Rightway, the maker of a digital care navigation and pharmacy benefits platform, has wrapped up a $100 million Series C financing round for a unicorn valuation of $1.1 billion. Announced today, the raise was headed by Khosla Ventures and also included Thrive Capital, Tiger Global Management and other prior backers.
Founded in 2017, Rightway has ballooned to supporting more than 500,000 members across 850 clients, according to the announcement. Its offerings reach members via a consumer-centric app, which connect users with live care teams and the tools to choose care services or medications at lower prices.
Rightway said it's now looking to further build RightwayRx, the pharmacy benefits platform it launched last year, and more broadly strengthen the company's foothold among employer, health plan, third-party administrators and other potential clients.
“Rightway is building the most comprehensive platform within the enterprise healthcare ecosystem – a digital-first front door that provides every member the same experience as having a doctor in the family,” Jordan Feldman, CEO of Rightway, said in a statement.
“By pairing navigation with a new-to-the-world [pharmacy benefits manager], we believe that we are in the best position to engage employees, support their longitudinal healthcare journey and substantially reduce costs for the member and their employer.”
BrightInsight, a medical Internet of things company looking to serve as the infrastructure backbone of digital health products, has closed another $101 million.
General Catalyst led the Series C round, which also included prior investors Insight Partners, New Leaf Venture Partners and Eclipse Ventures. To date, BrightInsight has raised $166 million.
BrightInsight's announcement highlighted three partner product-launches from the past year that are backed by its platform: a software-as-a-medical-device (SaMD) algorithm, a rare-disease support app and a regulated chronic-disease management platform. With the new money, the company aims to invest in additional turnkey software modules for future customers, grow its team across all departments, and expand its reach within the Americas and Asia.
“This financing, led by General Catalyst, not only validates the market need for a global digital health platform for biopharma and medtech, but it also reinforces the tremendous progress we have made in the past year,” Dr. Kal Patel, CEO and cofounder of BrightInsight, said in a statement.
“Our Series C round will enable BrightInsight to continue our hypergrowth, and to support the development and launch of game-changing digital health solutions for our customers.”
European men's health company Manual scored $30 in Series A funding. Sonoma Brands, Felix Capital, Cherry Ventures, Waldencast, Gisev and FJ Labs all participated in the funding round.
Customers can tap into the platform to seek treatment for hair loss, erectile dysfunction, skin care and other daily health concerns. Like, U.S. competitors Hims and Ro, the company asks users to fill out a survey about their health concerns. A clinician is able to review this survey and, if appropriate, issue a prescription. The prescription can be sent directly to the customer's home.
The U.K. -based company plans to use the money with product development, as well as expanding into the international market. Additionally, it will be used for hiring new staff members.
Telemedicine startup SteadyMD scored $25 million in Series B funding. Lux Capital led the round, with participation from Sound Ventures, Acrew Capital and other digital health investors.
This comes roughly a year after the company closed a $6 million Series A round to build out its technology services.
SteadyMD started out as a direct-to-consumer telehealth company, but has quickly expanded to work with employer organizations and digital health companies in order to link up users with virtual care. The company offers virtual primary are, behavioral health, digital pharmacy, medical devices, at-home labs and other telehealth services.
The company said the new funds will continue to fuel its expansion across the US.
“We launched SteadyMD to deliver the highest quality of care possible to patients nationwide, completely online,” Guy Friedman, SteadyMD cofounder & CEO, said in a statement.
“We’ve solved the puzzle of delivering that care in all 50 states, which involves numerous product, technology, legal, clinical, and operational challenges. Today, leading healthcare organizations rely on SteadyMD for the key infrastructure to launch, scale, and grow their telehealth offerings in the massive and quickly expanding digital health market.”
Healthcare focused chatbot Lifelink Systems landed $9.75 million in Series A funding. DigiTX Partners led the round, with participation from Primera Capital, Baleon Capital and other investors.
The company works with providers and life science companies to help with patient engagement. The technology is able to use a chatbot in order to help schedule appointments, digitize paperwork and support patients in their care plans. Life science companies can also use the tech to help with clinical trial enrollment and filling out content orders.
Lifelink plans to use the new funds to speed up the development of its conversational AI for healthcare companies.
"The team at Lifelink Systems is on a bold mission, focused on solving a problem that is universal in healthcare – how to engage large patient populations and help them navigate their care easily, on their mobile devices," said Miraj Sanghvi, principal at DigiTx partners.
"We are impressed, not just because they have a bold vision, but also because they have traction delivering breakthrough innovations at several major organizations in healthcare. We're thrilled to be part of the journey."
Cardiac rhythm management startup PaceMate announced yesterday the close of an $8 million Series A raise headed by Ballast Point Ventures.
Founded in 2015, PaceMate offers an EHR-integrated software platform for monitoring data from implanted and wearable cardiac devices, as well as staffing support and remote monitoring services via live staff. Per the announcement, the startup is aiming to expand the tech platform's market reach.
“Ballast Point’s funding propels PaceMat’s presence in the cardiac data space, making it possible to extend our reach in the cardiac monitoring market and offer our platform to additional hospital systems and device clinics,” Tripp Higgins, CEO of PaceMate, said in a statement.
“We give our customers unique digital healthcare opportunities and connect them with the most essential clinical information from their patients’ EHRs in real time. With this investment, implementation of our platform can happen faster, and more cardiology clients can take advantage of our unmatched data capabilities.”
Vibrant, the Israeli company behind an ingestible device that treats chronic constipation, has closed $7.5 million in Series E funding. Unorthodox Ventures led the round.
Vibrant's non-drug treatment is about the size of a multi-vitamin, and once swallowed will vibrate to spur the intestinal wall and kick-start digestion. A companion patient app also allows physicians to monitor the patient's condition remotely.
The product is "in its third round of trials with the [FDA], and the company is actively engaging with physicians and insurers for its expected rollout," Vibrant said in a statement.
Specialty-care management company Preveta raised $2 million in seed funding, CrunchBase reported. MaC Venture Capital and TSVC led the round.
The company create a care-coordination software that is able to help engage patients between visits, analyze data and help providers fill in treatment gaps. The tool is able to integrate with EHRs and promises to help with revenue management.
The founders told CrunchBase that the funds will go towards the sales and marketing for Preveta.