Decentralized clinical trial platform Medable scores $91M; K Health raises $42M in Series D funding and other digital health fundings

Also: Hedway lands $26M, Spring Health closes a $76M deal and Outcomes4Me rakes in $4.7M.
By MobiHealthNews
03:10 pm

This morning Medable, a digital platform focused on decentralizing clinical trials for the life science industry, announced a whopping $91 million Series C funding. The new round was led by Sapphire Ventures, with participation from GSR Ventures, PPD, Inc and Streamline Ventures.

In total the digital health company has raked in $136 million. The Palo Alto, California-based startup has created a software platform that brings together data and resources from different stakeholders in the industry including clinicians, patients and researchers.
The platform lets researchers conduct remote screening, electronic consent, outcomes assessments and telemedicine visits. The new infusion of cash will go towards helping to build new technologies in the clinical trial space.                                                                      

“The pandemic has made the world aware of the importance of clinical drug development,” Dr. Michelle Longmire, CEO and cofounder of Medable, said in a statement. “We need transformative technologies that break down critical barriers to improve patient access, experience and outcomes. This new funding will enable Medable to continue our aggressive pursuit of new technologies that improve clinical trials to benefit all patients.”

K Health, a New York-based startup that combines a symptom checker app with virtual primary care, has closed $42 million in Series D funding. Valor Equity Partners headed the raise, which also included new backers Marcy Venture Partners, Atreides Management and PICO Venture Partner and former investors 14W and Max Ventures.

The company, which uses its data platform to inform users and better connect them to appropriate care, said that it has reached more than four million users, over a million of which turned to the service since the start of the COVID-19 pandemic. And coinciding with the funding news was word of a new joint collaboration between K Health and the Mayo Clinic's Clinic Data Analytics Platform, which the startup says will help better inform its algorithms and enable new cohort models for machine learning.

“Mayo’s powerful medical insights will allow us to continue to offer remote and intelligent primary and chronic care at a cost dramatically lower than what most can access today,” Ran Shaul, cofounder and chief product officer at K Health, said in a statement. “By collaborating with Mayo Clinic, one of the world’s most respected medical institutions, we are further improving our diagnostic accuracy and reach.”

Headway, a digital platform that matches users with mental health therapists, has announced a $26 million Series A funding round led by Thrive and GV. Prior investors from Accel, GFC and IA Ventures also participated in the raise, which brings the startup's lifetime backing to $32 million.

The startup's free tool allows users to punch in their current health plan and search a network of therapists for a match, and then helps to handle booking, billing and other backend tasks. In a blog post announcing the raise, CEO and cofounder Andrew Adams said the company will be working to expand its network of therapists and enter new regions.

"We’ve made it easy to accept insurance by removing the typical burdens through our free software platform," he wrote. "With our platform, anyone can freely search and find a provider accepted by their specific plan, whether it's a high end platinum plan or a cost-sensitive plan. Because Headway handles all of the work, two out of three providers that you'll find on our platform don't accept insurance anywhere else."

Behavioral health benefits company Spring Health has closed a $76 million Series B round led by Tiger Global. GinerBreak Capital and Operator Partners also took part as new backers. Returning investors Northzone, Rethink Impact, William K. Warren Foundation, Work-Bench, SemperVirens, Able Partners and True Capital all played a role alongside individual investors like basketball players Kyle Lowry and Breanna Stewart.

Since a $22 million raise in January, Spring Health has beefed up its team and brought its employer-focused platform worldwide. The company said it will be using the new funds to generally refine its offering and expand its capabilities, as well as to triple its New York-based team.

"Mental health is the defining problem of our time. Yet it's still full of trial-and-error," April Koh, cofounder and CEO of Spring Health, said in a statement. "At Spring Health, we're demystifying mental health and making high-quality care seamlessly accessible for everyone. Our approach precisely delivers the personalized care plan for each individual no matter where they are in their mental health journey, and we guide each individual through their journey through a dedicated navigator."

Outcomes4Me, a startup using artificial intelligence to help breast cancer patients navigate their care, has collected $4.7 million in new funding. Asset Management Ventures headed the investment, which also included Sierra Ventures, Merstal Ltd. and other unnamed backers. Of note, an unspecified portion of the money comes in the form of National Cancer Institute funds.

The company's tool comes in the form of a free mobile app patients can download regardless of their provider. In addition to providing them with information about their condition and helping to organize their health information, it can connect them to information about treatments and clinical trials that are relevant to their situation.

With these funds, the company said that it will be looking to new types of cancers.

"Being diagnosed with cancer can be stressful and overwhelming. Outcomes4Me is on a mission to support patients through this journey by empowering them with easy to understand, relevant and evidence-based information," Maya R. Said, founder, president and CEO of Outcomes4Me, said in a statement. "Patients are our highest priority as we strive to bring transparency between them and the medical field, using our continually evolving insights to improve care and accelerate research.", a data platform designed to help healthcare systems improve outcomes and cut costs, scored $11 million in Series A funding. Greycroft and .406 Ventures led the round with participation from Silicon Valley Bank and Meridian Street Capital.

The tool works by using AI and automation to help build predictive models. It also has a consent library where providers can look up information about medication adherence, comorbidities and more. The company is pitching this as a system to help prevent disease and patient deterioration, in turn lowering costs.

“At .406, we are deeply focused on both health IT and data/AI. When investing at the intersection of the two we look for horizontal technologies that are effective but only delivering a fraction of the potential value, often leaving the rest to services. In these cases, vertical specific applications can usually deliver the full end-to-end solution, which is exactly what ClosedLoop has done,” Graham Brooks, partner at .406 Ventures, said in a statement. “Andrew and the team have identified a significant opportunity in the market and created a powerful yet simple platform that consistently delivers results for their customers. We’re excited to partner with ClosedLoop to progress the healthcare industry.”

More regional news

Person in a telemedicine visit at home

(Photo credit: Alistair Berg/Getty Images) 

Piggy Bank

(Photo Credit: Kwanchai Lettanpunyaporn/Getty Images) 



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