Last Week in Digital Health Funding: Sep 2 – Sep 8
The following companies raised funds during the past 7 days: Yunhu Health, Huimei Healthcare, Robocath, Ginger, Elevate Labs, BrightInsight, Decent, Lumary, VillageMD, Myia Health, and RocketBody.
China-based Yunhu Health raised CN¥220M (around $30M) pre-Series B. Founded in 2017, Yunhu Health has developed an internet platform for primary medical service in China, connecting more than a thousand local medical institutions. The company has three major product lines: a series of Platform-based Testing Products; a SaaS-based LIS\HIS platform which is designed for local medication institution to use; and a 3rd party cold chain logistic to support the efficient blood & drug delivery. It will use the funds to support its mission of providing an equal healthcare environment for every family in China. ZWC Ventures led the round with participation from China Creation Ventures (CCV), CASH Capital, and BioTrack Capital. • read more.
China’s Huimei Healthcare raised $30M in Series C round of funding. Founded in 2015 as a joint venture between Mayo Clinic and Hillhouse Capital, China’s Huimei Healthcare will use the funds to develop its core-product, an AI-based Clinical Decision Support System (CDSS) called Dr Mayson, as well as for further product R&D. The company is already working with over 60 hospitals in China, including Shanghai Ruijin Hospital, Jiangsu Provincial Hospital and Xuanwu Hospital of Capital Medical University to develop its AI-based applications. These include Specific Disease Quality Control Systems, venous thromboembolism (VTE) prevention and treatment systems. The round was led by Qiming Ventures and WuXi AppTech. • read more.
Robocath raised €5M to rollout its robotic platform in select European markets. The Rouen, France-based company designs, develops and commercializes robotic solutions to treat cardiovascular diseases. Its first product, R-One, uses a unique technology that optimizes the safety of robotic-assisted coronary angioplasty. This medical procedure consists of revascularizing the cardiac muscle by inserting one or more implants (stents) into the arteries that supply it with blood. The funds were provided by longstanding shareholders (GO CAPITAL, NCI, Normandie Participations, M Capital and Supernova Invest) and new funds (Caisse d’Epargne Normandie Innovation, Crédit Agricole Innove en Normandie and Unexo). Robocath previously raised €6.4M in 2017. • read more.
Behavioral health startup Ginger raised $35M Series C. Ginger utilizes proprietary AI and machine learning to deliver its members access to high-quality emotional and mental health support within seconds. Through its partnerships with leading employers such as BuzzFeed, Sephora, and Pinterest, hundreds of thousands of people have access to Ginger’s coaching, therapy and psychiatry services. The Ginger app, available on Android and iOS, provides members with instant access to live coach chat 24/7, 365 days a year. For members who need additional support, video therapy and psychiatry sessions can be easily and quickly scheduled through the app. The company will use the funds to accelerate global access to its platform through employers and health plans. The round was led by WP Global Partners with participation from City Light Capital, Nimble Ventures, LinkedIn CEO Jeff Weiner, as well as existing investors Khosla Ventures, Kaiser Permanente Ventures, and Kapor Capital. • read more.
Brain training startup Elevate Labs raised $7.1M Series B. Formerly known as MindSnacks, the company has also announced the launch of its new meditation app called Balance, claiming that it has the potential to replace a human meditation coach. The app offers a free 10-day program to the users that teach deep relaxation and meditation techniques. Elevate Labs plans to roll out more apps focused on mental wellness. Keesing Media Group led the funding round along with participation from Oakhouse Partners. The company has raised a total of $17.1 million to date. • read more.
Medical IoT startup BrightInsight raised $25M Series A. The company has developed a medical-grade Internet of Things (IoT) platform to enable regulated drugs, devices and SaMDs to ingest and analyze data and deploy regulated recommendations and insights back to patients and providers. Additionally, the BrightInsight Platform captures, transmits and analyzes data from CE-marked and FDA-regulated medical devices, combination products, apps and Software as a Medical Device, conforming with security, privacy and regulatory requirements such as HITRUST and GDPR. It will use the funds to further enhance the functionality of the platform and accelerate global commercialization efforts, as well as to integrate into the broader healthcare ecosystem, including EHRs, payers and disease management programs. The round was co-led by New Leaf Venture Partners and Eclipse Ventures. • read more.
San Francisco-based health plan provider Decent raised $8M Seed round. Unlike other health plan providers, Decent enables self-employed people to band together to provide them with an affordable healthcare option through its plans, ultimately saving 30 percent or more in monthly premiums when compared to alternative options. With this initial funding, access to these plans will be expanded into new markets with the goal of bringing viable healthcare options to one billion self-employed people in the next decade. The funding was provided from investors including Menlo Ventures and Foundation Capital. • read more.
Adelaide, Australia-based care management solution provider Lumary raised AU$2M. Led by Joseph Mercorella and Matthew English, the company provides a workflow management platform for disability and aged care providers. Lumary develops its application on the Salesforce.com lightning Platform and became a Salesforce AppExchange Partner in 2017. It intends to use the funds for the growth of its platform and further expansion into the Asia Pacific Region. Equity Venture Partners made the investment, with its director Daniel Szekely joining Lumary’s board as part of the deal. • read more.
Provider of primary care VillageMD secured $100M Series B funding round. The company works with physician groups, independent practice associations, and health systems to improve quality, deliver a first-rate patient experience, and lower costs in the communities they serve. Its solution provides the tools, technology, operations, and staffing support needed for physicians to drive the highest quality clinical results across a population. VillageMD will use the funding to expand its primary care footprint in existing and new markets and enhance docOS, its market-leading primary care platform. It will also grow its Village Medical brand and scale its Village Medical at Home offering. The round was led with $75M from Kinnevik AB, along with a returning investment from Oak HC/FT and new investments from Town Hall Ventures and Adams Street Partners. • read more.
Remote monitoring platform Myia Health raised $10M Series A. The deal comes on heels of the partnership between Myia Health and Mercy Virtual, a division of St. Louis-based Mercy, which is a leading provider of virtual care services, to accelerate the adoption of new patient care and at-risk reimbursement models. By integrating Myia’s platform with Mercy Virtual’s proven clinical care model, the partnership will improve patient outcomes by shifting to a more personalized and preventative care approach and by enabling new clinical workflows that allow the service to scale and benefit many more patients. Mercy Ventures led the round which also included participation from previous investors Zetta Venture Partners, BootstrapLabs and the Boston Consulting Group. • read more.
RocketBody raised $1M for its ECG fitness tech. The company has developed a software and bioscience around EKG/ECG that can translate into metabolism and other numerous body metrics, and its AI is meant to find correlations with other physiological measurements, replace laboratory tests, provide recommendations and forecasts to users. Its goal is to build an ecosystem of innovative products that will let people talk to their body, make it significantly more effective, and therefore live a longer and successful life. With this funding round, provided by Gagarin Capital and AltaIR Capital, RocketBody is able to build on its strong foundation to begin fine-tuning with an eye toward retention and monetization. • 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.