Fierce Healthcare Fundraising Tracker—DispatchHealth rakes in $330M; Care.ai banks $27M for ambient intelligence

2022-11-22

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来源: FierceHealthcare

Fierce Healthcare's new fundraising tracker provides updated coverage of digital health and health tech funding rounds, including any fundraising rounds north of $10 million.

With the market under pressure, digital health funding continues to cool down as investors write smaller checks and focus on early-stage startups.

Coming out of 2021’s breakthrough year when funding reached a record level $29.2 billion, funding appears to be drying up in digital health and in venture capital more broadly in response to macroeconomic forces (inflation, interest rates, supply chain woes) as well as a shift in investor mindset from the high times of 2021, according to Rock Health, a venture fund dedicated to digital health.

In the first three quarters of 2022, several key themes have emerged: smaller checks across the board, a focus on early-stage funding and reprioritization of technology investments, Rock Health researchers wrote.

We at Fierce Healthcare are excited to launch a new, more efficient way of covering fundraises. Fierce Healthcare's new fundraising tracker provides updated coverage of digital health and health tech funding rounds, including any fundraising rounds north of $10 million.

We'll still profile exciting new companies and larger rounds that catch our eye in-depth. Our starting point for the tracker is Oct. 1, 2022.

November

Nov. 21—PayZen

Amount: $200 million credit facility and $20 million equity raise

Investors: 7wireVentures and Viola Credit

Fintech startup PayZen, which offers buy now, pay later services to the healthcare industry, raised a $220 million growth round. The funding round was led by 7wireVentures and brings the company’s total equity raised to $40 million. The payments company also received $200 million in a warehouse credit facility from Viola Credit to support continued market expansion.

With the fresh funds, PayZen plans to expand its credit lines and scale its operations and product development.

Current investors SignalFire, Link Ventures and Picus Capital also participated in the funding round.

Since PayZen’s last round in November 2021, the fintech company has doubled its revenue every month and expects its growth trajectory to continue due to expanding market need, the company said. Release

Nov. 21—Care.ai

Amount: $27 million

Investor: Crescent Cove Advisors

Care.ai developed an AI-powered ambient facility monitoring technology for hospitals and banked $27 million to boost growth and scale deployments of what it calls a "smart care facility platform."

Led by founder and CEO Chakri Toleti, care.ai provides a platform comprised of a network of sensors that monitors patients using AI and allows a facility to collect real-time behavior data for clinical and operational insights.

Powered by AI-enabled edge sensors, care.ai's platform surfaces real-time inferences and insights to alert and report on activities that help healthcare organizations improve quality, safety, and compliance while optimizing the clinical workforce. The company has deployed its technology to more than 1,500 facilities across the U.S., including hospitals, skilled nursing facilities and assisted living facilities. Release

Nov. 17—Resilience Lab

Series: A

Amount: $15 million

Investors: Morningside and Viewside Capital Partners

Mental health tech company Resilience Lab banked $15 million to build out its platform. The company allows mental health care clinicians to collaborate and provides a matching care delivery platform for clinicians and patients.

More than 200 therapists work today at Resilience Lab, serving New York, New Jersey, Pennsylvania, Connecticut and Massachusetts, and have delivered more than 120,000 therapy sessions since the creation of the company. Release

Nov. 15—DispatchHealth

Amount: $330 million

Investors: Optum Ventures led the equity raise with support from Humana, Oak HC/FT, Echo Health Ventures, Questa Capital, Adams Street Partners, the Olayan Group, Silicon Valley Bank, Pegasus Tech Ventures and Blue Shield of California. Silicon Valley Bank and K2 HealthVentures led the debt raise.

Home healthcare company DispatchHealth nabbed a hefty $330 million in funding, Home Health Care News reported. Overall, that brings its funding total to well over $700 million since it was founded in 2013.

The funds will be used to continue building the company's proprietary platform, called the Last Mile Health Care Technology Platform, aimed to help with care delivery via logistics, clinical support and coordination with other parties in its ecosystem.

The Denver-based company's in-home, high-acuity care model has developed rapidly over the past few years. Once focused on in-home urgent care, DispatchHealth's services are now available to more than 75% of Medicare Advantage members across the country.

Nov. 14—Maven Clinic

Series: E

Amount: $90 million

Investors: General Catalyst, CVS Health Ventures, La Famiglia and Intermountain Ventures, Sequoia, Oak HC/FT, Icon Ventures, Dragoneer Investment Group and Lux Capital

Maven Clinic, a virtual care provider for women and families, reeled in $90 million with plans to expand its global service offerings and family building. The company also is targeting an expansion into Medicaid and to build out its menopause health offerings, Neel Shah, M.D., chief medical officer at Maven Clinic, told Fierce Healthcare.

Maven also will use the fresh cash to continue to invest in personalization across its platform.

Nov. 14—Validic

Amount: $12 million

Investors: Kaiser Permanente Ventures, Green Park & Golf Ventures, Ziegler, Arkin Digital Health, Greycroft Partners, SJF Ventures and Gore Range Capital

Validic, a digital health company focused on remote patient monitoring, raised new funding to further invest in its platform, which integrates digital health with clinical data in electronic heath records systems to manage chronic conditions and care for patients remotely.

The company works with healthcare providers, health plans and health IT companies, such as Mass General Brigham, Cleveland Clinic, Mayo Clinic and CVS Health, to provide personalized chronic condition management, remote care and support for healthy living, the company said. Release

Nov. 14—Nymbl Science

Series: B

Amount: $12 million

Investors: Cobalt Ventures, Outcomes Collective Growth Capital and 450 Ventures

Nymbl Science, a digital at-home fall prevention program for older adults, nabbed $12 million to expand operations and support of its balance improvement system. Release

Nov. 10—Elemental Machines

Series: B

Amount: $41 million

Investors: Sageview Capital, Omega Venture Partners, Gutbrain Ventures and Digitalis Ventures

Elemental Machines secured $41 million for its lab management software. The company plans to use the additional capital to leverage its connected operations platform and broadly support related fields such as manufacturing, materials science, food tech, ag tech, and other data-focused industries.

To date, Elemental Machines has supported over 500 life sciences customers and plans to use the new funds to fuel commercial growth in research, clinical, and quality control laboratory operations (LabOps), servicing a growing $60 billion market. Release

Nov. 9—Fathom

Series: B

Amount: $46 million

Investors: Alkeon Capital, Lightspeed Venture Partners, Cedars-Sinai, Vituity’s Inflect Health, ApolloMD, Founders Fund and Tarsadia

Automated medical coding startup Fathom scored $46 million in fresh funding to continue to scale its engineering team. The company built an AI solution that fuses the best of deep learning and natural language processing to automate medical coding.

Inflation and severe staffing shortages are driving up costs at a time when revenues are declining, which is driving demand for automation technology.

The series B round brings Fathom’s total funding to $61 million. Release

Nov. 2—Intus Care

Series: A

Amount: $14 million

Investor: Deerfield Management

Intus Care, a predictive analytics platform designed to improve care outcomes among geriatric patients, closed a series A, securing over $14.1 million. Founded in 2019 by Brown University undergraduate students, Intus Care’s mission is to empower geriatric care providers through data to deliver more effective patient management and treatment for dual-eligible seniors. Intus Care currently works with over 25 PACE Programs (Program for All-Inclusive Care for the Elderly) in 13 states who are utilizing its predictive analytics platform. The funds will be used to advance and scale its software platform for geriatric care.

Nov. 2—Carta Healthcare

Series: B

Amount: $20 million

Investors: Paramark Ventures, Frist Cressey Ventures, American College of Cardiology, Asset Management Ventures, CU Healthcare Innovation Fund, Mass General Brigham, Maverick Ventures Investment Fund and Storm Ventures

Carta Healthcare will use the latest funding round to scale its AI-based clinical data management solution. The startup currently serves 20 of the leading health systems in the United States, including Stanford University Medical Center, Common Spirit, UCSF and Mass General Brigham. Release

Nov. 1—Joylux

Series: A

Amount: $13 million

Investors: J-Ventures, J-Impact and Dr. Kathy Fields

Menopausal health services and devices company Joylux closed on $5.5 million in new commitments, bringing their total series A round to $13 million. Joylux will use the news funds to hire key individuals and accelerate the growth of their app-enabled vFit and vSculpt devices and accessory products, FemtechInsider reported.

Nov. 1—Yes Hearing

Series: A

Amount: $10 million

Investors: Blue Heron Capital with participation from Primetime Partners, Ensemble Innovation Ventures, Maccabee Ventures & Gaingels.

Virtual-first audiology and hearing care provider Yes Hearing plans to use the funding to advance the growth and scale of its direct-to-consumer operations and accelerate the development of its proprietary home care technology platform. The startup, founded in 2019, says its the largest national provider of in-home hearing healthcare, operating in 50 states with a network of over 500 mobile audiologists and hearing care specialists. The company's service combines audiologist-led telehealth with hands-on professional hearing care at home to increase the adoption, usage, and ongoing care for individuals with hearing loss. Release

Nov. 1—MedCrypt

Series: B

Amount: $25 million

Investors: Intuitive Ventures, Johnson & Johnson Innovation – JJDC, Inc. (JJDC), and participation by institutional investors Section 32, Eniac Ventures, Anzu Partners, and Dolby Family Ventures

MedCrypt is a cybersecurity solution provider for medical devices and has raised $34.4 million to date, according to Crunchbase. The company says it currently provides enhanced security features and services for seven of the top 10 medical device manufacturers as well as startups and mid-sized companies. MedCrypt will use the fresh funds to scale their cryptography, behavior monitoring, and vulnerability inventory products across various types of medical devices, from small devices like glucose monitors to hospital-based surgical robots. The funds will also be used to expand MedCrypt's engineering team to support the market's exponential increase in demand for medical device cybersecurity products and services. Release

Nov. 1—ConnectRN

Amount: $65 million

Investor: Bridge Bank

ConnectRN, the Waltham-based startup that connects nurses and aides with flexible work opportunities, received a $65 million loan package from Bridge Bank. The loan provides the company with working capital and growth capital to support the company’s rapid growth. In the past year, connectRN’s revenue has grown by 250%. The company plans to expand to 40 states by the end of the year. The loan package comes less than a year after the company raised $76 million in funding. ConnectRN has raised $160.5 million to date, according to Crunchbase. Release

Nov. 1—Galen Robotics

Series: A

Amount: $15 million

Investor: Ambix Healthcare Partners

A Digital-Surgery-as-a-Service company, Galen Robotics developed a robot to assist in soft tissue surgeries. Galen plans to level the surgical playing field by erasing large capital expenditures associated with today's surgical robots. Galen Robotics aims to be the first surgical robotics company to launch as "as-a-service" using the per-usage disposable model. The Series A helped complete the final robot prototype, and submission to FDA. Funds will also be used to develop a clinical sales team, expand engineering, grow product development, and develop surgeon training programs. Release

October

Oct. 31—HealthJoy

Series: D

Amount: $60 million

Investors: Valspring Capital, Endeavour Vision, CIBC Innovation Banking, US Venture Partners, GoHealth co-founders Brandon Cruz and Clint Jones, Health Velocity Capital, Nueterra Capital and Epic

The startup aims to make health benefits easier to navigate for employees and plans to use the fresh capital to accelerate growth. HealthJoy designed its app to function as a single front door to employee benefits and care. Launched in 2014, the company has raised $108 million to date. Fierce Healthcare

Oct. 31—Valera Health

Amount: $44.5 million

Investors: Heritage Group, a healthcare-focused private equity firm, with participation from Cigna Ventures, Horizon Healthcare Services and existing investors, which include Windham Ventures, AXA Venture Partners, Aquiline Technology Partners, Trinnovate Ventures (BCBS AZ), Figure Eight Investments, Watershed VC and Alsora Capital

Valera Health, a virtual mental health provider serving high acuity patients, closed a $44.5M growth equity raise. The company delivers care to patients through a team-based model that includes licensed therapists, nurse practitioners, case managers, and psychiatrists. Valera partners with health plans and provider groups that cover over 50 million lives across several states. Release

Oct. 28—Navina

Series: B

Amount: $22 million

Investors: ALIVE Israel HealthTech Fund, Grove Ventures, Vertex Ventures Israel and Schusterman Family Investments

Navina, the maker of an AI assistant for physicians, has raised $44 million to date and will be use the fresh funding to advance its algorithms, expand integration of more emerging data sources and scale among physician groups and the enterprise market. Fierce Healthcare

Oct. 28—Floreo

Series: A

Amount: $10 million

Investors: Tenfore Holdings, Felton Group, the Autism Impact Fund and the Disability Opportunity Fund

Launched in 2016, Floreo develops clinically designed VR lessons that help teach life skills aimed at children with autism and other neurodevelopmental disorders. Its mission, led by founder and CEO Vijay Ravindran, is to help every child reach their full potential; hence the name Floreo, which comes from the Latin root for the word "flourish." Floreo has been deployed by more than 100 providers nationwide and was used in 17,000 therapy lessons last year. It currently has Medicaid approval in five states. Fierce Healthcare

Oct. 27—Hazel Health

Series: C1

Amount: $51.5 million

Investors: Tao Capital Partners, Owl Ventures, Firework Ventures, Carrie Walton Penner through Fiore Ventures and Hermann Memorial. A strategic investment with Children’s Memorial Hermann included a partnership between the telehealth company and the Houston health system’s pediatric network.

Hazel Health, a K-12 school-based telehealth provider, plans to use the fresh funding to continue its mission of bringing digital health support to all K-12 schools regardless of family income or background. The provider of digital pediatric mental health and physical health said it will use the funds to expand its national reach, workforce and investment in its technology stack. Fierce Healthcare

Oct. 27—Midi Health

Series: Seed

Amount: $14 million

Investors: Felicis, SemperVirens, Emerson Collective, Icon Ventures, Operator Collective, Muse Capital, Steel Sky Ventures and Anne and Susan Wojcicki

Midi Health developed a virtual care clinic for women focused on menopause. Currently providing insurance covered care for patients in California, Midi will leverage the new capital to expand operations nationwide and launch partnerships with some of the largest hospital systems in the country, as well as major U.S. employers. Midi offers evidence-based interventions ranging from lifestyle coaching and supplements to prescription medications, all covered by major insurance providers, including Aetna, Anthem Blue Cross, Blue Shield, Cigna, Health Net and UnitedHealthcare. Release

Oct. 26—RightMove

Series: A

Amount: $21 million

Investors: Flare Capital and the Hospital for Special Surgery

Hospital for Special Surgery launched RightMove Powered by HSS, a for-profit company independent of the nonprofit hospital. HSS believes that its creation and collaboration with RightMove will help address the $380 billion national musculoskeletal health burden while also offering a new model for telehealth. The telehealth platform expects to launch in the late second quarter of 2023 with partners or regional focuses yet to be determined. Fierce Healthcare

Oct. 24—Robin Healthcare

Amount: $17 million

Investor: Horizon Technology Finance Corporation

The Berkeley, California-based orthopedic healthcare management platform provider received a $17 million venture loan facility from Horizon Technology Finance Corporation. Robin's proprietary device, the Robin Assistant, silently observes physician-patient visits while remote scribes—powered by AI and trained by over 1 million patient visits—extracts data, identifies conditions, then builds and uploads clinical notes with medical codes, all directly to the electronic health record. The company will use the loan proceeds for general corporate and working capital purposes. Release

Oct. 24—Electronic Caregiver

Series: D

Amount: $42.5 million

Investors:

Digital health technology and services company Electronic Caregiver (ECG) announced the close of its latest funding round to that raised $30 million, plus a warrant exercise, to lock in a total of $42.5 million. The company anticipates their next round of funding will have a pre-valuation of $560 million, raising an additional $100 million. The new funds will dramatically grow ECG's revenues and customer base leading to an expected IPO within 24 months. To date, the company has raised $110 million in equity and $10 million in debt, totaling $120 million. Release