Last Week in Digital Health Funding: Nov 18 – Nov 24
The following companies raised funds during the past 7 days: Winterlight Labs, X-37, Mojo, TeiaCare, Wellframe, Peerbridge Health, Lucence, Truvian Sciences, Sera Prognostics, XACT Robotics, Enlitic, Healthians, Visionable, GenapSys, Combinostics, Give InKind, and Presidium Health.
AI-enabled cognitive health company Winterlight Labs raised CA$5.6M Series A. Toronto-based Winterlight Labs is developing a proprietary Artificial Intelligence (AI) technology that melds computational linguistics, cognitive neuroscience, and machine learning to help healthcare professionals assess and analyze patients’ cognitive health — including memory, thinking and reasoning — from vocal markers captured in short snippets of speech on a tablet computer. Using a one-minute sample of a patient’s natural speech, Winterlight’s novel approach can quickly and accurately detect various cognitive and mental disorders, such as dementia and aphasia amongst others, and then monitor the efficacy of treatments. The company will be using the proceeds of this financing to extend its technology to additional indications, such as schizophrenia and multiple sclerosis, as well as additional languages. The round was led by Hikma Ventures with participation from First Star Ventures, Pacific Health Ventures, existing investor Grey Sky Venture Partners and other investors. • read more.
AI-enabled drug discovery company X-37 raised $14.5M Series A. The funding will be used to expand the number of drug development programs at X-37 and to advance identified drug leads through laboratory and preclinical testing, with the goal of beginning human clinical trials by 2022. X-37’s development programs encompass novel therapeutics modulating important drug targets to address unmet clinical needs, including ZAP-70 for autoimmune disease, PIM3 and SHP2 for cancer, and Factor XIIa for anticoagulation. DCVC Bio led the round and was joined by Alpha Intelligence Capital and Hemi Ventures. • read more.
Fertility tech startup Mojo raised €1.7M Seed round. The company is on a mission to make access to fertility treatment more affordable and accessible by using AI and robotics technology to assist in sperm and egg quality analysis, selection and fertilization to reduce costs for clinics. This is the only way the price will fall for couples, according to Mojo. Nordic seed fund Inventure led the round with participation from Doberman and Privilege Ventures, as well as a number of angel investors including Josefin Landgard (founder and ex-CEO of Kry) and Hampus Jakobsson (partner at BlueYard, BA in Clue & Kind.app). • read more.
Milan, Italy-based TeiaCare raised €1.1M for its monitoring technology. The company will use the funds to accelerate the development of its digital monitoring technology, Ancelia, which uses artificial intelligence and computer vision algorithms to assist nurses in the care of elderly patients. Ancelia is currently available in Italy, and TeiaCare is in the process of launching the technology across many other European regions including Spain, France and the UK. The funds were secured with the help of the EIT Health Investor Network. • read more.
Digital health management solutions provider Wellframe raised $20M Series C. The funding will support company growth, including hiring in its Boston office, and accelerate its leadership in the Digital Health Management market. Health plans across the country use Wellframe’s Digital Health Management solutions to improve member experience and outcomes, while differentiating themselves in a competitive market. In the last year alone, Wellframe has more than doubled its health plan client base, and now supports clients across commercial, Medicaid, Medicare and exchange lines of business. The round was led by BlueCross BlueShield Venture Partners (BCBSVP), with participation from existing investors Threshold Ventures and F-Prime Capital, as well as several Wellframe clients. • read more.
Peerbridge Health raised $11M for its ECG ambulatory sensor patch. The company’s flagship product, Peerbridge Cor, a multi-channel wireless ECG patch that is adhered to the chest. It enables doctors to triangulate the heart’s activity and deliver the multiple views of the heart needed to give doctors confidence in the data they’re using to make a diagnosis. Peerbridge will use the funds to fuel growth by scaling sales, operations and partnerships. The round included participation from New York’s largest hospital system, Northwell Health, Ascent Biomedical Ventures, Olipan Investments, Kinled Holding, and the company’s founder Dr. Angelo Acquista. • read more.
Singapore-based liquid-biopsy company Lucence raised $20M Series A. The funding will enable the company to provide its liquid biopsy technology to more patients across Asia and North America for personalized treatment selection. Lucence will also embark on new prospective clinical studies to evaluate its technology for the early detection of multiple cancers. The round was led by IHH Healthcare, one of the world’s largest integrated private healthcare groups. SGInnovate, together with existing investors Temasek Holdings subsidiary Heliconia Capital, Lim Kaling, Koh Boon Hwee and others, also participated in the round. • read more.
Truvian Sciences raised $27.1M Series B to develop an automated benchtop blood testing system. The funds will be used to accelerate the development of Truvian’s FDA-cleared automated benchtop system to provide lab accurate results in 20 minutes for a full suite of health tests from a small sample of blood. Powered by patented technologies and intelligent integration, the system delivers a convenient and affordable alternative to off-site labs, providing immediate insights to inform healthcare decisions. The round was led by GreatPoint Ventures and including DNS Capital and Tao Capital Partners along with existing investor Domain Associates. • read more.
Prenatal care digital health company Sera Prognostics raised $36M Series D. Sera Prognostics is dedicated to improving the lives of women and babies through individualized prenatal care. The company will use proceeds from this round to increase commercialization of its PreTRM test and to measure real-world clinical improvements and economic savings in collaboration with top health plans and providers. PreTRM is the only clinically-validated blood test that measures and analyzes proteins in the blood that are highly predictive of preterm birth. Blue Ox Healthcare Partners led the investment round alongside two strategic healthcare companies. • read more.
Surgical robotics company XACT Robotics raised $36M. The company intends to use the proceeds to support the commercialization and continued development activities in support of the recently U.S. market cleared XACT Robotic System, which also has CE Mark. The XACT Robotic System is the first hands-free robotic system combining image-based planning and navigation with insertion and steering of various instruments to a desired target across an array of clinical applications and indications. The round included leading investors in the surgical robotics space, such as Chasing Value Asset Management who previously held positions in MAKO Surgical (acquired by Stryker in 2013), Mazor Robotics (acquired by Medtronic in 2018), and most recently Corindus Vascular Robotics (acquired by Siemens in 2019). They join the current shareholders of the company including Shizim Group and MEDX Ventures Group. • read more.
AI diagnostic software developer Enlitic raised $25M Series B-1. The company developed artificial intelligence (AI) software that helps doctors diagnose patient conditions more quickly and more accurately. It will use the proceeds for the next phase build-out of its comprehensive AI software platform and to further grow its global footprint with major regional partners in the healthcare industry, paving the way for market deployment in 2020. Thorney Investment Group, one of Australia’s leading investment groups, led the round with participation from Enlitic’s existing investors — including Capitol Health, Marubeni Corporation, Amplify Partners, The Jagen Group, and Regal Funds Management. • read more.
India’s Healthians raised about $12M in Series B. Healthians, which offers healthcare services at home or off-clinic, is planning to use the funds to expand its geographical presence and penetrate deeper into the cities it already operates in. In addition, it plans to enhance its technological capabilities and introduce new products for the users. The round was led by Japan-based DG Incubation and DG Daiwa Ventures, with participation from Kotak PE, Trifecta, Tokio Marine and Singapore-based fund Mistletoe. • read more.
Healthcare communication platform Visionable raised €10.5M. Founded in 2019, Visionable is a healthcare tech startup providing a single video collaboration platform that enables clinicians to deliver better patient care. It is already powering multiple innovative clinician-led schemes across the country and is used by over 100 separate NHS organisations to deliver better patient care. This includes Visionable’s collaboration with the East of England to improve stroke treatment, estimated to have saved over 3,200 lives, and work with the North West London Cancer Network to bring together time-pressed clinicians and pathologists in multi-disciplinary teams. The fresh capital will allow the company to build on this momentum and continue to have a positive impact globally on the lives of patients and clinicians. The round was led by West Hill Capital. • read more.
GenapSys raised $90M Series C to commercialize its electronic gene sequencer. This latest investment round, led by Foresite Capital, brings the company’s total funding to $166 million to date. Now available for purchase, GenapSys’ device uses first-of-its-kind technology to deliver results at a fraction of the cost of legacy technologies, while still delivering highly-accurate results. The new capital will be used to drive the commercial launch of the company’s first-generation product, grow GenapSys’ interdisciplinary team, and empower continued innovation. • read more.
Combinostics raised €3.9M to support early Alzheimer’s diagnosis. Founded in 2014 in Tampere, Finland, Combinostics’ mission is to support healthcare professionals in the diagnosis and treatment of neurodegenerative diseases with the overall goal to improve patient quality of life in later years. Its cNeuro platform combines imaging data with clinical data and provides an intuitive and holistic view of patient data that highlights important relationships early on and supports early diagnosis. The company will use the funds to scale its platform for early-stage Alzheimer’s diagnosis to the US and Asia. The round was jointly-led by Industrifonden and NordicNinja VC. • read more.
Give InKind raised $1.5M to grow social support platform. The company is operating the social platform for coordinating community support in times of need. Give InKind launched in beta September 2016, and released its full version in January 2019. The platform has grown 20% every month since. The company will use the funding to continue to grow its platform and reach, and develop strategic offerings for healthcare, churches, and other organizations. Investors in this pre-seed round included Trilogy Equity Partners, Madrona Venture Group, SeaChange Fund, Keeler Investments, FAM Fund, Grubstakes, Alliance of Angels, X Factor Ventures, as well as many of Seattle’s most influential angel investors. • read more.
San Diego-based Presidium Health raised $3.5M Series A. The company is focused on providing comprehensive healthcare to the medically complex and underserved population utilizing a home-based model of care. At the core of Presidium’s service is a best-in-class 24/7 medical triage team, backed by proprietary medical algorithms that guide both acute and chronic disease management; this provides patients access to comprehensive urgent care services at home which encompasses delivery of medications, labs, and X-rays to the home. The company will use the funds to expand its physician-based services and to further its marketing programs. This round was led by Alethea Capital Management. • 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.