Forward Health, a provider of an intelligent biometrics monitoring system, announced $225 million in Series D funding with participation from Founders Fund, Khosla Ventures, SoftBank Vision Fund 2, Marc Benioff, and The Weeknd, among others.
According to Forward Health, the funding will help expand its healthcare system nationwide with several new locations. The company will also use the funds to introduce new doctor-led programs focused on heart health, cancer detection, COVID-19, stress, anxiety, and weight management.
The company makes a sensors-enabled biometric system that measures blood pressure and temperature. The system also includes pulse oximetry that helps doctors for ongoing monitoring of patients from their homes.
Forward Health also provides on-demand house calls, virtual doctor visits, and in-person care at its clinics, where first-time visits last an average of 60 minutes. During a member’s initial visit, more than 500 unique biomarkers can be captured. The findings are then incorporated into the member’s health plan, delivering a comprehensive and precise baseline of the member’s health.
According to the company, using continuous biometric and behavioral data monitoring, doctors create personal health programs that identify and treat problems.
“We believe Forward Health is transforming healthcare. Rather than visiting a doctor when you are sick, Forward proactively works to keep you healthy by utilizing advanced technologies such as remote biometrics monitoring and app-based care,” said Jeff Housenbold, Managing Partner, SoftBank Investment Advisers.
Jeff Housenbold added: “With the traditional healthcare system under stress and people reticent about visiting crowded facilities, there has never been a greater need or better time to rethink healthcare from the ground up. We look forward to supporting Adrian and the team in their mission to provide personalized, preventive care.”
“The pandemic has further exposed the limitations of traditional healthcare, and the band-aid of telehealth alone does not solve the problem. We’re grateful that our investors have recognized this and are backing a new healthcare system that requires no insurance and no copay,” said Adrian Aoun, Chief Executive Officer, and co-founder, Forward Health. “In addition to serving as your single-source for every day, primary care, our insight-led care helps identify issues early so you can stay healthy for the long-term.”
Wireless healthcare devices companies raised $471 million in 2020, compared to $556 million in 2019, a 15% decrease YoY. Recently, Cue Health, the creator of an app-connected health monitoring device system, raised $100 million in Series C funding. Reperio Health, a connected at-home health assessment, and biometric screening system, raised $6 million in seed capital.