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 – has closed a $310 million Series D funding round.
The company plans to use the new funds to expand its clinical capabilities as an end-to-end Digital MSK Clinic for all back and joint pain care.
The round was jointly led by Coatue Management and Tiger Global with participation from existing investors Atomico, Insight Partners, Quadrille, 11.2 Capital, Lead Edge Capital, Bessemer Venture Partners, and Heuristic Capital.
Founded in 2015, Hinge Health sells a digital healthcare solution for chronic MSK conditions to U.S. employers and health plans. The company’s digital platform combines wearable sensors, an app, and health coaching to deliver physical therapy and behavioral health remotely.
According to the company, the Series D round values Hinge Health at $3 billion (post-money valuation). The company reported a 300% increase in revenue in 2020 and expects revenue to nearly triple again in 2021 based on its booked pipeline. Hinge Health currently works with Fortune 500 companies including, Boeing, Salesforce, U.S. Foods, and 300+ health plan, employer, and public sector customers.
“Hinge Health is eliminating variability in healthcare quality and instead delivering better outcomes through consistent digital-first clinical care no matter where a person lives across the country,” explained Hinge Health CEO and Co-Founder Daniel Perez. “We are investing in deepening our MSK clinical capabilities by building advanced technologies and tripling our clinical team of doctors, physical therapists, and health coaches.”
Digital Health Wearable Sensors companies received $815 million during 2020 compared to $457 million in 2019, a 78% increase in the funding amount, according to the Mercom Digital Health Funding and M&A Report.