Last Week in Digital Health Funding: Sep 16 – Sep 22
The following companies raised funds during the past 7 days: Capsule, Firefly Health, meditation.live, Duobaoyu Insurance, Kaia Health, Navigating Cancer, Unnatural Products, One Drop, Robin Healthcare, and InsightRX.
Pharmacy startup Capsule raised $200M to expand beyond NYC. Founded in 2015, the Manhattan-based company — which delivers prescription drugs to local patients in two hours via an online app — said it is in the process of applying for pharmacy licenses in additional states. Capsule has 60,000 customers in New York, most on multiple medications. TCV led the round with participation from previous investors Thrive Capital and Glade Brook Capital Partners. • read more.
Firefly Health raised $10.2M Series A to expand its concierge care platform. Founded by Harvard-trained physicians, the company has built a scalable concierge care service that uses proprietary technology and a cross-functional care team to provide members with comprehensive medical care characterized by supreme convenience, proactive behavioral support and intelligent navigation. Firefly Health is primarily accessed through employers and is currently available to most commercially insured patients in Massachusetts. It plans to enter several new markets in 2020. The financing was led by F-Prime Capital and Oak HC/FT. • read more.
meditation.live raised $3M to scale its wellness platform. The company has developed a platform which provides enterprise and consumer wellness solutions that include live and interactive meditation (live coaching, music and sleep stories) and movement (yoga, walking, running and stretching) classes and panels. The proceeds ‐ raised from SoftBank Capital NY ‐ will be used to scale meditation.live across thousands of businesses and millions of consumers, including adding support for language translation, more interactive classes and more doctors, scientists, authors and teachers. • read more.
Insurance advisor Duobaoyu raised $28.3M Series B round. Founded in 2017, Duobaoyu’s core business is helping consumers pick out insurers by publishing information and offering one-to-one consulting and a way to buy policies via WeChat official accounts and China’s Twitter-like Weibo. It will use the cash to update its technology, improve the user experience and build a closed-loop business model. The round was led by Yunfeng Capital and micro-lender PPDai, with participation from Bertelsmann Asia Investments, Lightspeed China Partners and ZhenFund. • read more.
Digital therapeutics company Kaia Health raised $8M. The company has developed a smartphone-based approach for managing a range of chronic conditions, with its leading product focused on musculoskeletal disorders (MSK) such as chronic back pain. The investment will help Kaia Health address the rising costs of treating MSK-related conditions, the difficulty patients have in accessing gold-standard treatment, and the need for innovative, scalable and cost-effective technology solutions to confront this issue. The infusion of capital is led by Optum Ventures. • read more.
Navigating Cancer raised $26M Series D. The company’s end-to-end software platform, adopted by more than 1,700 cancer care providers domestically, uniquely connects providers and their patients throughout the care cycle. The funding will enable Navigating Cancer (NC) to accelerate innovation of its Patient Relationship Management (PRM) platform, including delivery of a more robust mobile experience for oncology patients and the development of NC’s AI-based population care capabilities. With NC’s platform, oncology practices are able to increase patient engagement, create a more responsive experience for cancer patients, and ultimately improve overall cancer care. The over-subscribed round was led by the Merck Global Health Innovation Fund (GHIF) and TT Capital Partners (TTCP), with participation from BrightEdge, the American Cancer Society’s newly formed philanthropic venture fund, LabCorp, ORIX Growth Capital, and Rustic Canyon Partners. • read more.
Drug discovery startup Unnatural Products raised $6M in Seed funding. The company has created an AI-enabled platform that closely marries prediction with experiment, pairing AI with chemistry to create treatments for drug targets that aren’t amenable to our current therapeutic strategies. This rapid, intelligent learning loop has allowed Unnatural Products (UNP) to solve key challenges, such as cell permeability, that have previously been the roadblock in macrocycle development. The funds will be used to grow the team, continue platform development, and push forward the company’s pipeline of oncology programs. The funding was led by ARTIS Ventures, with participation from Abstract Ventures, Asset Management Ventures, Better Ventures, Blue Bear Ventures, and Rising Tide Fund. • read more.
One Drop raised $40M Series, launched global partnership with Bayer. The company has developed an integrated platform offering an easy and effective way for people to track and manage a variety of health conditions. With AI-powered behavioral recommendations, dedicated one-on-one coaching recognized by the American Diabetes Association, and thousands of app and device integrations ‐ One Drop provides personalized health programs to drive sustainable behavior change as part of a diabetes management plan. Pharma giant Bayer provided the funds and has also entered a commercial licensing agreement to use One Drop’s platform in its global bio-digital efforts in therapeutic areas such as oncology, cardiovascular disease, and women’s health. • read more.
Maker of digital assistants for doctors Robin Healthcare raised $11.5M. Berkley, California-based Robin Healthcare is a health technology company that provides a digital assistant service that leverages human and artificial intelligence to free physicians from paperwork. The company’s HIPAA-compliant Robin Assistant device can unobtrusively catch and write high-quality, fully billable clinical notes based on audio and optional video of a physician’s natural interaction with patients. Later on, physicians simply review and sign their notes, enabling them to save time, see more patients, and enjoy higher satisfaction in their work. The company will put the new money, provided by Norwest Venture Partners, towards developing its product and building relationships with provider organizations. • read more.
Precision medication startup InsightRX closed $10M Series A. The company has developed a platform for precision medicine and clinical analytics designed to individualize treatment at the point of care. Its platform leverages patient-specific data, pharmacology models, and machine learning to understand each patient’s unique pharmacological profile to guide treatment decisions. InsightRX will put new funds towards more therapies being covered by the software, more hospitals using the platforms and more pharmaceutical companies with access to the technology. The round was led by HealthX Ventures, with other participants including Rock Health, OSF Healthcare, Leawood Venture Capital, Premier Inc., and GreatPoint 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.