Last Week in Digital Health Funding: Nov 11 – Nov 17
The following companies raised funds during the past 7 days: Adherium, Eight Sleep, Whoop, Elektra Labs, HealthCare.com, MindBeacon, Access Physicians, BeYouPlus, VIS, Nala, Apervita, Diagnostic Robotics, and Risalto Health.
Adherium announced $1.1M second round secured notes financing. The company develops, manufactures and supplies a broad range of connected medical devices for respiratory medications for patients, pharmaceutical companies, healthcare providers and contract research organizations. Adherium’s Hailie solution is designed to help patients achieve better adherence and provide visibility to parents and caregivers. It does this by tracking medication use and reminding the user with helpful nudges when it’s time to take doses, and by providing access to usage history to better understand patterns in their asthma and COPD. The funds were provided by Trudell Medical Limited, a Canadian investor associated with specialist respiratory device and technology company, Trudell Medical International. They will be used for working capital purposes. • read more.
Smart bed maker Eight Sleep raised $40M. Launched in 2015, Eight Sleep is pioneering sleep performance within the health and wellness industry by harnessing data to deliver innovative products that solve sleep’s biggest problems. Its latest innovation, the Pod, is a high-tech bed that combines dynamic temperature regulation, biometric tracking, smart home integrations and sleep coaching to deliver a total solution for enhanced rest and recovery. The Pod has been adopted by professional and high-performance athletes alike as well as business leaders, technology titans, and venture capitalists. The company will use the funds to focus on growth by doubling the team, expanding its retail footprint, and reinforcing investment in R&D. Founders Fund led the round with participation from Craft Ventures, Khosla Ventures, Y Combinator, 8VC, Flexport’s Ryan Petersen and Eventbrite’s Kevin Hartz. • read more.
Whoop raised $55M Series to improve athletic performance with wearables and analytics. Boston-based Whoop offers a wearable (called a “strap”) designed to help athletes track their performance. It also helps teams or individuals drill down into their numbers and unlock meaningful insights they can take action on. The company aims to use the new funds to further develop its product and membership offering for the consumer market. Foundry Group led the funding round with participation from Two Sigma Ventures, Accomplice, Thursday Ventures, Promus Ventures, Silicon Valley Bank, and a hots of notable angel investors, including Netflix cofounder and former CEO Marc Randolf. • read more.
Elektra Labs raised $2.9M Seed to improve deployment of wearables. The company is building a platform to review and dispense connected technologies remotely. It will use the funds to improve infrastructure for the efficient and responsible deployment of wearables and connected biosensors. In addition to the new funding, Elektra is launching a new product called Atlas, which catalogs connected biometric monitoring technologies that can be used in clinical trials and routine clinical care. The Atlas platform simplifies the evaluation and deployment of connected tools that collect behavioral or physiological measurements. The financing was led by Maverick Ventures, with participation from Arkitekt Ventures, Boost VC, Founder Collective, Lux Capital, SV Angel, Village Global and sixteen angels, including founders and CEOs from companies like PillPack, Flatiron Health, National Vision, Shippo, Revel, Verge Genomics and several others. • read more.
Online health insurance company HealthCare.com raised $18M Series B. Founded in 2014, HealthCare.com is an online health insurance company providing a data-driven shopping platform that helps American consumers enroll in individual health insurance and Medicare plans. The company also develops and markets a portfolio of proprietary, direct-to-consumer health insurance and supplemental insurance products under the name Pivot Health. The financing will be used to grow HealthCare.com as the nation’s preeminent source helping consumers compare and enroll in health insurance and Medicare plans. The round was led by the New York-based private equity firm, Second Alpha Partners, with participation from AXIS Capital and CNO Financial Group. • read more.
Mental health platform MindBeacon raised $18M Series A follow-on investment. MindBeacon Group will focus on a planned expansion into new markets both within and outside Canada. The company will also finalize development of a licensed SaaS version of the therapy platform, for health organizations seeking to extend capacity of clinicians providing therapy while achieving effective outcomes. Since initial release of BEACON in 2017, MindBeacon Group has worked with a growing number of Canadian employers, insurers, and public sector health organizations to provide effective solutions for people struggling with mental health issues. The round was led by Green Shield Canada, with participation from Manulife, TELUS Ventures, and leading Canadian family offices. • read more.
Acute subspecialty telemedicine provider Access Physicians raised $9.3M Series A. Access Physicians is a multispecialty physician group that combines clinical workflows, peer-referenced specialists, and a world-class telemedicine experience supported with a clinical sense of urgency. Current clients include Fortune 500 healthcare enterprises, independent rural and community hospitals, regional hospital networks, and the nation’s first and largest operator of micro-hospitals. The company will use the funds to accelerate multispecialty telemedicine deployments nationwide, building on its leadership position and the transformative clinical and financial outcomes it has achieved at 153 hospitals in 18 states. The round was led by Health Enterprise Partners (HEP), a healthcare private equity firm whose investors include some of the largest health systems and health plans in the United States. • read more.
Delhi, India-based healthcare platform BeYouPlus raised $3.2M Series A. Previously known as MyDermacy, BeYouPlus offers dermatological and aesthetic services with a network of co-branded and managed procedure rooms at neighborhood specialty clinics. It has developed a model to offer capable specialist doctors to add procedural capability to their existing OPD practice. The startup will use the freshly raised funds to strengthen its technology stack and expand its services across geographies. The round was led by IvyCap Ventures with participation from Madison Capital and Singapore Angel Network, among others. • read more.
Rome, Italy-based provider healthcare platform VIS (Valore in Sanità) raised €1M. VIS (Valore in Sanità) provides two product lines: a guided prevention check-up and; a card to get access to services that can be acquired from the site. Also, it offers a platform that enables efficiency in booking, management, delivery, and reporting to clients. The solution has already acquired clients in the sector including health funds, pension funds and local authorities. The company intends to use the funds to enhance tech investments and its partnership network. Backers included Barcamper Ventures and parallel fund Barcamper Ventures Lazio. • read more.
Riyadh, Saudi Arabia-based Nala raised $1M in its first financing round. Nala is developing a virtual assistant that empowers anyone to take care of their health, providing users with an accurate medical diagnosis within seconds. So far, the platform has been used by more than 50,000 people. With the funding, Nala will continue to grow its user base, further strengthening its position as the region’s top digital health service. The funds were provided by AlAraby Investment, a Dubai-based investment group that invests in high-growth companies. • read more.
Collaboration platform for value-based healthcare Apervita raised $22M. Apervita empowers payers and providers and other stakeholders to more efficiently and effectively measure clinical and financial performance, improve clinical quality and administer value-based contracts. By providing an independent, secure, trusted platform to perform shared analyses, the company allows stakeholders to gain mutual, continuous clinical and financial insights and integrate those insights in various systems and workflows simultaneously and at scale. Apervita will use the funds to further accelerate its growth. Said funds were provided by Optum Ventures, Pritzker Group Venture Capital, Baird Capital, Math Ventures, Levy Family Partners, Illinois Venture and Wintrust. • read more.
Emergency room startup Diagnostic Robotics raised a $24M Series A. The Jerusalem-based company develops robots that use AI to assess the urgency of each case before the people in line can be seen by a doctor. Diagnostic Robotics’ system is currently deployed in clinics throughout the country and at the Rambam Healthcare Campus in Haifa and Soroka University Medical Center in Israel’s southern city Be’er Sheva. The round was led by Israel-based medtech investment firm Accelmed Ventures and Tel Aviv-listed investment firm Mivtach Shamir Holdings with participation from Maverick Ventures Israel, Alpha Capital, and additional private investors. • read more.
Risalto Health raised $7M to improve patient outcomes in musculoskeletal care. The company has developed a platform that connects patients, employers, and providers to the highest quality care through its proprietary algorithms, and it delivers personalized, alternative solutions for patients entering the musculoskeletal care journey. Risalto has shown to improve pain scores up to 50% in participating members and has a 95% success rate in influencing members’ choice in care. It will use the financing, provided by New York-based Health Catalyst Capital Management (HCCM), to scale its program nationwide and drive platform enhancements. • 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.