Last Week in Digital Health Funding: Sep 23 – Sep 29
The following companies raised funds during the past 7 days: igentify, Dental Intelligence, Embr Labs, Voro, Maple, TNH Health, NexHealth, Kheiron, Eko Devices, YUR, CMR Surgical, Riverain Technologies, Digi-Prex, Elma, VideaHealth, and Mednition.
Digital genetic testing startup Igentify raised $10.5M. Founded in 2016, the Haifa, Israel-based company develops a digital genetic testing analyzer for various genotyping technologies like microarray and next-generation sequencing (NGS), and offers machine-generated personalized genetic counseling. Its technology is currently being used at several medical facilities, including Israeli hospitals Sheba Medical Center and Kaplan Medical Center and New York-based nonprofit integrated healthcare network Northwell Health. Igentify intends to use the funding to continue product development, for further commercial expansion, and to hire an additional 10 developers for its Haifa office. The round was led jointly by life sciences venture capital firm aMoon, owned by Marius Nacht, and equity crowdfunding company OurCrowd Management through its digital health investment fund OurCrowd Qure. • read more.
Dental practices software maker Dental Intelligence raised $34M Series A. Launched in 2015, Dental Intelligence has developed a leading analytics and workflow automation platform for dental practices. Said platform has been adopted by over 5,000 dental practices across the U.S., which have seen an average increase in topline production of over 50% after the first 12 months of usage. The company will use the funds &dash provided by K1 Investment Management ‐ to acquire LocalMed, grow the team, expand group and enterprise partnerships, and accelerate new product development. • read more.
Thermal wellness technology company Embr Labs raised $6M Series B. Founded by three engineers in a cold lab at MIT, Embr Labs started with a basic insight: temperature impacts the way we feel and if temperature can be personalized and delivered in new formats, then it unlocks the therapeutic power. Its Wave bracelet harnesses the power of thermal sensations to deliver safe, non-invasive, and natural therapies that leverage the body and mind’s natural response to temperature to promote relief from hot flashes, manage stress, and enhance sleep. The company will use the funds to grow its footprint in wellness and digital therapeutics, accelerate development for the next generation of its core technology platform, and validate new use cases in thermal wellness. The round was led by DigiTx Partners, with participation from Safar Partners, Joyance Partners, Bose Ventures, and PBJ Capital. • read more.
Healthcare social network Voro raised $2.5M in Seed funding. The New York-based company has developed a healthcare social network where people share doctor recommendations with their friends and neighbors. It will use the funds to expand the service. The financing was led by FLOODGATE with participation from James Beshara, Founder and CEO of Tilt; Jenny Fielding, Managing Director of Techstars; Nat Turner, Co-Founder and CEO of Flatiron Health; Zach Weinberg, Co-Founder and President of Flatiron Health; Vivek Garipalli, Founder and CEO of Clover Health; Thomas Lehrman, Co-Founder of Gerson Lehrman Group (GLG) and Teamworthy Ventures; Kevin Taweel, Founder and CEO of Asurion; Gerald Risk, Vice Chairman of Asurion; Matt Scott, Managing Partner of AVG Basecamp Fund; Greg Arrese, Founder of Ride Ventures; Robin Shah, Founding Member of OneOncology; and others. • read more.
Canada-based Maple raised CA$14.5M for its telemedicine platform. The company has developed a technology platform that allows patients to connect directly with doctors for medical care in minutes from their smartphone or computer 24/7, and also provides custom technology solutions for hospitals and clinics seeking to advance their delivery of care. Maple will use the funds to expand its hospital and home care arms, as well as to strengthen its substantial user-facing platform, which provides online access to primary care and specialties like dermatology, psychotherapy, and lactation consulting. The round was led by growth VC investor Acton Capital from Munich and supported by Canada’s leading diversified home health institution – SE Health. • read more.
Brazilian chatbot startup TNH Health raised $2M Series A. The company is developing an artificial intelligence-enabled chatbot, dubbed Vitalk, will communicate with users about their health concerns via Facebook Messenger, Whatsapp, web channels, SMS, Android and iOS. Currently, TNH Health is focusing on mental health conditions such as anxiety, stress and depression. The tool was created by a team of clinicians including psychologists, nurses, doctors, data scientists and designers, but it isn’t meant to replace therapy. The company will use the funds ‐ provided by Valor Capital Group and individual health entrepreneurs ‐ to promote the chatbot, expand its offering to include chronic illnesses and pregnancy, and enter the US market. • read more.
Patient experience management platform NexHealth raised $4.2M. Launched in 2017, the company’s Patient Experience Management Platform is designed to help doctors modernize the patient experience. Since then, NexHealth has signed on thousands of doctors and today supports over 4 million patients every month. With this new round of funding, it is opening an office in San Francisco and plans to invest even more into its 5-star rated product, continuing its fast pace product innovation. The round was led by Point Nine Capital with participation from Rubicon Venture Capital, Scott Belsky, Josh Hannah, and existing investor iSeed Ventures. • read more.
Kheiron raised $22M Series A for its machine learning-enabled breast-screening tech. Founded out of London in 2016, Kheiron offers a breast-screening product called Mia, which serves as a “second reader” to help radiologists decide whether to recall a patient for further evaluation. It is designed as a supportive tool rather than to replace medical professionals ‐ an automated second opinion, if you like. The company plans to use its fresh cash injection to help conduct large-scale clinical trials of its technology globally. The round was led by European VC firm Atomico, with participation from Greycroft, Connect Ventures, Hoxton Ventures, and Exor Seeds. • read more.
AI-powered digital health company Eko raised $20M Series B. The company has developed the first cardiac monitor to combine digital stethoscope and ECG technology both for in-clinic and at-home monitoring, which enables patients to seamlessly and consistently send cardiac data to their physicians. Its platform is used by tens of thousands of clinicians treating millions of patients at over 3,000 hospitals and providers around the world. Eko will use the funds to drive further research and development and commercialization of its machine learning platform for cardiac screening and analysis. The round was led by ARTIS Ventures, with participation from DigiTx Partners, NTT Venture Capital (NTTVC), 3M Ventures, Mayo Clinic, Seraph Group, and XTX Ventures. • read more.
VR fitness company YUR secured $1.1M in pre-Seed funding. The company has developed a virtual reality-enabled fitness platform to address the “worldwide epidemic of sedentary behavior.” The pilot program on PC VR was launched earlier this year, and YUR is now making its software available on Oculus Quest. The software is able to track calories burned, and sync data with Apple Health and Google Fit. Ultimately, the company’s goal is to become a Peloton of the future by making fitness a game. The investment round was led by The Venture Reality Fund and BoostVC. • read more.
CMR Surgical raised $240M Series C for its next-gen surgical robotic system. This raise, which is Europe’s largest private financing round in the medical technology sector to date, will be used to fund the business through the planned global commercialization of the company’s next-generation surgical robotic system Versius whilst supporting continued research and development, manufacturing and expansion. The funding has been supported by existing investors: LGT, Escala Capital Investments, Cambridge Innovation Capital, Watrium, and Zhejiang Silk Road Fund as well as new US investors with deep sector knowledge. • read more.
Provider of clinical AI software Riverain Technologies raised $15M. The company has developed software which significantly improves a clinician’s ability to accurately and efficiently detect cancer and other cell anomalies in thoracic CT and X-ray images. Riverain’s suite of patented ClearRead software tools are FDA-cleared, deployable in the clinic or in the cloud, and powered by the most advanced AI and machine learning methods available to the medical imaging market. Its products are relied upon by leading healthcare institutions, including Duke University, Mayo Clinic, University of Chicago, University of Michigan, and Veterans Affairs hospitals. China’s Ping An Insurance led the rounds through its Ping An Global Voyager Fund. • read more.
India’s digital pharmacy Digi-Prex raised $5.5M Seed round. The company aims to make medication management easier for patients with chronic diseases. It provides users with the ability to have their monthly supply of medication delivered right to their doorstep every month at no additional cost. Digi-Prex works directly with medicine distributors to secure supplies at lower costs. It then undercuts the pricing of over-the-top counters, providing medicines to its customers at discounted rates. The company will use the fresh capital to expand its business to 10 cities in India, and offer additional services to the patients. The money was provided by Khosla Ventures, Vedanta Capital, Y Combinator, Quiet Capital, SV Angel and Tinder’s founder Justin Mateen. • read more.
Spanish insurtech startup Elma closed €3M Series A. The company is building a digital-first health insurance business starting with Spain, its domestic market. Elma hopes to disrupt legacy health insurance giants by offering slicker digital tools and services, telehealth being one of them. Another service provided to customers is a doctor search engine for finding a medical professional to deal with a specific condition. The company aims to launch its first health insurance product next month. The round was led by Mangrove Capital Partners with participation from Antai Venture Builder (AVB), Arroba Capital, Joyance Capital Partners, and unnamed local investors. • read more.
VideaHealth raised a $5.4M Seed round to bring AI to dentistry. The company has developed an AI-enabled software that can detect dental diseases earlier and more reliably. As such, VideaHealth helps dentists to provide the most advanced diagnoses to their patients. Its product, VideaDetect, detects up to 25% more dental diseases than the average dentists. Already the company has collaborations with dental clinics across the U.S. through partnerships with organizations like Heartland Dental, which operates more than 950 clinics in the Midwest. It has seven employees currently and will use its cash to hire broadly and for further research and development. The round included investments from Zetta Venture Partners, Pillar, and MIT’s Delta V. • read more.
Maker of machine learning powered solutions for healthcare Mednition raised $10M Series A. Founded in 2014, Mednition is the company behind KATE, its flagship machine learning clinical decision support solution now in use at Adventist Health White Memorial in Los Angeles. Proceeds from the financing will be used to expand the company’s customer care team as Mednition further scales commercial deployment of KATE. The round was led by Concord Health Partners, with participation from Wildcat Capital Management, the family office of David Bonderman, co-founding partner of TPG Capital, and existing seed round investors. • 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.