Despite the uncertainty of COVID-19, funding deals during the last three months were generally on par with those of Q1 2020 and Q2 2019.
As the broader economy ping pongs between state lockdowns, unemployment reports and escalating public markets, COVID-19 still down't appear to have torpedoed investors' interests in digital health.
During the second quarter of 2020, MobiHealthNews tracked 89 funding deals totaling $2.44 billion – a slight increase in volume but decline in value when compared to both Q2 2019 (81 deals, $2.45 billion) and Q1 2020 (82 deals, $2.9 billion). That broader spread of funds isn't to say that there weren't some heavy-hitting deals this quarter, as startups focused on insurtech, telehealth, artificial intelligence drug discovery, and tech-enabled home care all took home nine-figure investments.
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 |
| Oscar Health | Series C | $225 | Alphabet, General Catalyst, Khosla Ventures, Lakestar, Thrive Capital and Baillie Gifford | The company is planning to use this latest infusion of cash to expand its footprint. |
Oscar offers direct-to-consumer health insurance. Currently it has plans for individuals and families, businesses, and Medicare Advantage plans.
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| Amwell | Series C | $194 | Allianz X and Takeda | The company plans to use the new money to help expand its technology and services and help providers scale. |
Amwell is among the largest consumer and enterprise telehealth providers.
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| insitro | Series B | $143 | Andreessen Horowitz, Canada Pension Plan Investment Board, T. Rowe Price Associates, BlackRock, Casdin Capital, HOF Capital, WuXi AppTec's Corporate Venture Fund, ARCH Venture Partners, Foresite Capital, GV, Third Rock Ventures, Two Sigma Ventures, and Alexandria Venture Investments | The funds will support the continued construction of its technology, and allow it to begin pursuing genetically validated targets and therapeutics among certain patient populations. |
insitro analyzes genetic, phenotypic and clinical data to find likely candidates for new treatments.
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| DispatchHealth | Series C | $135.80 | Optum Ventures, Alta Partners, Questa Capital, Echo Health Ventures, Oak HC/FT and Humana. | With these funds, DispatchHealth plans to grow its services in cities they already occupy and into new locations. It also will begin offering additional services available on its platform. |
Patients and their providers can request services by calling in by phone – or via the mobile app or website. A team of medical professionals is then sent to the patient’s house within two hours of the request to provide the necessary care.
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| Cedar | Series C | $102.00 | led by Andreessen Horowitz. | The company said the new funds will be put towards expanding its overall offerings. |
The company focuses on helping to guide patients through their medical bills and payments.
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| Mindstrong | Series C | $100 | Undisclosed | The company plans to use the latest funds to scale its business. |
Mindstrong's digital mental health platform combines telehealth, care management and digital biomarkers.
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| Cue Health | Series C | $100.00 | Decheng Capital, Foresite Capital, Madrone Capital Partners, Johnson & Johnson Innovation, ACME Capital and other unnamed investment firms all participated in the raise. | The new funds will be used to scale the manufacturing of its platform. |
Cue is a rapid diagnostics startup now working on a connected testing device.
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| LetsGetChecked | Series C | $71 | Illumina Ventures, HLM Venture Partners, Deerfield, CommonFund Capital and Angeles Investments, Transformation Capital, Optum Ventures and Qiming Venture Partners USA | The company said these funds will help build up its manufacturing, supply and testing capacity for COVID-19. |
LetsGetChecked provides consumer customers with a range of at-home testing kits, such as ones for hormone levels, sexually transmitted infections, liver performance, nutrition and COVID-19.
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| Aledade | Series C | $64 | OMERS Growth Equity, California Medical Association, Meritech Capital, Echo Health Ventures, CVF and GV | The funds will help it to continue growing new and existing ACOs in addition to value-based contracts with public and commercial health plans. |
Aledade partners with providers to build tech-enabled accountable care organizations.
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| Exscientia | Series C | $60 | Novo Holdings, Evotec, Bristol Myers Squibb and GT Healthcare Capital Partners | The money will expand the various projects in Exscientia's portfolio and pipeline, and help it launch new efforts. |
Exscientia has a platform that uses AI to design novel compounds for synthesis and clinical development.
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| Patient Ping | Series C | $60 | Andreessen Horowitz, F-Prime Capital, GV, and Transformation Capital led the round with participation from existing investors. | The latest funding, which actually closed a year ago but was no announced until recently, is expected to help the company expand its geographical footprint and reach to move providers. |
The company is able to coordinate patient care by giving a notification to providers when a patient receives care at another institution.
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| Alan | Series C | $54.30 | Temasek and Index Ventures | The company aims to launch additional services like these while expanding out of France into the rest of Europe. |
Alan's health insurance platform looks to provide users with access to providers, information and other care support via its app.
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| Dascena Inc. | Series B | $50 | Frazier Healthcare Partners, Longitude Capital, Euclidean Capital and another undisclosed investor. | The round will help Dascena continue development on its suite of diagnostic machine learning algorithms for clinician decision support. |
The company's flagship product is a machine learning algorithm for sepsis.
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| Tyto Care | N/A | $50 | Inight Partners, Olive Tree Ventures and Qualcomm Ventures | The company plans to use the new funds to expand its commercialization efforts the U.S., Europe and Asia. It is also looking at expanding its AI and machine learning home device product. |
The company is part telehealth and part remote-monitoring. It allows patients to use digital tools to help conduct their exam at home, while being guided and evaluated by a doctor via telemedicine.
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| Headspace | Series C | $47.70 | Undisclosed | While the company did not specify what the funding was for, the add-on funding would presumably be aiming for many of the same goals Headspace outlined near the beginning of the year. |
Headspace is a mindfulness and meditation app.
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| 98point6 | Series D | $43 | Undisclosed | The company said it will be tripling the size of its physician workforce before the end of the month to handle new demand. |
98point6 provides on-demand primary care services for consumers and health plans that can be accessed through the company's mobile app.
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| Owkin | Series A | $43 | Mubadala Capital, Bprifrance, Cathay Innovation and MACSF | The company plans on using the new money to grow its technology. It will also go towards expanding its COVID-19 specific tool. |
Owkin is a machine learning medical research company aiming to connect doctors, researchers, scientists and other stakeholders.
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| BrightInsight | Series B | $40 | Insight Partners headlined the raise, which also featured Series A investors New Leaf Venture Partners and Eclipse Ventures. | In addition to fueling the growth of its worldwide team, BrightInsight said it will be expanding its platform with more analytics functionalities and the launch of pre-built software assets for digital clinical trials. |
BrightInsight – a part of electronics manufacturing services firm Flex – sees itself acting as the infrastructure of a digital health ecosystem.
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| Abacus Insights | Series B | $35 | Blue Venture Fund led the round, and was accompanied by CRV, .406 Ventures, Horizon Healthcare Services and Echo Health Ventures. | The Boston-based company will be deploying the new capital to scale its business, continue to flesh out the capabilities and connections supported by its platform, and make new hires. |
Abacus Insights, a data interoperability technology company targeting health plan customers, collected $35 million in Series B funding, bringing its lifetime venture backing to $53 million.
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| Higi | N/A | $30 | Babylon Health, 7Wire Ventures, Flare Capital Partners, Jumpstart Capital, Rush University Medical Center for Health and William Wrigley Jr. | Higi will be using the funds to expand the reach and content offerings of its health kiosks, notably with the support of Babylon's tech. |
Higi's distributes in-store health kiosks equipped to administer quick tests for blood pressure, pulse, weight and BMI.
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| Big Health | Series B | $30.00 | Gilde Health, Morningside Ventures, Samsung NEXT, Kaiser Permanente Ventures and Octopus Ventures. | The raise will support new product development, as well as growth of its distribution channels and commercialization efforts. |
Big Health's two main products Sleepio and Daylight are digital programs to help users manage poor sleep and anxiety.
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| Kyruus | Series D | $30.00 | Francisco Partners | Kyruus plans to use the new funds to expand its platform into new health systems and in new market segments. |
The company makes a provider search and scheduling tool for health systems.
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| Carbon Health | Series B1 | $28 | DCVC | The company said that it increased its staff from 100 employees to more than 300, and has now expanded its virtual-care service to treat patients in 15 additional states |
The San Francisco-based company runs a series of brick-and-mortar clinics in California. supported by |
