Paige's $100M Series C, Carrum Health's $40M Series A and more digital health funding news

Also: NeuroFlow's $20 million Series B, and the launch of two new health tech investment funds.
By Dave Muoio
03:11 pm
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AI-enabled diagnostic and treatment platform Paige (formerly Paige.AI) has announced a $100 million Series C round led by Casdin Capital and Johnson & Johnson Innovation. The startup's prior backers and other unnamed funds also took part in the raise.
 
Paige uses computational and digital pathology to help oncologists and pathologists make decisions faster, more accurately and at a lower cost. It said that the money will help accelerate the development of its technology offering and support sales and marketing. To do so, Paige plans to flesh out its engineering and commercial teams with roughly 70 new hires in 2021.
 
“This investment reaffirms the vast potential of the Paige platform for clinical and biopharmaceutical drug development applications," CEO Leo Grady said in a statement. "These funds will enable us to build additional AI-based products within and outside of oncology, deliver these products to laboratories and clinicians globally, and invest in our talent across engineering and commercial functions.”

Carrum Health, a digital marketplace that allows employers to purchase bundled healthcare services, has closed a $40 million Series A round headlined by Tiger Global Management. GreatPoint Ventures and Cross Creek also participated, as did return investors Wildcat Venture Partners and SpringRock Ventures.

The startup – which also offers a mobile health guidance app for patients – said that it wants to push its offering out to more employers, add more healthcare services to its market and improve its technology.

"Working with Carrum, self-insured companies can offer their employees the best care from top surgeons while effectively managing their spend," Scott Shleifer, partner at Tiger Global Management, said in a statement. "Carrum is going after a $100 billion market opportunity, and we're very excited to partner with [CEO Sach Jain] and his team."


Behavioral health technology company NeuroFlow has announced $20 million in Series B financing. The round was headed by Magellan Health, and included the Philadelphia startup's prior backers.

NeuroFlow offers a suite of digital tools that can be integrated into an organization's EHR and systems to enable remote patient monitoring, population health management and other behavioral health capabilities. Going forward, the company will be scaling its operations and growing its data analytics, AI and direct health record integrations.

"Most healthcare providers are overburdened, so introducing the concept to account for a person’s mental health in addition to their primary specialty can be overwhelming and lead to inconsistent and inadequate treatment,” NeuroFlow CEO Chris Molaro said in a statement. “Technology, when used strategically, can enhance and augment providers, making the concept of holistic and value-based care feasible at scale and easy to implement.”


Late last week, Transformation Capital Partners unveiled the launch of a new $500 million growth equity fund that's focused on investing in commercial-stage digital health companies. Called the Transformation Capital Fund II, its team said in the announcement that it's eyeing digital health's "enormous opportunity" to drive efficiency, leverage data-driven care, and help consumers more proactively select and pay for their care.

“Digital health innovation was already growing at an unprecedented rate over the past five years, but the pandemic has reshaped the culture and the policy, and has greatly accelerated user adoption of technology by all healthcare stakeholders.

"Our deep and focused investment experience and unparalleled network in healthcare means that we are in a great position to find the next transformational companies, help them grow, and provide maximum impact for patients and healthcare consumers,” Todd Cozzens, a Transformation Capital managing partner, said in a statement. Cozzens leads the investment team alongside fellow managing partners Dr. Jared Kesselheim and Mike Dixon.


Keep, a Chinese fitness brand offering live, at-home workouts and Peloton-like connected exercise machines, has raised $360 million in a Series F round led by SoftBank Vision Fund, TechCrunch reports. Hillhouse Capital, Coatue Management, GGV Capital, Tencent, 5Y Capital, Jeneration Capital and Bertelsmann Asia Investments all participated in the round, which reportedly brings the company's valuation to $2 billion.

The company said that it will continue to improve and add new products and services to its customers.


Lumiata, a startup that specializes in formatting and analyzing disparate healthcare data, has closed a $14 million Series B round. Defy.vc and AllegisNL Capital led the raise, along with prior backers Khosla Ventures and Blue Venture Fund.

The machine learning and predictive analytics company says that its cloud-based product is scalable and can integrate with healthcare companies' existing systems. With the money, it plans to grow its platform, invest in new customer acquisition and open a new office in Guadalajara, Mexico.

We relaunched Lumiata two years ago with a mission to democratize AI to reduce the cost of care and improve outcomes. We have an even greater purpose to realize this mission as COVID-19 changed healthcare and our world forever," Lumiata CEO Dilawar Syed said in a statement. "We will accelerate our investment in product, customers, and people to grow and scale the business."


Heritage Group today announced the close of a $300 million that will focus its investments on healthcare services and technologies. This oversubscribed fund is the private equity's third fund, and nearly $100 million larger than its predecessor. In the past, Heritage has placed its investments in companies like MDLive, Sharecare and Lumere.


Nayya, maker of an insurance benefits platform, has wrapped up an $11 million Series A round led by Felicis Ventures. Prior investors Social Leverage, Guardian Life and Cameron Ventures also played a role, as did new backed Unum Business Ventures.

The company said that the funds would help grow its New York and country-wide team. It would also support an expansion of its product portfolio, deepen the platform's integrations and help secure new partnerships.

"Our investors recognize the power behind Nayya's technology to harness the massive proliferation of data produced across the healthcare and insurance industries," Sina Chehrazi, CEO and cofounder of Nayya, said in a statement. "It’s data that Nayya leverages to highlight and manage plans that best match individual needs, at the same time putting dollars back into American households at a time they need it most.” 


ViBe Saúde, a Brazilian digital health company that provides on-demand telehealth consultations to consumers as well as other digital treatments for chronic care management, has closed $10 million in Series A funding from a group of Swedish investors.

The company said that the money will help the company expand its "freemium" primary care business model, which targets roughly 160 million Brazilians. It also noted a new tech innovation with Swedish digital health company Doktor.se.

We have a tremendous impact on the lives of hundreds of thousands of Brazilians that do not have access to proper healthcare," Ian Bonde, cofounder and CEO of ViBe, said in a statement. "Our personalized and integrated approach to healthcare has made ViBe the go-to app and first point of contact for all of our user’s healthcare needs. As we grow our team of doctors and psychologists to absorb the exponential growth in demand, we plan to expand our reach and social impact 10-fold over the next twelve months.”


BreatheSuite, a startup that has built a smart device attachment for inhalers, has announced a $1.2 million financing round led by Venture NL and supported by Pluto Investments, Killick Capital and other unnamed private backers.

The company's device is designed to attach to regular inhalers and, with the help of a connected mobile app, train users on proper technique while tracking their use. BreatheSuite said it will use the funds to develop new inhaler add-on products and continue its rollout across North America.

"Amidst all of its challenges, 2020 was a phenomenal year for BreatheSuite.” CEO Brett Vokey said in a statement. “We were able to expand our team, secure international partnerships to offer devices to patients, and complete invaluable research both within Canada and the United States.

"This investment is a testament to the progress we've made during a year that brought unprecedented change. We’re hopeful that the increased adoption of digital health technologies will continue in the future, setting a new standard for virtual healthcare.”

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