Investments in Digital Health

Driven by the promise of powerful data analysis methods, computational platforms to enable them, and the ever-increasing collection and ability to extract healthcare and wellness data, the world of digital health has been an exciting one to watch for several years. Since the early 2010’s, venture funding towards digital health solutions has increased at a steady pace, accompanied by an increase in average deal size. A recent report from Rock Health reports on the continuation of this trend through the first half of 2021. In this blog, we are taking a brief look at some of the most notable, recent investments in digital health.

Capsule, a digital pharmacy founded in 2015, began with prescription delivery in New York City and has now grown to offer services in several states. The company raised $300 million in April 2021, bringing its total valuation over $1 billion. Chief Executive Officer Eric Kinariwala has stated that the funds will be used to invest in new technology and expand into additional markets.

Caris Life Sciences, which aims to enable precision medicine through innovation in molecular science and artificial intelligence, announced an $830 million growth equity round in May 2021. The company provides customers with an array of molecular profiling services, along with products for AI analytics and clinical trial processes.

Maven Clinic, a female-founded company launched in 2014 that focuses on virtual offerings in women’s health, secured a $110 million series D earlier this year making it the first digital health unicorn exclusively focused on women’s health, according to Rock Health. The company, which has had seen investment from the likes of Oprah Winfrey, Reese Witherspoon, and Mindy Kaling and will use the funding to continue offering a patient-focused experience.

Announced in August, clinical trials optimization software company Reify Health raised a $220 million Series C. The company aims to speed up clinical trials through two business entities. The first entity is StudyTeam, which provides a platform for patient recruitment and enrollment. The second entity is Care Access, a decentralized research organization. According to reports, the company will use the funds to expand work across both business entities.

Spring Health, founded in 2016, offers a mental health benefits platform for employers that promises “personalized mental healthcare,” using research-backed practices to optimize the use of treatments and eliminate barriers to effective treatment. Spring announced a $190 million Series C funding in September 2021 along with their plans to use the capital to accelerate ongoing efforts and increase growth in strategic partnerships.

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