A Matter of Life & Deathtech
Few topics silence a room faster than death. In Western societies that glorify youth and vitality, it’s no surprise that end-of-life planning is a conversation most prefer to avoid. This cultural discomfort has long extended to venture capital, where innovation in the nascent field of "Deathtech" has been scarce. But that may be starting to change.
Last month saw a notable shift, with three end-of-life-related transactions making headlines. Combined with After.com’s recent fundraising—reported here a few editions ago—and other deals highlighted by Crunchbase News, Deathtech appears to be gaining momentum.
The potential is undeniable: the $16 billion funeral home industry has yet to see disruption, only 26% of Americans have an estate plan, and the $84 trillion Great Wealth Transfer is looming. Only those with strong enough constitutions will be able to reap Deathtech’s rewards (pun intended). The question is no longer if the Deathtech revolution will happen but who will lead it.
Continuing our topic of death, many promising Agetech startups were forced to close their doors after failing to secure funding in the challenging climate of the last few years. Here at Agetech News, we want to do more than simply chronicle challenges—we want to breathe more life into this industry.
That’s why we’re thrilled to announce our newest initiative: the Agetech Startup Network. Leveraging our comprehensive database of transaction data, this platform will connect Agetech startups with the right investors while offering founders tailored strategic guidance to maximize their fundraising success.
But fundraising assistance is only the start. Launching in the new year and open to all Agetech startups, the Agetech Startup Network aims to support companies though all of the challenges this industry brings. Be part of this movement—sign up here for early access and updates. Together, we'll accelerate Agetech innovation.
NIA Start-Up Challenge & Accelerator
The National Institute on Aging (NIA) is searching for new innovations to support healthy aging. Their 2025 Start-Up Challenge and Accelerator is now accepting submissions, offering a chance to turn your innovative vision into reality. Enter to win:
- Up to $75,000 in cash prizes
- Entrepreneurial training from industry experts
- One-on-one mentorship from experienced founders and investors
- Networking opportunities with key industry partners
- Guidance on how to submit a competitive NIH SBIR/STTR grant application
Don’t miss this opportunity! The submission deadline is Dec. 9, 2024. Learn more and submit your idea here.
October Highlights
🎉 CareBridge, a value-based home care provider for patients with chronic and complex needs, was acquired by Elevance Health subsidiary Carelon for $2.7 billion. Regarding the acquisition, Elevance CEO Gail Boudreaux stated that CareBridge will "serve as the foundation for Carelon's home health business." (Fierce Healthcare)
📈 Guardian Pharmacy Services, a tech-enabled pharmacy services provider for long-term care facilities, raised $112 million in its IPO on the NYSE, valuing the company at $880 million. (Investing.com)
Zing Health, a tech-enabled health insurer offering Medicare Advantage plans to underserved populations, raised $140 million. The funding will support the expansion of its integrated, chronic-special-needs focused plans to more beneficiaries and the growth of its provider network. (FinSMEs)
Glooko, a remote patient monitoring and data management solution for diabetes care, raised over $100 million to expand globally. The company also named Mike Alvarez, former CEO of remote monitoring device maker Qardio, as its new CEO. (Fierce Biotech)
📈 The Pennant Group, a healthcare conglomerate comprising 117 home health and hospice agencies and 54 senior living communities, raised $98 million through a public stock offering. The funds will be used to repay credit borrowings and to fund potential acquisitions. (GlobeNewswire)
Caregiver Services Inc, which connects clients with licensed nurses for home care and home health services, was acquired by Help at Home, a national in-home care franchisor, for an undisclosed amount. The acquisition aligns with Help at Home's goal of becoming the partner of choice for Medicaid managed care programs. (PR Newswire)
Oshi Health, a virtual gastrointestinal healthcare provider, raised $60 million in an unplanned Series C funding round to expand its virtual GI solutions. (Fierce Healthcare)
Infinitus Systems, an AI-powered solution replacing manual payer phone communications for claims, authorizations, and benefit verifications, raised $51.5 million from Andreessen Horowitz. The use of funds was not disclosed. (MobiHealthNews)
🎉 Bonafide Management Systems, an ERP platform for DME, HME, pharmacy, and infusion providers, was acquired by WellSky, the leading home care operations platform, for an undisclosed amount. The acquisition aims to enhance WellSky's ability to deliver fully integrated solutions to its clients, improving patient outcomes and business performance. (HomeCare Magazine)
🎉 Keen, a tech-enabled Medicare broker that prioritizes finding the best-fit plans over the highest commission, was acquired by Connie Health, a personalized Medicare advisory service, for an undisclosed amount. The acquisition accelerates Connie Health's expansion into seven new states. Concurrently, Connie Health also raised $29 million in a Series B financing round. (HIT Consultant)
Ash Health, a white-label platform allowing digital health providers to seamlessly integrate at-home testing, raised $40 million in Series A financing after achieving over $50 million in ARR. The company reportedly plans to use the funds to enter the Medicare Advantage market. (Axios)
OneStep, a health tech startup specializing in smartphone-based gait and motion analysis, raised $36 million to advance its technology, expand clinical trials, and seek regulatory approvals. (Axios)
Alchemy, which builds in-house pharmacies for FQHCs and community-based clinics, raised $31 million in seed funding. Notably, the investor syndicate included included basketball legend Magic Johnson. (Axios)
Tennr, a company using machine learning to “read” medical documents and reduce wait times for specialists, raised $37 million in Series B financing just nine months after its $18 million Series A. The funds will be used to drive growth in 2025. (Forbes)
🎉 CorroHealth, a provider of revenue cycle and clinical solutions, was acquired by Patient Square Capital, a dedicated healthcare private equity firm, for an undisclosed amount. Explaining the transaction, Patient Square Partner Justin Sabet-Peyman remarked that the firm has "conviction in the attractiveness of the RCM market and believes CorroHealth is well-positioned to continue delivering differentiated tech-enabled solutions to its provider and payer customers." (PR Newswire)
🎉 3D Medical Staffing, an AI-powered recruiting service, was acquired by Advanced Care Group, a staffing solutions provider serving the US, Canada, UAE, and Saudi Arabia, for an undisclosed amount. The acquisition aims to leverage 3D Medical Staffing's advanced AI technology to improve recruiting efficiency and significantly expands Advanced Care Group's North American footprint. (GlobeNewswire)
Rippl, a digital health startup specializing in virtual dementia care, raised $23 million in a Series A funding round to expand its platform and services for dementia patients and their caregivers. (Fierce Healthcare)
Healthie, an API-first practice management solution for providers and digital health startups, raised $23 million in Series B funding to expand its vendor marketplace and introduce AI-powered clinical tools. (Pulse 2.0)
Covu, which provides insurance agencies with AI-native solutions that enhance both efficiency and trust, raised $12.5 million in Series A financing to enhance its platform. (Coverager)
RadiantGraph, which analyzes patient health data to uncover patterns and tailor care, raised $11 million in Series A funding to develop case studies and commercialize its solutions. (Axios)
🎉🚀 Cake, a digital platform providing end-of-life planning tools, was acquired by Foundation Partners Group, the second-largest US funeral services provider, for an undisclosed amount. Foundation Partners simultaneously launched Afterall, a digital funeral home selection platform, hoping this "starts in changing the end-of-life category for the better". (PR Newswire)
🎉 Home Care Pulse, Activated Insights, and Pinnacle Quality Insights consolidated under the Activated Insights brand to enhance decision-making and patient outcomes for post-acute care providers. Financial details of the consolidation were not disclosed. (HomeCare Magazine)
Reema Health, a tech-enabled platform assisting Medicaid patients in navigating and accessing care, raised $7.6 million to expand its behavioral health offerings and enter additional healthcare areas. (Endpoints News)
Lin Health, a digital platform focused on relieving chronic pain, raised $5.2 million in Series A financing and announced a collaboration with Mayo Clinic. (Lin Health)
🎉 CoPilotIQ, an AI-driven remote monitoring platform, was acquired by Biofourmis, a global leader in digital therapeutics, for an undisclosed amount. The acquisition aims to create an end-to-end solution for AI-driven in-home care, enhancing Biofourmis' capabilities in predictive and prescriptive analytics. (Biofourmis)
ThoroughCare, an end-to-end solution for chronic care management, remote monitoring, transitional care management, and more, quietly raised $5 million. (SEC)
Aware Health, a digital provider of value-based musculoskeletal solutions, raised $3 million in seed funding to enhance its platform and expand its market presence. (Accesswire)
🎉 Rehab Boost, a company specializing in AI and motion capture for physical therapy, was acquired by MedBridge, a provider of education and patient engagement solutions, for an undisclosed amount. The acquisition aims to integrate Rehab Boost's motion capture technology into MedBridge’s platform, enabling better-tailored care for patients. (Accesswire)
Parakeet, which created an AI-powered call center agent for value-based care providers that can make calls, answer calls, and text patients, raised $3 million in seed funding. The use of funds was not disclosed. (Fierce Healthcare)
Welltory, an app for managing stress, energy, and performance, raised $3 million in a credit facility. The funds will be used to accelerate growth, expand its product offerings, and enhance its technology. (FinSMEs)
🚀 Restaura, a tech-forward food service company for senior living communities, was launched by industry veterans from Unidine and Sodexo. The company plans to automate "whatever it can" in quality assurance and safety processes. (Senior Housing News)
Around the World
🎉 eConsult Health, a UK-based digital health company specializing in remote consultation technology, was acquired by Huma, a global health technology company, for an undisclosed amount. The acquisition will enhance Huma's digital health capabilities and support the launch of Huma Workspace, a platform for managing remote patient monitoring and virtual consultations. (Huma)
Voxela, developer of an AI-powered care management system for nursing care facilities known for its unparalleled functionality and accuracy, raised over 700 million yen. The funding will be used to enhance the platform's functionality and accelerate domestic and international expansion. (PR Times)
Qantev, an AI-driven platform helping health and life insurers manage claims, reduce costs and improve services, raised €30 million in Series B financing. The funds will support global expansion, AI talent acquisition, and further optimization of its claims processing and decision-making capabilities. (Qantev)
PensionBee, a London-based online pension management platform, raised £20 million after surpassing £5.5 billion in assets under administration. The funding will be used to support its strategic expansion into the U.S. (Business Live)
🎉 Farewill, a UK-based online will-writing and probate service provider, was acquired by Dignity, a traditional funeral provider with more than 600 branches across the UK, for £12.9 million. The acquisition expands Dignity's digital offerings, providing comprehensive end-to-end services while enabling engagement with customers earlier in their end-of-life journey. (AIC)
CarePay, an Amsterdam-based mobile platform for managing healthcare claims, raised €10 million to support international expansion. (FinSMEs)
Minze Health, a Belgium-based developer of connected urological diagnostics, raised $5.3 million. The funds will be used to further develop its prescription digital therapeutics as well as to expand into the U.S. with at-home diagnostic solutions. (FinSMEs)
Family Cards, a German company using TV to engage seniors and reduce loneliness, raised €1.2 million in seed funding to enhance product development and operations. (FinSMEs)
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