Digital health funding in Q1 2018

By Dave Muoio
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In the first three months of 2018, MobiHealthNews tracked 30 digital funding rounds comprising approximately $1.2 billion in collective funding, as well as two rounds with undisclosed totals. While these numbers may fall short of 2017’s staggering first quarter (which consisted of 46 deals totaling $1.47 billion, including $800 million for Verily alone), the beginning of the year has still seen its fair share of heavy hitters.

Below, MobiHealthNews has the 32 digital health funding rounds of Q1, in descending order of funding and with links to coverage at the time. Rounds with undisclosed totals are listed at the end, and all international investments have been converted to USD based on the exchange rate at the original article’s time of press.

HeartFlow — $240 million. Redwood City, California-based HeartFlow, a company that specializes in creating computerized heart models to treat coronary diseases, announced that it landed $240 million in series E funding led by Wellington Management Company and Baillie Gifford & Company. 

Helix — $200 million. Helix has closed a $200 million financing round and said it plans to expand its personal genomics marketplace to accelerate consumer adoption of genomics. Helix CEO Robin Thurston said the financing will enable it to expand its health-related product offerings as it competes with other genetics companies, such as 23andMe and AncestryDNA.

Oscar Health — $165 million. Tech-friendly, consumer empowerment-focused health insurance startup Oscar Health has closed a $165 million funding round led by Brian Singerman and Founders Fund. Other participants in the round included Verily Life Sciences, Fidelity, 8VC, General Catalyst, Capital G, Khosla Ventures, Thrive Capital, and other unnamed investors.

Collective Health — $110 million. The employee benefits platform that uses predictive analytics to match employees with programs has raised $110 million in funding to scale operations. Participants in the financing round include existing investors NEA, Founders Fund, GV, and Maverick Ventures, as well as new investors Sun Life Financial and Mubadala Ventures.

American Well — $59.2 millionBoston-based telemedicine provider American Well  announced today that it landed $59.2 million in funding from insurer and asset manager Allianz Group's digital investment unit, Allianz X.

Bigfoot Biomedical — $55 million. The diabetes-focused artificial intelligence startup has announced that a total of $55 million in Series B equity financing with new investments from Abbott and other existing funders. This funding is the culmination of earlier round funding that the company has been raising since late last year, including $37 million that it raised in December and an additional $18 million, which it announced this morning. The latest announcement now brings the company’s total equity raised to $90 million. 

Pear Therapeutics — $50 million. Boston- and San Francisco-based Pear Therapeutics, maker of a prescription digital therapeutic platform, announced the closure of $50 million in Series B funding. The round was led by Singapore-based investment company Temasek, with participation from returning investors 5AM Ventures, Arboretum Ventures, and JAZZ Venture Partners, as well as new partners Novartis, EDBI, and the Bridge Builder’s Collaborative.

Quartet Health — $40 million. Behavioral health startup Quartet Health was at the heart of a bevy of announcements that included the conclusion of a $40 million Series C funding round, the appointment of three executives to its board of directors, and a collaboration with Horizon Blue Cross Blue Shield (BCBS) of New Jersey that brings the service into a sixth state.

Intuity Medical — $40 million. Fremont, California-based Intuity Medical, a diabetes management technology company, announced that it will be receiving $40 million in equity financing from several of its previous investors, including Accuitive Medical Ventures, Investor Growth Captial, KCK Group, affiliates of Luther King Capital Management, PTV Healthcare Capital, US Venture Partners, and Versant Ventures.

OrCam — $30.4 million. Israel-based OrCam, which is working on augmented reality for the blind and vision impaired, has raised $30.4 million. According to Reuters, which broke the news, the round included Israeli insurer Clal Insurance and investment group Meitav Dash. The round takes the company's total funding to just over $130 million and place's the company's valuation at $1 billion.

Bio-Optronics — $30 million. Bio-Optronics, a producer of software and services focused on clinical research, automated scheduling, and patient safety, has announced $30 million in funding from growth equity firm Mainsail Partners. The new funding will be used to accelerate product development, improve customer service capacities, and boost sales and marketing efforts, according to the company.

Paige.AI — $25 million. New York-based Paige.AI, a health technology company that applies artificial intelligence to pathology for cancer diagnosis and treatment, recently announced it landed $25 million in Series A funding, led by Jim Breyer of Breyer Capital. The company plans to continue to develop computational programs across diagnostic pathology. It will start by focusing on clinical applications in breast cancer, prostate cancer, and other common cancers. 

Tyto Care — $25 million. Israel-based telehealth provider and device maker Tyto Care has raised $25 million in Series B funding, the company announced. The round was led by Ping An Insurance Group Company of China’s Global Voyager Fund, as well as a collection of new and returning investors. Included among those returning are Cambia Health Solutions, Walgreens, Orbimed, Fosun Pharma, and LionBird, whereas Israeli digital health fund Qure and Ping An join as new investors.

Cityblock — $20.8 million. Cityblock Health, the urban-focused public health startup that spun out of Alphabet’s Sidewalk Labs in October, has raised $20.8 million in a round led by Maverick Ventures. Thrive Capital and Sidewalk Labs also contributed to the round, as did other unnamed strategic investors. The raise brings Cityblock’s total funding to $23.2 million.

Halo Neuroscience — $13 million. Halo Neuroscience, a device company that develops and sells the Halo Sport neurostimulation headset, announced that it has secured $13 million in Series B funding. Global private investment firm TPG led the round, which also had participation from prior investors Lux Capital, JAZZ Ventures Partners, and Xfund.

HealthifyMe — $12 million. HealthifyMe, an Indian company offering a weight loss and fitness app that features an artificial intelligence-powered assistant, has raised $12 million in Series B funding. The round was led by Sistema Asia Fund, with Samsung NEXT, Atlas Asset Management, Dream Incubator, and others supporting the company for the first time. Returning investors IDG Ventures India, Inventus Capital, Blume Ventures, and NB Ventures also participated.

LetsGetChecked — $12 million. Dublin, Ireland and New York City-based LetsGetChecked has raised $12 million in first round funding to support the development of its end-to-end at-home lab test business. Optum Ventures led the round, and Chinese VC firm Qiming Venture Partners also contributed.

Nomad — $12 million. New York-based Nomad Health, which makes a platform for job-seekers and employers in the healthcare space, has raised $12 million in a new funding round led by Polaris Partners. Existing investors First Round Capital, RRE Ventures, and .406 Ventures also participated.

Swift Medical — $11.6 million. Digital wound care company Swift Medical has announced that it has secured $11.6 million in a Series A funding round led by Data Collective in Palo Alto, California, with participation from Montreal-based Real Ventures, Relay Ventures in Toronto, DHVC in Palo Alto, and Business Development Bank of Canadian Montreal. 

Peerfit — $10.3 million. Tampa Bay area-based Peerfit, a company that makes a digital platform for fitness benefits, has announced the closure of a $10.3 million Series B funding round. The company's funding came entirely of private investors. Tampa Bay Lightning owner Jeff Vinik, Colliers International Florida Executive Chairman Lee Arnold, and PAR Inc. CEO and Chairman Bob Smith led investment funding throughout 2017.

Univfy — $6 million. In-vitro fertilization-focused machine learning company Univfy has raised $6 million in Series A funding. The funding round was led by venture firm Rethink Impact, and will be used to scale operations.

Parachute Health — $5.5 million. New York-based Parachute Health — a startup looking to digitize the ordering of durable medical equipment (DME) and other critical medical equipment for patients leaving the hospital — has secured $5.5 million in seed funding over the past few months. The company’s investors include Greater New York Hospital Association Ventures, Loeb Holding Corporation, former UnitedHealth Group executive Anthony Welters, former McKesson Extended Care president Fred Browne, and other unnamed investors.

Eko — $5 million. Berkeley, California-based smart stethoscope company Eko Devices has raised $5 million in new funding. Artis Ventures led the round, with additional participation from Strategic Partners, Dreamlt Ventures, 1812 Ventures, and Founder.org. This brings the company's funding up to $7.8 million — it last raised money in 2015.

Tagnos — $5 million. Tagnos, maker of an AI-powered logistics platform for hospitals and clinics, announced that it has raised $5 million in investment funding from Benhamou Global Ventures, Morpheus Ventures, and Zebra Ventures.

Eden Health — $4 million. Eden Health, a New York-based employee benefits and telehealth platform paired with primary care services, has announced $4 million in seed funding led by Greycroft Partners. In addition to the funding, the company also announced that it is looking to expand its services to more employer customers in the New York City and New Jersey markets.

Visiba Care — $3.8 million. Gothenburg, Sweden-based Visiba Care announced that it has secured $3.8 million (3.1 million euros) in a new share issue. The funding round was led by Swedish investor Blue, with additional participation from investors Mattias Weinhandl and Lars Svensson alongside existing owners Simon Josefsson and Björn Mattson.

Siren — $3.4 million. San Francisco-based microsensor textile company Siren has raised $3.4 million in seed funding, from DCM, Khosla Ventures, and Founders Fund. The company also announced the launch of its first consumer product, the Siren Diabetic Sock and Foot Monitoring System.

Wellnicity — $2.6 million. Wellnicity, an Austin-based company that uses mail-order lab tests to connect people with vitamins and supplements to address particular symptoms, has raised $3.6 million in a new round of funding led by Capstar Partners.

CareVoice — $2 million. The CareVoice, a Shanghai, China-based digital health startup targeting the insurance market, has raised $2 million in early-stage funding. Haitao Capital and SOSV, two China- and US-based venture capital firms, led the round. Other Chinese and Southeast Asian investors also contributed.

Iggbo/Workpath — $1.5 million. Iggbo, a Richmond, Virginia-based startup founded in 2015 known for its technology-enabled network for facilitating on-demand blood draws and medical testing, announced that it has changed its name to Workpath and secured $1.5 million in additional funding, according to a statement from company.

Amiko — undisclosed amount. London-based Amiko Digital Health, which makes connected inhaler and app suite Respiro, has raised a new round of funding. The amount was not disclosed. Sanner Ventures and Breed Reply (a previous investor) led the round.

Canvas Medical — undisclosed amount. Alongside the launch of its administrative software designed specifically for independent primary care practices, San Francisco-based Canvas Medical has announced that it has raised more than $3 million in total funding with its most recently closed round. The latest fundraising was led by Upfront Ventures, with participation from iSeed Ventures, Village Global, and other unnamed angel investors.