Agetech News No. 34

Dec 11, 2023 5 min read
Agetech News No. 34

The fact that AI was the #1 buzzword across all sectors in 2023 is no small feat. No other technological breakthrough has so swiftly captured the attention of leaders across every industry, from Agriculture to Waste Management, and yes even Agetech. But what everyone forgets...

AI Has Peaked

The fact that AI was the #1 buzzword across all sectors in 2023 is no small feat. No other technological breakthrough has so swiftly captured the attention of leaders across every industry, from Agriculture to Waste Management, and yes even Agetech.

But what everyone forgets, including the venture community who should know better because it's our job, is that the rise and fall of these innovations follow a predictable pattern. In 1995 research and advisory firm Gartner developed the Hype Cycle to model this journey, from initial over-excitement through the bubble's pop, culminating in a true understanding of the technology's applicable value.

Now, I'm not an AI-denier; there's still a lot of potential yet to be realized. But the fact is that the venture funding-fueled AI tide is past its "peak of inflated expectations" and on its way out, especially in Agetech. As it recedes, we'll start seeing just who is or is not wearing a swimsuit. Companies wearing their trunks - high-value use cases and solid business models - will survive, maybe even thrive as venture funds dry up. The others...well...just check out the top highlight from November below.

"AI is where Crypto was five years ago" - Charles Turner, CEO Kare

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This newsletter is sponsored by Third Act Ventures; the seed-stage, Agetech-focused venture capital firm. Having invested in 38 Agetech startups and counting, Third Act Ventures is the most prolific private investor in the space. To get involved visit

November Highlights

☠️ Olive, which claimed to use RPA and other AI tools to identify and automate health system's processes, announced that it was shutting down operations and selling off its assets. The startup was one of digital health’s largest unicorns, raising over $800 million in venture funding and touting a valuation of $4 billion at its peak. (Healthcare Dive)

🎉 Minded, a telepsychiatry service specializing in women’s care, was acquired by Uplift, a leading behavioral health telehealth provider, for an undisclosed amount. The acquisition aims to expand Uplift's services to provide a more comprehensive healthcare solution for women. (Femtech Insider)

Eargo, a direct-to-consumer hearing aids brand, was fully acquired and taken private by Patient Square Capital, a dedicated healthcare investment firm, for $52.9 million. (Hearing Tracker

Eleos Health, a Boston and Tel Aviv-based healthtech company which enhances the effectiveness of behavioral health clinicians using AI, raised $40 million in Series B. The company plans to use the funding to expand its product line to include compliance automation and value-based care support among others. (FinSMEs

The Home Care Division of Sodexo, including Comfort Keepers and other home care brands, which in September was acquired by The Halifax Group, raised an undisclosed amount of capital from another PE firm, Sentinel Capital Partners. The new partners were brought on due to their expertise in franchising and healthcare. (PR Newswire)

Vida Health, a digital health platform that provides personalized therapy, chronic care management, and wellness programs, raised $28.5 million to expand its clinical team, enhance its platform, and increase its sales and marketing efforts. (FinSMEs)

Free Market Health, a company focused on transforming the specialty drug fulfillment ecosystem through price transparency, access, and individualized care, raised $20 million in Series B funding to support growth and scale its care-driven marketplace. (PR Newswire)

AristaMD, a digital health company specializing in eConsult solutions, and Sitka, a telehealth platform provider, merged and raised $16.5 million in Series C funding. The capital will be used to accelerate the new combined company's growth, expand its product offerings, and further invest in its proprietary platform to improve patient outcomes and reduce healthcare costs. (FinSMEs

🎉 Winnow AI, a company specializing in artificial intelligence and machine learning for healthcare staffing, was acquired by Aya Healthcare for an undisclosed amount. The acquisition is aimed at enhancing Aya Healthcare's capabilities in predictive modeling, machine learning, and data analytics to improve healthcare staffing efficiency. (Aya Healthcare)

Neteera, a developer of contact-free vital sign sensing technology, raised a $6.7 million Series B extension to expedite production and recruit more installation and deployment personnel. (Pulse 2.0)

Jana Care, a digital therapeutics company focused on affordable and accessible care for chronic diseases, raised $6 million to accelerate the commercialization of its diabetes and hypertension management programs. (FinSMEs

Jukebox Health, which partners with Medicare and Medicaid plans to install grab bars and other assistive devices in members' homes, quietly raised $5.1 million. (SEC)

Fortuna Health, a healthcare technology company focused on simplifying Medicaid navigation, raised $4 million in financing led by Andreessen Horowitz. The funds will be used to further develop their platform, expand their team, and accelerate their mission to make healthcare more accessible and affordable for all Medicaid beneficiaries. (Business Wire)

Mon Ami, a SaaS provider to public for public and volunteer organizations serving older adults, quietly raised $3.4 million. (SEC)

Augment Therapy, a digital health start-up that utilizes immersive games to assist recovery at rehab and skilled nursing facilities, raised a $2.7 million Seed extension to enhance its product development and deepen its clinical validation. (Augment Therapy

BetterLeave, a platform that provides comprehensive bereavement care support to employees, raised $2.4 million in Seed funding to expand its clinical care model and refine its grief training curriculum. (FinSMEs

🎉 Wellory, which connects individuals with dietitians covered by insurance, was acquired by Season, a food-as-medicine meal delivery platform, for an undisclosed amount. The acquisition quickly scales Season's provider network and insurance coverage while improving its ability to provide personalized nutrition advice and meal planning. (Femtech Insider

Chptr, a digital platform dedicated to memorializing and sharing memories of deceased loved ones, raised $1.5 million to enhance its app's features and expand its user base. (TechCrunch)

Around the World

Doccla - Europe's leading virtual hospital

Doccla, a London-based healthtech startup specializing in remote patient monitoring, raised €5 million to enhance its technology, expand its team, and increase its market presence. (Silicon Canals

Frieda Health, a platform which integrates medical and psychological expertise to help women experiencing menopause, raised a €2.5 million pre-seed round from the Maximon Longevity Co-Investment Fund, an investor and company builder specializing in longevity. The funds will be used to enhance its platform, which uses artificial intelligence to provide personalized health recommendations for women, and to expand its reach to more users. (Femtech Insider

Waspito, a Cameroonian health startup providing instant telemedicine visits, sample collection, and medication delivery, raised a $2.5 million Seed extension. The company expanded to the Ivory Coast at the start of the year and has its eyes on Senegal and Gabon next. (Techcrunch)

Medicarians 2024

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