May 16, 2021

Lonnie Listonsmith

Experienced Health Expert

Tempo lands $200M for digital fitness studio, Benchling scores $200M for pharma research platform and other digital health fundings

5 min read

At-home digital fitness studio Tempo has raised $220 million in its recently closed Series C funding round. SoftBank Vision Fund 2 led the round with additional participation from new investor Steadfast Capital Ventures and returning investors DCM, General Catalyst, Norwest Venture Partners, and Bling Capital.

Tempo plans to use the money to continue enhancing its artificial intelligence and 3D sensor tracking technology. The company’s flagship workout device scans users 30 times per second to guide users through the session while correcting their form when necessary.

Coming less than a year after its $60 million raise, Tempo now has nearly $300 million in funding to date.

Benchling, a maker of a suite of software tools for boosting collaboration and productivity for pharma and biotech researchers, scored a whopping $200 million in Series E funding. Sequoia Capital Global Equities led the round with participation from Altimeter Capital, Byers Capital and Elad Gil.

The company’s cloud platform helps manage experimental data sets, and enables cross-team collaboration and managing workflows. The company plans to use the Series E funding towards investing in its product development and global expansion.

“Recent breakthroughs in biology have the potential to transform the world in the same way that computing and the Internet did. We are relying on scientists to rewrite the medicines we take, the food we eat, and the fuels that power our lives,” Patrick Fu, managing partner at Sequoia Capital Global Equities, said in a statement. “We are excited to partner with Benchling as they build the foundational software infrastructure for the scientists redefining the world.”

Swiss company CeQur landed $115 million in funding for its insulin-delivery tool. The round was led by Credit Suisse Entrepreneur Capital and Endeavour Vision, with participation from Tandem Diabetes Care, Ypsomed Group, Federated Hermes Kaufmann Funds, Kingdon Capital, GMS Capital, Schroder & Co. Bank SA and VI Partners.

The company has created a three-day wearable insulin-delivery device, which enables injection-free bolus dosing. The wearable patch can hold up to 200 units of insulin. The 10-year old company has looked to the M&A space for expansion. In 2018, the company purchased the wearable insulin delivery tool Calibra from Johnson & Johnson.

CeQur plans to use the new infusion of cash to commercialize its CeQur Simplicity. The company plans to roll out a limited market release in 2021 and then scale up the manufacturing.

“We are grateful for the support from this group of world-class investors, who share our vision to transform the lives of people with diabetes who require daily insulin therapy. In the pilot launch of CeQur Simplicity, we’ve been very encouraged by the feedback from healthcare professionals, payers, and people with diabetes, which validates that this novel device offers meaningful benefits to a large segment of people who are insulin-dependent,” Bradley Paddock, president and CEO at CeQur, said in a statement.

“We look forward to advancing our commercial and manufacturing plans in preparation for our broadscale launch.”

Palo Alto, California-based startup Medable has added $78 million in new funding for its platform that uses digital to help facilitate the clinical trial process.

Sapphire Ventures led the round that had additional participation from new investor Obvious Ventures and existing investors GSR Ventures, PPD Inc. and Streamlined Ventures.

“The shift to patient-centered drug development necessitates entirely new strategies and technologies,” Dr. Michelle Longmire, CEO and cofounder of Medable, said in a statement.

“Medable is committed to delivering the leading solutions to drug developers for this incredibly important change in how clinical research is conducted. Our team is passionate about building a world with ubiquitous research access and radically accelerated drug development timelines.”

Medable plans to use the funding to further its mission of enabling patient-centric clinical trials through the use of digital tools. Specifically, it says it will focus on internal initiatives around ubiquitous research access and patient data sharing and monitoring.

In-home senior care tech provider Vesta Healthcare announced a $65 million growth capital raise. Previously called Hometeam, the company helps connect senior’s caregivers to the other members of the care team. This adds to its $30 million 2019 investment round and brings its total funding pot to $95 million.

The tech-enabled company offers video calls with providers, as well as two-way text alerts. The company’s model, called “Homecareist” helps provider teams coordinate in-home care for patients aging at home.

The company plans to use the new funds to build out its geographical footprint, launch new programs and take on population health programs.

“We’re thrilled to continue our partnership with Vesta in this next phase of growth,” Annie Lamont, cofounder and managing partner of Oak HC/FT, said in a statement. “The COVID-19 pandemic put a new focus on the importance of home care, as well as the strain on caregivers and the people who rely on them. With proven tech-enabled clinical programs designed to support patients and caregivers through all circumstances, Vesta is making a meaningful impact on people’s daily lives.”

Tomorrow Health, a home healthcare equipment marketplace, announced a $25 million Series A round led by Andreessen Horowitz with participation from Obvious Ventures and BoxGroup.

In addition to the funding, the company added Paul Mango, former Deputy Chief of Staff for Policy at HHS and Roy Beveridge, former chief medical officer at Humana, to its advisory board.

To use Tomorrow Health’s platform, patients first enter their insurance information, medical needs and state. The platform is then able to give them a personalized view of home health products that meet their health requirements and are covered under their insurance plan. The company also helps to fill out the insurance claim paperwork and coordinate prescriptions with doctors.

The newly raised capital will go towards expanding its team and enhancing its infrastructure technology.

Origin, an online or in-person women’s health physical therapy provider, recently announced the closing of a seed round for an undisclosed amount. Brand Foundry Ventures and the Blue Venture Fund co-led the round.

The platform specializes in pelvic floor, musculoskeletal conditions, physiological and hormonal changes that oftentimes plague women. It provides PT sessions that are covered by some insurance plans, as well as educational information and community experiences.

“If there were a health issue affecting one in three men in America, there would be a practice like ours on every corner,” Carine Carmy, cofounder and CEO of Origin, said in a statement. “Instead, one-third of adult women are suffering silently with extremely common health issues, and it’s costing our health system billions of dollars each year.

“Origin’s growth is critical to reach more women and providers, to normalize pelvic floor physical therapy and increase access to non-invasive, cost-effective care. By elevating the standard of care, we aim to break the cycle of minimizing women’s pain, today and for generations to come.”

With its seed round funds, Origin has opened up two new physical locations in California and is planning for nationwide expansion for its virtual care offerings. Additionally, the investments will help Origin grow its provider network.

Des Moines, Iowa-based OpenLoop has raised $3 million in an oversubscribed seed round led by a group of physician angel investors. The round also had participation from Techstars, Next Level Ventures, Panoramic Ventures, ISA Ventures and all of the startup’s previous investors.

First launched in 2020, OpenLoop runs a virtual marketplace that matches clinicians who are looking for telehealth shifts with telehealth companies looking to scale their virtual care offerings.

The funding will go towards improving the OpenLoop platform technology and growing its team.

 

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