Despite widespread COVID-19 pandemic, digital health companies worldwide raised a record of $6.3 billion in the first half (1H) of 2020. Eighty percent of the funding was raised by companies in the United States. China, Sweden, Canada, Israel, the U.K, and India each raised $100 million or more during 1H 2020.
Telehealth companies led the financing activity raising 30% of the digital health total funding. Other categories that received a sizable investment include data analytics, mHealth apps, clinical decision support, wearable sensors, and wellness.
The top-funded companies during 1H 2020
In a Series C financing round, Amwell (formerly American Well) raised $194 million. KRY, a telemedicine company, raised $155 million in a Series C funding. Mindstrong, a digital mental health consultation platform, raised $100 million. Virta Health – an online medical clinic for type 2 diabetes – raised $93 million. Tyto Care, an on-demand telehealth company, raised $50 million. Miaoshou Doctor, a provider of online medical consultation services, raised $84 million.
DNAnexus, cloud-based genome informatics and data management software platform, closed a $100 million round. Verana Health, a healthcare technology company focused on curating and analyzing real-world clinical data, closed a $100 million round. Element Biosciences, a developer of genetic analysis applications, raised $80.3 million. Innovaccer, a provider of a unified healthcare data activation platform, has raised a total of $70 million. nference, a provider of AI-powered analytics platform for clinical research and operations, raised $60 million. Omniome, the developer of a DNA-sequencing platform, raised an additional $60 million.
ClassPass, an app to book fitness and wellness classes across multiple gyms and studios, raised $285 million in a Series E funding round. DispatchHealth, a home healthcare services app, closed a $135.8 million round. Meditation app Headspace closed its $100.7 million Series C round. Keep, a Beijing-based fitness app raised $80 million. Big Health, a maker of sleep and stress tracking app, raised $39 million. Kaia Health, a chronic back pain management app, raised $26 million.
Clinical Decision Support
Concerto HealthAI, a provider of enterprise artificial intelligence and real-world data solutions for precision oncology, raised $150 million in aggregate Series B financing. Tempus, a precision medicine company, raised $100 million at a $5 billion post-money valuation. Dascena, a developer of machine learning algorithms for complex diseases, raised $50 million. Tech-enabled health assessment platform Q Bio raised $40 million. Modern Health, a mental well-being platform, closed a $31 million. Syapse, a precision medicine company, raised $30 million.
Element Science, a provider of patch-based wearable cardioverter defibrillator that monitors a patient’s heart, raised $145.6 million. 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, raised $90 million. Oura Ring, a Finnish startup that creates a smart activity and sleep tracking ring, raised $28 million.
LetsGetChecked, an online platform for booking at-home test kits, raised $71 million in Series C round co-led by Illumina Ventures and HLM Venture Partners. Omada Health, a virtual and in-person program for managing chronic disease, raised $57 million from investment fund Perceptive Advisors.
Other categories that received significant funding include Medical Imaging, Practice Management Solutions, Mobile Wireless, Remote Monitoring, Billing, among others.