Despite the onset of COVID-19 throughout the world, the first quarter of 2020 were host to healthy digital health investment.
Coronavirus may have thrust the markets into a tailspin, but the impact of that economic uncertainty doesn't seem to have hit the digital health startup quite yet.
During the first quarter of this year, MobiHealthNews tracked 82 funding deals totaling $2.9 billion — a staggering jump over the 49 deals and $1.4 billion collective raise of Q1 2019. It also had a small handful of late-stage, big-ticket rounds coming from a variety of business models: fitness benefits, digital pharmacies, tech-enabled primary care and telehealth, to name a few.
See below for the full list of funding announcements reported by MobiHealthNews this quarter, along with links to their associated news stories.
| Company | Round/Series | Amount (M) | Investors | What's it for | What they do |
| ClassPass | Series E | $285 | L Catterton, Apax Digital and Temasek | The company said that the new funds will help further scale its platform internationally. |
The ClassPass platform allows users to sign up for a single subscription membership that allows them to participate in local fitness classes in exchange for credits.
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| Alto | Series D | $250 | Softbank's Vision Fund 2, Greanoaks Capital, Jackson Square Ventures and others | Alto has not shared its plans for the funds. |
The core of Alto’s digital pharmacy business is a tech-enabled platform for free, same-day medication delivery.
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| KRY | Series C | $152 | Ontario Teachers’ Pension Plan’s Teachers’ Innovation Platform, Index Ventures, Creandum and Accel | KRY said in its announcement that the new funding will power its push into additional European markets. |
Patients who input their symptoms through KRY's app can schedule a 15-minute video consultation with a healthcare professional via mobile phone, tablet or browser.
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| Concerto HealthAI | Series B | $150 | Declaration Partners, Maverick Ventures, AllianceBernstein PCI and SymphonyAI Group | The new funds will help the company focus on developing its products and services, expand beyond precision oncology and into new therapeutic areas, and develop commercial patient offerings. |
Concerto works on a clinical insight generation platform that employs real-world data in its analysis.
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| Element Science | Series C | $145.60 | Deerfield Healthcare, Qiming Venture Partners USA, Cormorant Asset Management, Invus Opportunities, Third Rock Ventures and Google Ventures | These funds will continue to support clinical testing of the Jewel Patch product, and the development of more Jewel devices for other clinical areas. |
Element Science is currently conducting clinical testing on its primary product, the Jewel Patch Wearable Cardioverter Defibrillator.
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| Alignment Healthcare | Series C | $135 | Fidelity Management & Research Company, Durable Capital Partners L.P. and multiple funds and accounts advised by T. Rowe Price Associates | Alignment said that the new funds would help the insurer strengthen its tech platform and plan offerings as it looks to speed up its growth within the Medicare Advantage market. |
Alignment is a Medicare Advantage insurer that relies on a tech platform to manage its members' shifting data in real time.
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| Iora Health | Series F | $126 | Premji Invest, Cox Enterprise, Temasek F-Prime Capital, Devonshire Investors, .406 Ventures, Flare Capital Partners, Polaris Partners and Khosla Ventures | The company plans to use the new funds to build a Medicare Certified EHR system. |
The Boston-based startup provides patients with care at brick-and-mortar locations, as well as through digital tools including text messages, emails and calls.
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| Verana Health | N/A | $100 | GV, Bain Capital Ventures, Casdin Capital and Define Ventures | The company plans to expand its analytics to integrate imaging, genomics and claims data sources. |
Verana's curates and analyzes real-world clinical data within ophthalmology and neurology.
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| Virta | Series C | $93 | Caffeinated Capital, Venrock, Obvious Ventures, Creandum, Playground Global and SciFi VC | The new capital will be put towards growing the company’s product and reach. |
Virta's digital Type 2 diabetes coach combines a digital offering of coaching and remote monitoring with a nutrition-based ketogenic diet.
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| Hinge Health | Series C | $90 | Bessemer Venture Partners, Lead Edge Capital, Insight Partners, Atomico, 11.2 Capital, Quadrille Capital and Heuristic Capital | Hinge Health’s leaders believe that the time is right to dip into private equity so that the MSK company can expand its product lineup and workforce. |
The San Francisco-based company’s digital platform uses wearable sensors and one-on-one health coaching to deliver in-home MSK therapy.
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| Lyra Health | Series C | $75 | IVP, Meritech Capital Partners, Casdin Capital, Crown Venture Fund, Glynn Capital, Greylock Partners, Providence Ventures, Tenaya Capital and Venrock | Lyra Health plans to expand its platform and network of mental health providers. |
Lyra’s platform primarily serves to match employees and their dependents to mental health care professionals and personalized, evidence-based treatments.
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| Innovaccer | Series C | $70 | Steadview Capital, Tiger Global, Dragoneer, Westbridge, Mubadala and Microsoft’s M12 | The company wrote in its announcement that these funds would be used to further strengthen its data-driven platform. |
By using artificial intelligence and data analytics, Innovaccer’s products handle a slew of processes for healthcare organizations.
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| Cera Care | N/A | $70 | Kairos | The funding coincided with Cera Care's launch of its SmartCare technology platform. |
SmartCare utilises machine learning and data analytics to predict the onset of health deteriorations in patients before they manifest.
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| Headspace | Series C | $53 | blisce/, Waverly Capital, Times Bridge, The Chernin Group, Spectrum Equity and Advancit Capital | Headspace plans to continue growing its D2C, B2B and international offerings. |
Headspace’s primary product is a free-to-download meditation app, but it also offers products for employer benefits programs.
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| Olive | N/A | $51 | General Catalyst, Drive Capital, Oak HC/FT, Ascension Ventures and other unnamed investors | Olive said that these funds will boost the AI company's growth, and "further its mission" of offloading the burden of administrative processes from hospital staff. |
Olive's "AI Workforce" is designed to automate a selection of tedious, high-volume administrative tasks for healthcare organizations.
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| Komodo Health | Series C | $50 | Andreessen Horowitz, Oak HC/FT, IA Ventures and Felicis Ventures | Komodo is looking to expand its platform with the raise. |
The company offers an analytics and insights platform for healthcare, life sciences and advocacy groups seeking a more detailed look into patient healthcare journeys.
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| K Health | Series C | $48 | 14W, Mangrove Capital, Anthem, Lerer Hippeau, Primary Ventures and other unnamed backers | K Health will be expanding its product into new markets and refining the symptom checker tool. |
K Health’s artificial intelligence questions users about their health issue and then shares how similar cases have been diagnosed and treated in the past.
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| Bigfoot Biomedical | Series C | $45 | Abbott, Quadrant Capital Advisors, Senvest Capital, Janus Henderson and Cormorant Asset Management | The company said that these funds will support continued product development, FDA regulatory submission and clinical trials. |
The Milpitas, California-based company is building an insulin delivery system able to connect to smartphones and other management devices.
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| Advantia | N/A | $45.00 | BlueMountain Capital Management | This latest funding will enable the company to expand its practice with the goal of integrating OB-GYN, primary care, mental wellness and other health services. |
The Arlington, VA-based startup provides women with medical care in a variety of physical locations, as well as through digital channels.
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| Intelycare | Series B | $45 | Endeavour Vision, Kaiser Permanente Ventures and Generator Ventures | The company said it plans to use the new money to continue to build its gig economy platform and data science tech. |
The company focuses on matching nurses and certified nursing assistants with acute healthcare facilities for certain shifts.
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| Maven | Series C | $45 | Icon Ventures, Sequoia, Oak HC/FT, Spring Mountain Capital, Female Founders Fund, Harmony Partners and individual investors | Maven said the new money will be used to invest in its core digital offerings. |
