Business

It looks to grow its engineering, product, and design teams while expanding across Asia.

As part of a global trend for health insurers, the cornerstone investment in XT Ventures will further HCF's "deep pedigree in helping innovative startups". 

The company said it would use the Series A to expand its team, build its provider network, and add partnerships with health systems and payers.

The startup also announced a new product called Clear Contracts that aims to improve the direct contracting process.

Also: Precision oncology platform OncoHost scores $35 million, home care startup Reverence emerges from stealth with $9.5 million and pediatric behavioral health startup Handspring Health completes a $6.2 million seed round.

The funding will also go toward attracting leadership talent and accelerating product development, marketing and sales.

Also: Butterfly Network reports a year-over-year revenue increase of more than 25%, with a $44.5 million net loss, and One Medical announces a significant jump in revenue.

The size of the healthcare industry is attractive to entrepreneurs, but the highly regulated field can be a challenge for startups.

Under the deal, MedRhythms would receive a $3 million upfront payment and could earn up to $117.5 million if certain milestones are met.

The round included a strategic investment from pharma giant Gilead Sciences to expand their partnership for decentralized and hybrid trials.