Digital Health Wearables companies raised $675 million in venture capital in the first half of 2021, compared to $321 million in 1H 2020, a 110% increase year-over-year (YoY), according to the latest Mercom Digital Health Funding and M&A Report.
Wearable Sensors companies have raised $5 billion since 2013.
According to the International Data Corporation data, global wearables shipments reached 114.2 million during the second quarter of 2021. Apple once again led the market with a 28.2% share. Among the various wearables’ device types, hearables and smartwatches grew 39% during Q2 2021. Smartwatches priced between $200 and $300 grew 10% in Q2 2021; meanwhile, hearables in the sub $100 space have experienced a similar trend.
Top Digital Health Wearable Funding Rounds in 1H 2021
Hinge Health, a developer of wearable bands with motion sensors that help employees recuperate from musculoskeletal problems such as the lower back, knee, shoulder, and neck pain – closed a $310 million Series D funding round. Including the latest funding round, Hinge Health has raised $nearly $500 million to date.
Oura Ring, a Finnish startup that creates smart activity and sleep tracking rings, raised $100 million in a Series C round, led by The Chernin Group and Elysian Park. Additional investors include Temasek, JAZZ Venture Partners, Eisai, Forerunner Ventures, Square, MSD Capital, Marc Benioff, Lifeline Ventures, Metaplanet Holdings, and Next Ventures. Including the latest funding round, Oura Ring has raised $148.3 million to date.
SWORD Health, a clinical-grade wearable musculoskeletal belt maker, raised $85 million in a Series C funding round led by General Catalyst with BOND, Highmark Ventures, BPEA, Khosla Ventures, Founders Fund, Transformation Capital, and Green Innovations. Including the latest funding round, Sword Health has raised nearly $150 million to date.
Current Health (formerly snap40), the developer of an AI-enabled wearable device that helps health professionals monitor patients in the hospital and at home, raised $43 million in a Series B financing round. Northpond Ventures led the funding round with additional funding from LRVHealth, OSF HealthCare, Section 32, Elements Health Ventures, and existing investors.
Willow, a smart in-bra wearable breast pump maker, raised an additional $26.8 million in funding through a Series C extension round. The funding round was led by Endeavour Vision, alongside New Enterprise Associates (NEA), Pura Vida Investments, Purple Arch Ventures (a part of Alumni Ventures Group), Logos Capital, and Gaingels. This extension round brings Willow’s total Series C investment to $81.8 million and funding to date to nearly $200 million.