Change is Afoot
Despite being just one trimester into this year's agetech transactions, we're already witnessing significant developments. More private equity (PE) firms are stepping in, acquiring majority interests in agetech companies of varying sizes, and more startups are opting to keep their fundraises quiet, only disclosing information as legally required. Additionally, there seems to be a narrower focus on problem areas, with a heavier emphasis on issues such as employee support, remote monitoring, obesity, and menopause management.
On the regulatory front, CMS (Centers for Medicare & Medicaid Services) finally announced its first batch of approved GUIDE model participants. Unsurprisingly, this immediately impacted the fortunes of numerous organizations, both positively and negatively. Furthermore, CMS unveiled new value-based care models that it plans to pilot this year.
As we last mentioned in #37, we're seeing a lot more agetech around the world. Australia even has enough to support it's own map, now in it's second year!
Here at Agetech News we're also in the midst of some significant changes. Stay tuned for more information, coming very soon.
April Highlights
Lumeris, a population health management platform focused on enabling value-based care for Medicare, MA, Commercial, and Medicaid populations, raised $100 million, bringing its total capital raised to over $325 million. The company didn't specify how the funds would be used beyond supporting its recent rapid expansion of provider partnerships. (PR Newswire)
🎉 SunfireMatrix, a software and tech-enabled services platform serving Medicare payors, brokers, and providers, was acquired by PE firm KKR for an undisclosed amount. (Benzinga)
Midi Health, a virtual clinic focused on women going through perimenopause and menopause, raised a $60 million Series B just 8 months after its $25 million Series A. The company plans to use the additional funds to expand its services to employers in all 50 states, expand its insurance coverage, and add 150 clinicians by the end of 2024. (MobiHealthNews)
Homebase, an HR SaaS platform built for the two-thirds of the American SMB workforce with on-site hourly jobs, raised $60 million in a Series D funding round to, among other things, further invest in artificial intelligence. (TechCrunch)
🎉 CareerStaff Unlimited, a temporary staffing aggregation platform, was acquired by ShiftMed, one of the leading temporary nurse staffing platforms, for an undisclosed amount. As part of the seven-year agreement, ShiftMed will provide services to 200 skilled nursing and 1,200 rehabilitation centers for post-acute giant Genesis. With the acquisition, ShiftMed aims to fulfill 100% of their clients' on-demand needs through their platform. (MobiHealthNews)
Luminary, a data and collaboration platform purpose-built for trust & estate planning advisors co-founded by Joe Lonsdale of Addepar and Palentir fame, raised a $30 million convertible note financing to accelerate growth and customer success. (PR Newswire)
IntelliHealth, a virtual obesity management solution that recently signed the state of Connecticut, raised $24 million to enhance its digital platform and expand its services. (Endpoints News)
🎉 Actium Health, which analyzes patient EMR data to identify valuable and high-risk patients, was acquired by Syllable, an AI-powered call automation service for healthcare providers, for an undisclosed amount. Together, the combined company aims to enable health systems to optimize patient volume/capacity, reduce staff burden, and deliver improved patient access and outcomes. (Business Wire)
Cariloop, another employer benefit platform, this one helping employee caregivers find, navigate, and manage care, raised a $20 million Series C following the company's 300% revenue growth over the past 3 years. The investment will fuel the company’s expanding market reach with employers and caregivers as well as key investments in its digital and concierge-level offerings. (Business Wire)
Venture giant Andreessen Horowitz invested $17 million in Tennr, a startup aiming to modernize fax-based communication in healthcare. The funds will be used to further develop Tennr's technology, which digitizes faxes to streamline communication between healthcare providers and insurance companies to improve patient care. (Axios)
Alaffia Health, which uses AI to automate pre-payment claim reviews for health insurers, raised $10 million to expand its commercial footprint and further invest in AI research and product development. (Pulse 2.0)
VitalTech, a remote monitoring and chronic-condition management solution for home care, home health, and care providers, quietly raised $9 million. (SEC)
Accuhealth, another remote monitoring and CCM platform, this one focused on physician practices and health systems, raised an undisclosed amount of financing. This investment will be used to accelerate Accuhealth's growth and expand its product offerings. (Business Wire)
BuildCasa, a novel real estate x fintech solution that unlocks a portion of a property's equity by subdividing unused lot space, quietly raised $6.6 million. (SEC)
HealthArc, a remote patient monitoring, care, and coordination platform, raised $5 million following its 250% year-over-year growth. (PR Newswire)
Ilant Health, another virtual obesity management solution that identifies and then matches patients who could benefit to the care that is best for them, raised a $2.5 million seed round extension. The platform takes into account medical, behavioral, and social factors, connecting patients with treatment options including behavioral therapy, pharmacotherapy, and bariatric surgery. (MedCity News)
🎉 Birch.ai, a healthcare call center automation solution, was acquired by Sagility, provider of claims management and payment integrity solutions for payors and providers, for an undisclosed amount. The acquisition will strengthen Sagility's ability to deliver personalized engagement and advances its vision to achieve $1 billion in revenue and more than double its size over the next four years. (HIT Consultant)
Auxa Health, an AI-powered "social care orchestration" platform that assists with benefit navigation and enrollment, raised $5.2 million to enhance its platform and expand its team. (Pulse 2.0)
Cloud DX, a remote patient monitoring platform used to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home, raised $2.8 million. (Cloud DX)
Smart Pillbox maker MedMinder quietly raised $2.5 million. (SEC)
🎉 Kinto, an AI-based support platform for those caring for a loved one with dementia or Alzheimer's, was acquired by Rippl, a virtual dementia-focused specialty care provider, for an undisclosed amount. Rippl homes to utilize the technology to liberate care navigators and clinicians from their keyboards, allowing them to spend more time guiding and supporting families. (PR Newswire)
Keep Company, a tech-enabled platform that helps employers quantify and retain employees who are also caregivers, raised $1.4 million to enhance its product development and expand its team. In addition to the funding Zvi Band, founder of Contactually which sold to real-estate giant Compass in 2019, joined as the company's Chief Technology Officer. (Pulse 2.0)
🎉 Healthy Labs, a Medicare and ACA plan comparison tools serving insurance carriers and agents, was acquired by Adir Ventures, a private equity firm focused on insurtech, for an undisclosed amount. The acquisition aims to deepen the relationship between Healthy Labs and MyPlanAdvocate, Adir Ventures' flagship consumer Medicare agency. (PR Newswire)
Hazel, developer of a modern incontinence diaper for women 40-70 years old, quietly raised a $400k bridge. (SEC)
Around the World
Phlo, a Scottish digital pharmacy offering same-day medication delivery, raised £9 million to expand its service across the UK and evolve from a digital pharmacy into a holistic digital health provider. (Tech Funding News)
RoClub, a Berlin-based platform enabling at-home diagnostic imaging, raised €4 million in seed funding. With this new capital, the company plans to expand its operations from DACH (Germany, Austria, and Switzerland) to other regions in Europe and the United States. (Tech Funding News)
Log my Care, a UK-based care management platform digitizing care home management, raised £3 million. The funds will be used to push into the home care sector, initially developing a purpose-built scheduling tool to help agencies manage the complexity of providing home care visits. (Tech Funding News)
Wellola, a Dublin-based healthtech startup specializing in digital patient communication tools, raised €2.2 million to expand its services across Europe. (Tech.eu)
UK-based Elder, which connects older adults and their families with independent caregivers, has entered into an airtime-for-equity deal with UKTV valued at £1 million. The agreement will allow Elder to launch its first-ever television advertising campaign. (Business Cloud)
Africa-headquartered Bena Care was awarded another grant, this time for $70k. (TechMoran)