Big Money, Big Bets - Innovaccer, Transcarent, Enlaza Therapeutics, Karius, and More

Four healthcare deals topped $100 M this week.

Funding

Innovaccer , a startup established nine years ago, is poised to revolutionize the healthcare industry with patient data aggregation from various health systems and care settings. The company is on the cusp of securing a substantial $250 million in funding, which could potentially catapult its valuation to between $2.5 billion and $3 billion. This follows a successful funding round where Innovaccer raised $375 million from diverse investors, including Tiger Global, Mubadala, Lightspeed, Dragoneer, M12, and Steadview Capital.

Transcarent , a startup founded in San Francisco four years ago, has secured $126 million in a Series D funding round, valuing the company at $2.2 billion. The platform simplifies the health insurance process by offering employees transparent pricing and direct access to various health care services, including surgeries, pharmacy benefits, and urgent care. The financing round was led by General Catalyst and 7wireVentures, with Geodesic Capital and Memorial Hermann Health System joining as co-investors, alongside previous backers Threshold Ventures, Kinnevik, Ally Bridge Group, Human Capital, Merck Global Health Innovation Fund, Alta Partners, and Leaps by Bayer. To date, Transcarent has raised approximately $450 million in total funding.

Enlaza Therapeutics , a startup founded four years ago in La Jolla, CA, is making significant strides in developing covalent protein therapeutics for cancer and other serious diseases. The company recently secured a promising $100 million Series A funding round led by the reputable JP Morgan. The round also saw participation from a diverse range of investors, including Amgen Ventures, Regeneron Ventures, Bregua Corporation, Pappas Capital, and Alexandria Venture Investments, along with existing investors Frazier Life Sciences, Avalon Ventures, Lightspeed Venture Partners, and Samsara BioCapital, instilling confidence in Enlaza's potential.

Karius , a company headquartered in Redwood City, CA, established ten years ago, has raised a $100 million Series C round. This funding was co-led by Khosla Ventures, 5AM Ventures, and Gilde Healthcare, with additional participation from Seventure Partners and existing investors Softbank Vision Fund 2, General Catalyst, and HBM Healthcare Investments. Karius has developed a non-invasive blood test that utilizes genomic technologies and artificial intelligence to detect over 1,000 pathogens from a single blood sample.

Delphia Therapeutics , a Cambridge, MA-based startup focused on developing a method to target the vulnerability of cancer cells caused by the overactivation of oncogenes, has raised a $67 million Series A round. Investors in this round included GV, Nextech Invest, Polaris Innovation Fund, and Alexandria Venture Investments.

Vitestro , a startup founded in the Netherlands seven years ago, has raised a $22 million funding round co-led by Sonder Capital and NYBC Ventures. The round also included participation from Invest-NL and the European Innovation Council Fund. Vitestro has developed a device combining AI with ultrasound imaging and robotics to automate blood collection.

Adaptilens , a five-year-old startup based in Boston, is revolutionizing cataract treatment with its innovative intraocular lens that enables patients to see clearly at various distances. The company recently secured a promising $17.5 million in Series A funding, a testament to the market's recognition of its unique solution. The investment round was led by Perceptive Xontogeny Venture Funds and included contributions from Pillar VC, 380 Cap, and Accanto Partners.

GroundGame.Health , a startup headquartered in Tampa, FL, operates a technology platform linking health and social services to enhance care for underserved communities. It secured a $17 million funding round led by 7wire Ventures. Additionally, it completed a merger with SameSky Health, another startup that partners with health plans to deliver culturally relevant services to diverse communities.

OverT Bio , a two-year-old startup based in New York, has raised a $16 million seed round. The funding was co-led by ARTIS Ventures and Wing VC, with additional participation from Fusion Fund, OMX Ventures, Alexandria Venture Investments, Gaingels, Civilization Ventures, Hawktail, and the Cancer Research Institute. OverT Bio is leveraging data to discover new gene therapies.

Trovo Health , a New York-based startup that combines artificial intelligence with medical workflows to enhance operational efficiency and patient care in healthcare practices, recently secured $15 million in funding. Oak HC/FT led the investment round.

Opmed.ai, a Boston startup, has raised a $15 million Series A round. The funding was co-led by NFX and Grove Ventures, with additional participation from Secret Chord Ventures. Opmed.ai offers a platform to assist hospitals in efficiently managing their surgical schedules, covering daily operations and long-term planning.

AISAP , an Israeli startup specializing in AI-based technology to enhance the accuracy and efficiency of ultrasound diagnostics at point-of-care settings, raised a $13 million seed round led by Harel Insurance Investments & Financial Services and Shoni Top Ventures.

Locate Bio Ltd , a UK-based company with a decade of experience developing surgical products like drug delivery systems and tissue scaffolds, recently raised $11.5 million. Mercia Ventures and BGF co-led the funding round.

Remepy , a startup founded in Tel Aviv two years ago, has raised a $10 million seed round. The funding was led by NFX, with participation from Vine Ventures, PsyMed Ventures, Supernode Ventures, Firstime Ventures, TechAviv, fresh.fund, and 97212 Ventures. Remepy specializes in developing "hybrid drugs" that integrate software with medications to enhance treatment effects for mental health conditions.

Piction Health , a Boston startup founded seven years ago, offers virtual consultations with board-certified dermatologists for various skin conditions. The company secured a $6 million seed round with investment from Argon Ventures, Techstars, Good Growth Capital, Flare Capital, and Bayless Healthcare.

neuroClues , a four-year-old startup from Belgium that has developed an eye-tracking device using AI to diagnose neurodegenerative conditions, recently raised $5.3 million. The funding round was co-led by White Fund and the European Commission's EIC Accelerator, with additional participation from Invest.BW.

Ovom Care , a startup incorporating AI technology into fertility treatments to enhance success rates and accessibility, recently secured $5.1 million in funding. The round was led by Alpha Intelligence Capital and included contributions from Ananda Impact Ventures and Merantix. To date, the company has raised a total of $6.5 million.

Caladan Bio , a startup based in New York and founded just one year ago, focuses on developing and selling benchtop bioreactor systems tailored to streamline and enhance biological experimentation in synthetic biology. The company recently secured a $5 million seed funding round led by Twelve Below, with participation from Lerer Hippeau, Collaborative Fund, Wireframe Ventures, Ritual Capital, and Factorial Capital.

Hona , a San Francisco startup founded one year ago, is developing a tool to summarize patient medical records from different electronic systems, aiding doctors in preparing for patient visits. The company raised a $3 million seed round from General Catalyst, Samsung, Rebel Fund, Allegis Capital, and 1984 Ventures.