Agetech News No. 41

Jul 31, 2024 7 min read
Agetech News No. 41

Caring for Caregivers

Family caregivers—the unsung heroes of the US healthcare system—are finally getting their due. For decades, these unpaid caregivers have been overlooked, despite providing over $600 billion in care annually. Their sacrifices are immense—it's estimated that caregivers lose a staggering $522 billion in wages each year, not to mention the career stunting experienced by more than 1 in 4 who forgo promotion, change employers, or quit to care for their loved ones.

Fortunately, a new era of recognition is dawning for "the invisibles". CMS' groundbreaking GUIDE reimbursement model, implemented this year, explicitly includes support services for caregivers. The startup world is also taking notice. Axios has reported a surge in caregiver-focused Agetech financings, signaling a growing awareness of the critical role these individuals play. As Jason Stoffer of Maveron aptly put it, "We believe the next wave of benefits will come in caregiving."


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June Highlights

Foodsmart, a personalized telenutrition platform, raised $200 million from The Rise Fund to expand its digital nutrition offerings and improve overall health outcomes. (Fierce Healthcare)

👏👏👏 Sword Health, a virtual provider of musculoskeletal physical therapy, raised $135 million despite reportedly having a strong cash position and moving fast towards profitability. The majority of the funds ($100 million) will be used to provide liquidity to current and former employees and early investors. This is a rare, and I'm sure very welcome, occurrence given the liquidity crunch throughout the venture capital ecosystem. (Fierce Healthcare

🚧 Sharecare, which provides individuals with a comprehensive platform to manage and navigate their health and wellness, and also owns homecare platform CareLinx, has agreed to be acquired by Altaris, an investment firm focused on healthcare, for $518 million. Sharecare stockholders will receive $1.43 in cash per share which, while representing an 85% premium over its recent closing price, is a far cry from its original Nasdaq listing at $10 per share back in November 2020. (Home Health Care News)

🎉 AssureCare, a provider of comprehensive care management solutions, has acquired Cureatr, a comprehensive medication management and telepharmacy solutions provider, and SinfoniaRx, a technology that offers medication therapy management services, for undisclosed amounts. The acquisition aims to enhance AssureCare's capabilities in medication management and telepharmacy to improve patient outcomes and reduce costs. (GlobeNewswire

🎉 Cashé Software, which provides home health and hospice operations and billing solutions, was acquired by HHAeXchange, a developer of homecare management software for payers, providers, and state Medicaid agencies, for an undisclosed amount. The acquisition aims to significantly expand the combined company’s ability to help homecare providers and payers across the U.S. ensure compliance, streamline billing, and optimize workforce management. (HomeCare Magazine)

🤔 Humata Health, which uses AI to prevent prior authorization denials, raised $25 million to enhance its generative AI further. The company's assets came from Olive—one of the darlings that thrived during the pandemic-era digital health rush before crashing in 2023—the president of which also happens to be the founder of Humata. (Fierce Healthcare)

🎉 CareJourney, a provider of clinically-relevant analytics for value-based networks, was acquired by Arcadia, a data warehouse and analytics platform for payors, for an undisclosed amount. By combining Arcadia's data engineering and CareJourney's data science, the acquisition aims to provide a more comprehensive suite of value-based care solutions. (Fierce Healthcare

👎 Nomad Health, an online marketplace for temporary healthcare jobs, raised $22 million to reportedly "expand its product portfolio". With the ousting of Founder & CEO Dr. Alexi Nazem, the round looks more like a last-ditch effort to right the ship, especially given that the company had previously raised more than $200 million, with over half of that coming in 2022. (MobiHealthNews)

🎉 TruEntity Health, a healthcare technology company focused on creating innovative clinical platforms for pharmacies, has announced a merger with IndyCare Health, a provider of telehealth and in-pharmacy clinical care solutions. The financial details were not disclosed. The combined entity aims to revolutionize the pharmacy industry by offering a comprehensive suite of services that includes telehealth, in-pharmacy clinical care, and a robust digital platform. (EIN Presswire

Better Health, a medical supply and support company specializing in direct-to-consumer healthcare products, raised $14 million to expand its product offerings and improve customer support services. (MobiHealthNews

Canary Speech, maker of vocal biomarker technology that uses AI to detect irregularities in an individual's speech, raised $13 million to further develop its technology and expand its market reach. (MobiHealthNews

🎉 Owl, a provider of measurement-based behavioral healthcare, was acquired by NeuroFlow, a developer of behavioral healthtech infrastructure, for an undisclosed amount. Before combining, the two companies already had a shared customer in Ascension: NeuroFlow served its primary care groups, while Owl served its psychiatry ones. This marks NeuroFlow’s second acquisition — the company bought behavioral health company Capital Solution Design last July. (MedCity News)

Heyday Health, a virtual-forward value-based care provider for Medicare and dual-eligible patients, raised $12.5 million. The funds will be used to expand from its initial foothold in Canton, OH, into the Cincinnati/Dayton area as well as Louisville, KY. (FinSMEs)

Grayce, which connects caregivers to social workers who help manage tasks such as planning, prioritizing, and coordinating care, identifying resources, and advocating for services, raised $10.4 million. The funds will be used to help Grayce expand beyond employers and start working with payors. (FemTech Insider)

The Centre for Aging + Brain Health Innovation (CABHI), a solution accelerator focused on driving innovation in aging and brain health, invested $9.5 million across 30 startups working on various projects aimed at improving brain health and quality of life for older adults. (CABHI

Kythera Labs quietly raised $9.2 million for its healthcare data collection and insights solutions. (SEC)

Jogo Health, a digital therapeutics company specializing in musculoskeletal and mental health conditions, raised $5.5 million to enhance its product development, expand its clinical validation, and scale its go-to-market efforts. (FinSMEs)

At-home care and rehabilitation provider InHome Therapy quietly raised $5.1 million. (SEC)

Prescribe FIT, a monitoring & health coaching solution for orthopedics focused on root cause medicine, quietly raised a $4.8 million Series A. (SEC)

Koda Health, a digital advance care planning solution, raised an oversubscribed $3 million Seed+ round to expand its care planning platform and support its high rate of market adoption. (Pulse 2.0

Keragon, the first no-code HIPAA-compliant workflow automation platform for healthcare, raised a $3 million pre-seed round. Despite only now emerging from stealth, the company claims its product is already utilized by customers across all 50 states. (Pulse 2.0)

GeoH quietly raised $2.9M for its home care administration and payments software. (SEC)

Pear Suite, a digital platform which empowers community health workers to identify and address SDOH issues, announced both its hundredth customer and an additional $1 million in seed funding. The latest funding will be used to fuel platform development, enhance the organization’s implementation and customer success team, and build up the Pear Suite provider network. (Pear Suite)​​

Kalogon, creator of a smart cushion that prevents pressure ulcers for wheelchair users, raised $1.2 million. (FinSMEs

🎉 Clarent, a data unification and business intelligence platform for senior care facilities, was acquired by Procare HR, a specialty PEO and HR provider for senior care organizations, for an undisclosed amount. (LinkedIn)

🎉 Stripes Beauty, creator of wellness products for menopausal women co-founded by actress Naomi Watts, was acquired by L Catterton, a global consumer-focused private equity firm, for an undisclosed amount. The acquisition will enable Stripes Beauty to enhance its operations and expand its reach both domestically and internationally. (FemTech Insider)

🎉 Mobility Designed, which designs and manufactures innovative mobility aids, was acquired by Drive DeVilbiss Healthcare, a global distributor of durable medical equipment, for an undisclosed amount. The acquisition will enhance DDH's portfolio of medical equipment while integrating industrial design expertise directly into its operations. (HomeCare Magazine

Apricot Health AI, which leverages generative AI to reduce the time that home health aides spend preparing required documentation, raised an undisclosed amount of capital and launched. (Cortado Ventures)

Mindset Medical, a telehealth solution that can capture data that comes with traditional in-person care, raised an undisclosed amount of capital to continue the development and clinical trials for their product, Informed Vital Core. (PR Newswire)


Around the World

Sava, a UK-based startup developing a wearable biosensor that can detect molecules just under the skin, raised an $8 million Series A round. The majority of the funds will be spent on developing the hardware for its second-generation device, which will be smaller than its first, as well as automating manufacturing capabilities to scale up production. (Sifted)

Lithuanian startup Spike, which aggregates health data from wearables and IoT devices for healthtech developers, raised an oversubscribed $3.5 million seed round. The funds will be used to fuel Spike’s development of regulatory-compliant and safe Generative AI products and expansion to support a broader range of devices. (Tech.eu

LillianCare, a digital health startup addressing Germany's physician shortage through telemedicine, raised €1.5 million to enhance its platform and expand its services across the country. (Tech.eu)


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