Investors smashed the quarterly and annual digital health funding records of years past.
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By MobiHealthNews' tally, the last three months have hosted at least 92 digital health funding rounds totalling just over $3.8 billion – a marked increase over Q4 2019's 55 raises of $1.7 billion.
After something of a cool start, digital health investors finished the fourth quarter of 2020 strong with a collection of nine-figure raises from well-known health tech names. Verily led the pack here with a late-breaking $700 million raise, but the last few weeks also saw noteworthy buzzer-beaters from Bright Health ($500 million) Olive ($225.5 million), Everlywell ($175 million) and Cityblock Health ($160 million).
Big fundraising numbers were also the story of 2020 as a whole. In a calendar year that didn't adhere to anyone's expectations, digital health and health tech found unprecedented interest from patients, providers and investors alike.
That last group bankrolled 372 funding rounds for 351 companies, and by MobiHealthNews' count pumped about $13.8 billion into the digital health sector. The year's raises were head and shoulders above its predecessors, which logged 251 announcements for $7.2 billion (2019) and 244 rounds for $7.7 billion (2018).
To see our entire breakdown, read on below for the full list of funding news MobiHealthNews tracked in 2020. These entries are ordered by size with multiple raises by the same company broken out into separate entries. The companies' names also include links to our initial coverage of the raise.
| Company | Round/Series | Amount (M) | Quarter | Investors | What's it for | What they do | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verily | Unspecified | $700 | Q4 | Alphabet, Silver Lake, Temasek, Ontario Teachers' Pension Plan and others | The investments will be used to expand some of Verily’s leading commercial businesses, such as Project Baseline. | Verily serves as Alphabet’s research arm that develops tools and devices to collect, organize and activate health data. | ||||||||||||
| Bright Health | Series E | $500.00 | Q3 | Tiger Global Management, T. Rowe Price Associates and Blackstone, NEA, Bessemer Venture Partners and Greenspring Associates. | These funds, in addition to existing capital, will be used to help the company expand into new geographies, Bright Health said. | It operates in 43 markets across 13 states in the U.S. and currently offers individual, family and Medicare Advantage plans. Additionally, the tech-enabled company runs a consumer-minded platform consisting of web tools and a mobile app. | ||||||||||||
| XtalPi | Series C | $319.00 | Q3 | SoftBank Vision Fund 2, PICC Capital, Morningside,Tencent, Sequoia China, China Life and SIG | XtalPi plans to use this funding to help make the pharmaceutical R&D process more efficient by expanding its ID4 platform. | Its platform combines quantum physics, AI and cloud computing algorithms to assess how drugs react at a molecular level in order to help pharmaceuticals progress through clinical trials. | ||||||||||||
| ClassPass | Series E | $285 | Q1 | 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. | ||||||||||||
| Alto | Series D | $250 | Q1 | 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. | ||||||||||||
| Recursion Pharmaceuticals | Series D | $239.00 | Q3 | Leaps by Bayer, Casdin Capital, Catalio Capital Management, Laurion Capital Management, Samsara BioCapital and others. | The funds will help Recursion fuel the clinical development of its therapy.peutic pipeline, and support continued investment into the development of its technology. | Recursion is an artificial intelligence drug discovery company, | ||||||||||||
| Olive | Venture round | $225.50 | Q4 | Tiger Global, General Catalyst, Drive Capital, Silicon Valley Bank, GV, Sequoia Capital Global Equities, Dragoneer Investment Group and Transformation Capital Partners | These funds will speed up product development as it plans to unveil additional platform capabilities in the new year. | Olive offers its customers an "AI Workforce" that's designed to automate a selection of tedious, high-volume administrative tasks for healthcare organizations. | ||||||||||||
| Oscar | Series C | $225 | Q2 | 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. | ||||||||||||
| ICON Health & Fitness | Growth round | $200 | Q4 | L Catterton and Pamplona Capital Management | ICON is accelerating its ability to sell its various connected devices and deliver fitness content through its iFit digital platform. | ICON is the parent company of a range of connected consumer fitness equipment brans like NordicTrack, Freemotion and iFit. | ||||||||||||
| Ro | Series C | $200.00 | Q3 | General Catalyst, FirstMark Capital, Torch, SignalFire, TQ Ventures, Initialized Capital, 3L, BoxGroup and the Chernin Group | The company is adding remote patient monitoring, new diagnostic test none">ing and urgent care to its offerings. | Ro began as a men's sexual health and wellness platform, and now hosts several brands delivering direct-to-consumer health products. | ||||||||||||
| Amwell | Series C | $194 | Q2 | Allianz X and Takeda | The company plans to use the new money to help expand its technology. none">ogy and services and help providers scale. | Amwell is among the largest consumer and enterprise telehealth providers. | ||||||||||||
| Everlywell | Series D | $175 | Q4 | BlackRock, the Chernin Group, Foresite Capital, Greenspring Associates, Lux Capital, Morningside Ventures Portfolia, Goodwater Capital, Highland Capital Partners and Next Coast Ventures | EverlyWell wants to flesh out its virtual care offerings, scale up its testing capabilities and infrastructure, and use its testing system to support clinical research. | The startup's online consumer storefront offers home lab tests spanning the range of general wellness, nutrition, heart health, blood sugar, sexual health and – as of 2020 – COVID-19. | ||||||||||||
| Grand Rounds | Unspecified | $175.00 | Q3 | The round was led by the Carlyle Group. | According to the company, the new funds will go towards growing its “clinical navigation and virtual primary care.” | The California-based company was founded in 2011 and started out as a second opinions site, but then pivoted to the health navigation space. | ||||||||||||
| Cityblock Health | Series C | $160 | Q4 | Cityblock will be extending its reach into new regions and building out its offerings, such as a maternity care program. | The startup uses its tech platform to address health disparities and provide cost-effective care services. | |||||||||||||
| KRY | Series C | $152 | Q1 | 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. | ||||||||||||
| Concerto HealthAI | Series B | $150 | Q1 | Declaration Partners, Maverick Ventures, AllianceBernstein PCI and SymphonyAI Group | The new funds will help the company focus on developing its products. none"> 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. | ||||||||||||
| Element Science | Series C | $145.60 | Q1 | 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. | ||||||||||||
| insitro | Series B | $143 | Q2 | 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. | ||||||||||||
| Oscar | Unspecified | $140 | Q4 | Tiger Global Management, Dragoneer, Baillie Gifford, Coatue, Founders Fund, Khosla, Lakestar and Reinvent | Oscar anticipates more growth in its future, and wants to leverage its new funding to reach more potential enrollees. | The insurtech company offers direct-to-consumer health plans that seek out and guide members toward optimal and cost-effective care options. | ||||||||||||
| DispatchHealth | Series C | $135.80 | Q2 | 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. | ||||||||||||
| Alignment Healthcare | Series C | $135 | Q1 | 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. | ||||||||||||
| Iora Health | Series F | $126 | Q1 | 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. | ||||||||||||
| Atomwise | Series B | $123.00 | Q3 | B Capital Group, Sanabil Investments, DCVC, BV, Tencent, Y Combinator, Dolby Family Venture and AME Cloud Ventures. | The new funds are going to be put toward its internal drug development. none">nt efforts and used to grow its partnership programs. | The company uses artificial intelligence, specifically “convolution neural networks,” in order to assist with drug discovery efforts. | ||||||||||||
| Sema4 | Series C | $121.00 | Q3 | BlackRock, Deerfield Management Company, Moore Strategic Ventures, Blackstone, Section 32, Oak HC/FT, Decheng and Connecticut Innovations | The funds will help Sema4 continue to grow and bring new "world-renowned partners" to its team. | The spinout promotes data platforms focused on intelligent use of health research data, data-driven precision oncology, women's reproductive health and population health management. | ||||||||||||
| 98point6 | Series E | $118 | Q4 | Growth Fund of L Catterton, Activant Capital, Goldman Sachs Merchant Banking Division and other unnamed investors. | 98Point6's newest funding will support R&D investment and further expansion of the startup's medical practice for employers, health plans and retail customers. | The company's on-demand primary care services for consumers and payers use AI to collect information about the user, build a patient profile and match them with a practitioner. | ||||||||||||
| Lyra Health | Series D | $110.00 | Q3 | Addition, Adams Street Partners, Casdin Capital, Glynn Capital, Greylock, IVP, Meritech Capital Partners, Providence Ventures, Tenaya Capital and former Starbucks CEO Howard Schultz | The funds will help address new demand in the employee mental health market and expand Lyra Blended Health, its video teletherapy service. | Lyra’s platform matches employees and their dependents to mental healthcare professionals and personalized, evidence-based treatments. | ||||||||||||
| Sophia Genetics | Series F | $110.00 | Q4 | aMoon, Hitachi Ventures, Credit Suisse and the Pictet group | Sophia Genetics' AI platform translates multiple sources of complex medical data on cancer and rare diseases into clinical insights for providers. | The new funding round will boost the company’s penetration in the U.S. and Asian markets, as expand the platform's multimodal capabilities. | ||||||||||||
| Strava | Series F | $110 | Q4 | TCV, Sequoia Capital, Dragoneer Investment Group, Madrone Capital Partners, Jackson Square Ventures and Go4it Capital | Strava plans to build up its features, support its global community and expand to better serve more athletes. | Strava is a consumer cycling and running platform with social features. | ||||||||||||
| Tonal | Unspecified | $110.00 | Q3 | L Catterton, Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media and THVC, Delta-v Capital, the Amazon Alexa Fund, Mouse Partners, basketball players Stephen Curry and Paul George and professional golfer Michelle Wie. | With this raise, it aims to accelerate marketing initiatives while simultaneously ramping up its supply chain and logistics to meet demand. The company will also be targeting new software-based additions to its product, new fitness content and a research project with the Mayo Clinic. | Tonal offers a special connected exercise machine with a AI-powered fitness software, all focused on the goal of strength training. | ||||||||||||
| Olive | Unspecified | $106.00 | Q3 | General Catalyst and Drive Capital, Ascension Ventures, Oak HC/FT and SVB Capital. | The company did not specify how it would be deploying the new funds. none">s. | Olive is a startup that develops artificial intelligence and automation software for providers. | ||||||||||||
| Cedar | Series C | $102.00 | Q2 | 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. | ||||||||||||
| LinkDoc Technology | Series D+ | $102.00 | Q3 | The company's support came from an undisclosed collection of prior backers, as well as newcomers such as CICC Capital, Youshan Capital and iFOF. | The company said it plans to continue fleshing out its big data platform and the tools within it. | The company is a cloud-based platform offering a big data repository of medical data for clinical trial and clinical AI. | ||||||||||||
| Avail Medsystems | Series B | $100 | Q4 | D1 Capital Partners, 8VC, Lux Capital, Coatue, Sonder Capital, Playground Global, Baidu Ventures and Refractor Capital | The money will help push into new clinical specialties, further improve access to medical expertise, and enable more rapid adoption of new medical technologies. | The Palo Alto, California company's technology allows surgical teams to virtually consult with outside experts while they are in the midst of a procedure. | ||||||||||||
| Biofourmis | Series C | $100.00 | Q3 | SoftBank Vision Fund 2, Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI. | As part of the shift, Biofourmis said that it would be using the new capital to develop, validate and commercialize digital therapeutics. | Biofourmis is a Boston-based predictive-care startup that's leaning more and more into digital therapeutics. | ||||||||||||
| Carbon Health | Series C | $100 | Q4 | Dragoneer Investment Group, Brookfield Technology Partners, DCVC and Builders VC | These funds will help scale Carbon's business across the country, as well as support its ongoing push into the enterprise and employer market. | Carbon Health's approach blends in-person visits at a clinic or pop-up site with virtual care through its app | ||||||||||||
| Cue Health | Series C | $100.00 | Q2 | 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. | ||||||||||||
| Heal | Series D | $100.00 | Q3 | Humana | In addition to aligning the two companies' interests and delivering Heal's home care services to Humana members, the strategic investment will help Heal push into new regions including Chicago, Charlotte and Houston. | Founded as a house call coordination app, Heal's service has expanded to support backend administrative work, telehealth follow-ups and pelepsychology services. | ||||||||||||
| Medly | Series B | $100.00 | Q3 | Volition Capital, Greycroft, Horsley Bridge and Lerer Hippeau | The company plans to use the new funds to grow its platform and services. | The tech-enabled pharmacy lets patients schedule same-day delivery over the phone, through text messages or an app. | ||||||||||||
| Mindstrong | Series C | $100 | Q2 | 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. | ||||||||||||
| Verana Health | N/A | $100 | Q1 | 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. | ||||||||||||
| Virta | Series C | $93 | Q1 | 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. | ||||||||||||
| Medable | Series C | $91 | Q4 | Sapphire Ventures, GSR Ventures, PPD, Inc and Streamline Ventures | The new infusion of cash will go towards helping to build new technologies in the clinical trial space. | The startups h | ||||||||||||
