Last Week in Digital Health Funding: Aug 5 - Aug 11
The following companies raised funds during the past 7 days: MetaMe, Exo Imaging, Genneve, DocDoc, Zero, Dadi, PurpleLab, inveox, Lucira Health, SafetyWing, and NextStep Interactive.
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Chicago-based metaMe Health raised $3.8M in Seed funding. The company is developing digital therapeutics for the treatment of gastrointestinal (GI) conditions such as Irritable Bowel Syndrome (IBS). It will use te funds to further develop its lead product, Regulora. Regulora is the first digital implementation of a behaviorally-focused treatment that is intended to address the cognitive, behavioral and affective drivers of IBS. This is noteworthy because more than 30 million Americans, or about 10% of the US population, suffer from IBS. metaMe Health will initiate a large, randomized controlled trial to study the efficacy and safety of Regulora in patients with IBS. Funds will also be used for pre-commercialization efforts. The round was led by LionBird Ventures, with participation from Hemi Ventures, as well as a mix of individual and private investors. ? read more.
Exo Imaging emerges from stealth mode with $35M Series B financing round. Founded in 2015, Exo (pronounced "Echo") is bringing diagnostic-grade medical imaging to the pocket of every caregiver and clinician worldwide. The company is developing an affordable medical ultrasound platform capable of exceptional image fidelity, penetration depth and 3D imaging that still fits in the palm of your hand. It will use the funds to advance its products through the FDA 510K clearance process and into commercialization. Exo will also use the proceeds to build out its team of engineering, sales, and operations professionals. Intel Capital led the round; other investors include: Applied Ventures, Bold Capital, Creative Ventures, Longevity Vision Fund, Magnetar Capital, Nautilus Venture Partners, OSF Healthcare, Rising Tide Fund, Sony Innovation Fund, and Wanxiang Healthcare Investments. ? read more.
Women's healthcare company genneve raised $4M in Seed round. The Seattle-based startup runs a telemedicine service for women heading into midlife and menopause, allowing them to research, connect with professionals and shop products fit for their phase in life. genneve will use the funds to grow its user base and geographic footprint. It currently operates in 23 states and plans to grow its service to all 50 states by the end of 2020. The financing was led by BlueRun Ventures, with participation from Maven Ventures and Startup Health ‐ bringing the company's total funding to date to $5.3 million. ? read more.
Singapore-based DocDoc raised $13M for its patient intelligence platform. Operating in eight countries, the company has built the largest network of doctors in Asia with over 23,000 doctors and 793 clinics and hospitals in its network. It partners with insurance companies and corporations enabling them to reduce costs, provide a superior level of service and offer a differentiated product to their policyholders. DocDoc's offering includes doctor discovery, telemedicine, and cashless settlement. The proceeds raised will be used to support the company's market expansion and enhance its platform. The financing was done on a convertible note and was led by Adamas Finance Asia Limited (ADAM), a London-listed investment company, alongside leading regional family offices, a fund managed by a global investment firm specializing in financial services and the Cyberport Macro Fund. This brings the total funding DocDoc has raised to date to $24.6 million. ? read more.
Fasting app Zero raised $2.8M in additional Seed funding. Instead of focusing on short-term wins or specific diets, Zero's fasting protocols are focused on when people eat, not what they eat. The app connects people who are interested in fasting to the tools, resources and community to help them find the best fasting routines for their health, in addition to tracking progress and milestones over time. It will use the funds to grow the platform and bring new product offerings to the market. True Ventures and Trinity Ventures provided the capital bringing the company's total seed funding to $4 million. ? read more.
Dadi raised $5M to make male fertility testing and sperm storage more affordable and accessible. Co-founded by Tom Smith, Mackey Saturday and Gordon von Steiner, Dadi educates consumers about male reproductive health through its accessible family planning solution. The company's patented at-home fertility test and sperm banking kit provide men with a low-cost, long-term option to take control of their futures. The new funding will help broadly expand its customer services capabilities, which include more fertility education and customer support. Additionally, Dadi will be developing new technology and expanding beyond the consumer space. The round was led by TCG, an affiliate of The Chernin Group, with participation from firstminute Capital and Third Kind Ventures, as well as angel investors including Nat Turner (co-founder and CEO of Flatiron Health), and Alex Chung (co-founder and CEO of GIPHY). ? read more.
Healthcare data and analytics provider PurpleLab raised $3M in growth financing. The company leverages its data and analytics technology platform to help health plans, healthcare providers, as well as life science organizations to model and measure episodes of care. PurpleLab utilizes medical and prescription claims data to produce objective, quantitative, and predictive performance measures for 1.8 million healthcare providers across the nation. The funds will be used to bolster PurpleLab's analytics capabilities and sales and marketing operations. Edison Partners provided the capital. ? read more.
Munich-based inveox raised €17M for its AI-supported cancer diagnoses. The company develops systems to digitize, automate and connect pathology laboratories. The goal is to increase the safety and reliability of cancer diagnoses while simultaneously improving the efficiency and profitability of labs as well as unlocking the potential for personalized diagnostics driven by big data and artificial intelligence. With the new funding, inveox will begin the series-level production of their AI-supported automation system in order to make cancer diagnoses faster and more reliable. The names of the investors and participating business angels have not been shared. ? read more.
Maker of instrument-free, molecular infectious disease testing products Lucira Health raised $15M Series B. Founded in 2013, Lucira Health is developing DNA- and RNA-based diagnostic tools for infectious diseases such as respiratory illnesses, sexually transmitted infections and others. The first application is influenza detection. The battery-powered device quickly analyzes a nasal swab sample and displays the result as either influenza A, B or negative diagnosis. Lucira Health's test is fully disposable, and can be used just about anywhere. The capital will be used to finance regulatory clearances and early commercialization. Seraph Group led the financing round with participation from Eclipse Ventures, DCVC (Data Collective), Y Combinator, Sunstone Management participated, and ShangBay Capital. ? read more.
SafetyWing raised $3.5M Seed to offer medical insurance to digital nomads. The Norway-based company is focused on medical travel insurance, with the promise to provide medical cover for anybody who works outside their home country. The cover, starting at $37 every 4 weeks, is flexible and is sold as a 28-day rolling subscription that can be paused at any time. SafetyWing intends to use the funds to continue to expand operations and its business reach and build out a product collection of insurance, pension savings and income protection. byFounders led the round, with participation from Credit Ease Fintech Fund and DG Incubation. SafetyWing's previous backers include YC and The Nordic Web Ventures. ? read more.
NextStep Interactive raised $3M to help displaced workers transition to the healthcare economy. The company is building a technology platform to close skill and equity gaps by preparing low-wage workers for the most in-demand healthcare jobs. For workers, NextStap not only provides training, but also an industry-recognized certification and automatic job placement services. On the other hand, employers can use the platform to screen talent based on demonstration of competencies and soft skills suggestive of fit for healthcare professions. The funding was provided by SEI Ventures, JAZZ Venture Partners, Learn Capital's LearnStart fund, Springrock Ventures, City Light Capital, Frontier Angels, and three managing directors of Pioneer Square Labs. ? 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.
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