peppermint Venture Partners, Creathor Ventures and Getz Brothers. The financing includes equity and debt, as well as non-dilutive cash advances granted by the Walloon region (DG06). CryoTherapeutics will use the funds to support its clinical trials programme and to establish operations at its new facility in Awans, Belgium. read more.
Digital health companies Phreesia and Livongo Health have filed a registration statement on Form S-1 with the SEC relating to a proposed IPO of shares of their common stocks.
The number of shares to be offered by either of the two companies and the price range for the proposed offerings have not yet been determined. Phreesia intends to list its common stock on the New York Stock Exchange under the ticker symbol “PHR,” while Livongo has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol “LVGO.”
Phreesia’s SaaS platform aims to engage patients in their care and provides a modern, consistent experience, while enabling healthcare organizations to optimize their staffing, boost profitability and enhance clinical care. On the other hand, Livongo’s platform empowers people with chronic conditions to live better and healthier lives, beginning with diabetes and now including hypertension, weight management, diabetes prevention, and behavioral health.