Despite the COVID-19 pandemic, digital health companies worldwide raised a record $10.3 billion in the first nine months (9M) of 2020. Thirty top-funded digital health companies in the 9M 2020 raised 32% ($3.3 billion) of the total funding. The rest was raised by over 400 digital health companies worldwide.
Telehealth companies attracted most of the large financing rounds, followed by healthcare data analytics companies. Digital health companies focused on mHealth apps, clinical decision support, wearable sensors, and digital wellness also secured significant funding during 9M 2020.
Ro, an online health startup that sells hair loss supplements and erectile dysfunction medication to men, raised $200 million in the latest funding round at a $1.5 billion valuation. Amwell (formerly American Well) raised $194 million. KRY, a telemedicine company, raised $155 million.
Lyra Health, a provider of digital mental health benefits for employers, raised $110 million. Heal, a doctor’s appointment and a telehealth platform received $100 million. Mindstrong, a digital mental health consultation platform, also secured $100 million.
Sema4, a patient-centered healthcare data analytics platform, announced a financing round of $121 million at a post-money valuation of over $1 billion. LinkDoc Technology, an AI-enabled oncology data analytics company, raised $102 million.
Biofourmis, a personalized AI-powered health analytics platform, raised $100 million. DNAnexus, cloud-based genome informatics and data management software platform, closed a $100 million funding 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 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 $136 million round. Meditation app Headspace received $101 million in a Series C round.
Fitness app Keep raised $80 million. Big Health, a maker of sleep and stress tracking app, raised $39 million. Prescryptive Health, a prescription medication price transparency app, closed a $26 million Series A financing round.
Element Science, a patch-based wearable cardioverter defibrillator that monitors a patient’s heart, raised $146 million. Preventice Solutions, a wearable patches that monitor cardiac arrhythmias remotely, raised $137 million.
Hinge Health, a developer of wearable bands with motion sensors that help employees recuperate from musculoskeletal problems such as lower back, knee, shoulder, and neck pain, raised $90 million. Withings, a designer of smartwatches and medical-grade connected devices, announced a $60 million Series B funding round. Willow, an app-connected smart wearable breast pump, raised an additional $55 million in Series C funding. Indigo Diabetes, a continuous glucose monitoring sensor system, raised $45 million Series B funding.
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.
Caption Health, an artificial intelligence (AI)-powered diagnostics and decision-making software, closed its Series B funding of $53 million. 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.
Tonal, an AI-powered connected home fitness system, announced $110 million in new capital. LetsGetChecked, an online platform for booking at-home test kits, raised $71 million. FITURE, an AI-powered connected home fitness system, raised $65 million.
Tempo, an AI-powered connected fitness system, raised $60 million in new funding. Omada Health, a virtual and in-person program for managing chronic disease, raised $57 million from investment fund Perceptive Advisors. Oviva, a digital health program provider for Type 2 diabetes patients, raised $21 million in Series B funding.
Other categories that received significant funding include Healthcare Service Booking, Practice Management Solutions, and Medical Imaging.