Last Week in Digital Health Funding: Oct 14 – Oct 20
The following companies raised funds during the past 7 days: Mogrify, Florence, MedAdvisor, Primaa, Alodokter, Healx, Accolade, ArsenalBio, and Plexium.
Developer of life-saving cell therapies Mogrify raised $16M Series A. The company has developed a proprietary direct cellular conversion technology, which makes it possible to transform (transmogrify) any mature human cell type into any other without going through a pluripotent stem cell- or progenitor cell-state. The funding will support internal cell therapy programs, and the development and out-license of novel IP relating to cell conversions of broad therapeutic interest. Mogrify is also actively recruiting, and will increase headcount to 60 scientific, operational and commercial staff located at its state-of-the-art facility on Cambridge Science Park. The round was led by existing investor Ahren Innovation Capital (Ahren), an investment fund co-founded by leading UK scientific entrepreneurs, with participation from Parkwalk, 24Haymarket, and the University of Bristol Enterprise Fund III. • read more.
Atlanta-based clinical trials software company Florence raised $7.1M Series B. Florence advances clinical trials through software for managing document and data flow between research sites and sponsors. Florence eBinders is trusted by 5,000+ Investigators to manage eRegulatory/eSource for over 1,200 studies, Florence eTMF is the most flexible eTMF on the market with a wide range of innovative features, and Florence eHub is revolutionizing site-sponsor connectivity in a virtual site workspace for site oversight, monitoring, startup, and document exchange. The company will use the funds to broaden its product offerings, as well as expand its sales, marketing, and customer success teams. The round was led by Fulcrum Equity Partners with participation from Atrium Health and Bee Partners. • read more.
Australian medication management platform MedAdvisor raised AU$17M. The company offers an advanced software platform that helps make medication management easier by organizing all of a patient’s medication and prescription information on the patient’s smartphone, tablet or PC. MedAdvisor connects to each patient’s pharmacy to provide automatic details of the patient’s medication and prescriptions to help them take medication safely, effectively and on-time. The MedAdvisor app reminds patients when they need to see their doctor for a new script, reminds them to take each dose and reminds them when they need to refill their script. It will use the funds to speed up international expansion into the US, Southeast Asia and the UK. Also, some of the proceeds will be used for boosting domestic sales, marketing and technology development. Texas, US-based HMS Holdings led the round. • read more.
Paris-based diagnostic software maker Primaa raised €2M Seed round. Founded in September 2018, Primaa develops AI-enabled software tools that assist specialized practitioners by automating sample analysis with the goal of offering an initial diagnosis that is instantaneous, certain and precise. Primaa is being deployed in several anatomical pathology departments in France, and several million digital images have already been analyzed by the startup. With the new funds, the company plans to accelerate its development and the international marketing of its product. The money was provided by F3A (a fund managed by Bpifrance), Entrepreneurs Investis, 50 Partners, Angels Santé and business angels. • read more.
Indonesia’s healthcare startup Alodokter raised $33M Series C. The company offers a host of healthcare-related services including telemedicine, doctor booking, medical content and health insurance services. Alodokter claims to work with a network of 20,000 doctors and 1,000 hospitals and clinics to serve over 20 million users monthly. It generates revenue from advertising on its website and takes a cut of doctor booking and telemedicine revenues. The startup plans to use the fresh funding to grow its network of partner hospitals and boost its relatively new offering of health insurance services. The round was led by Sequis Life, with participation from Philips, Heritas Capital, Hera Capital and Dayli Partners as well as return backers SoftBank Ventures Asia and Golden Gate Ventures. • read more.
Healx raised $56M Series B, launched global accelerator programme for rare diseases. Where the traditional drug discovery model takes more than a decade and can run into the billions of dollars, Healx’s AI-driven approach makes the process faster, more efficient and more cost-effective. With the launch of the Rare Treatment Accelerator, Healx and partnering patient groups will be able to scale the impact of this approach by leveraging the power of AI and combining their knowledge, information and expertise so that, together, they can discover new treatments and move them towards the clinic within 24 months. The funds will be used to build a clinical-stage portfolio for rare diseases, including treatments for fragile X syndrome, the leading genetic cause of autism. The round was led by one of Europe’s largest VC firms Atomico and joined by Intel Capital, Global Brain and btov Partners, as well as all previous investors — including Balderton Capital, Amadeus Capital Partners, and Jonathan Milner. • read more.
Provider of personalized health and benefits solutions Accolade secured $20M from Humana. The two companies also expanded their existing partnership, announced in March 2019. The investment comes as Humana affirms its commitment to advance member engagement within its offerings for commercial employer groups, leveraging Accolade to strengthen its consumer-optimized health platform. Specifically, the strategic investment will allow the two organizations to tailor the Humana with Accolade solution for a broader base of fully-insured and ASO prospects and clients. The investment will enable robust integrations and seamless engagement options that make it easy for new members to access convenient and affordable care. Humana and Accolade will also significantly expand geographies in 2020 and beyond, while building out the teams needed to support product and market expansion. • read more.
ArsenalBio launches with $85M Series A to discover and develop immune cell therapies. The company aims to build a programmable cell therapy company to create highly effective and accessible immune cell therapies. It will integrate technologies such as CRISPR-based genome engineering, scaled and high throughput target identification, synthetic biology, and machine learning to advance a new paradigm to discover and develop immune cell therapies, initially for cancer. ArsenalBio’s foundation stems from the contributions of scientific leaders from a consortium of academic medical and research institutions. Investors include Westlake Village BioPartners, the Parker Institute for Cancer Immunotherapy (PICI), Kleiner Perkins, the University of California, San Francisco (UCSF) Foundation Investment Company, Euclidean Capital, and Osage Venture Partners. • read more.
Biotech company Plexium launches with $28M in Series A. Proceeds from the financing will be used to further advance Plexium’s DELPhe platform and build a pipeline of small molecules that modulate E3 ligases to selectively enhance and degrade protein targets. Disease-specific profiles of desired protein modulation are informed by human clinical and translational biomarker observations. By screening millions of small molecules, simultaneously, for their impact on cellular RNA and protein levels, compounds with the desired activity profiles will be selected and advanced as therapeutic candidates in oncology and neurodegenerative diseases. The financing was led by DCVC Bio and The Column Group, with participation from M Ventures, CRV, and Neotribe 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.