Health tech funding snapshot—Withings nabs $60M to expand into healthcare; Ro raises $200M

The round, led by Advance Venture Partners and Bessemer Venture Partners, included participation from Cigna Ventures and existing investor Jeff …

Withings, a French company widely known for its connected consumer health devices, has been pushing further into the healthcare industry.

With its recent $60 million series B funding round, the company plans to invest in globally scaling its dedicated healthcare business-to-business division Withings Med Pro.

The round was co-led by Gilde Healthcare, Idinvest Partners and Bpifrance. BNP Paribas Développement, ODDO BHF Private Equity and Adelie Capital also participated.

In the connected consumer health space, Withings‘ watches and wearables are directly competing with the likes of Apple and Fitbit.

Over the past decade, Withings has added medical grade capabilities to everyday household items such as watches, scales and mattresses.

The company is now going to be extending these capabilities within the hospital and medical professional sector to help deliver more personalized, continual and preventive medicine, Withings said.

Here’s a snapshot of other health IT funding deals of $25 million or more in August:

  • Virtual care innovator: Ro nabbed a $200 million series C funding round led by existing investor General Catalyst and with significant participation from investors FirstMark Capital, Torch, SignalFire, TQ Ventures, Initialized Capital, 3L and BoxGroup. The startup has raised a total of $376 million since its founding in 2017.
  • Accelerating new drugs: Artificial intelligence-based drug discovery platform Atomwise scored $123 million in series B funding led by B Capital Group and Sanabil Investments. DCVC, BV, Tencent, Y Combinator, Dolby Family Ventures and AME Cloud Ventures also participated in the funding round.
  • Precision medicine:Sema4, a patient-centered health analytics company, scored a $121 million series C round led by BlackRock. Deerfield Management Company, Moore Strategic Ventures, Section 32, Oak HC/FT, Decheng and Connecticut Innovations also participated in the round. Sema4 was spun out of the Mount Sinai Health System in June 2017. The company is now valued at over $1 billion.
  • Latest health tech unicorn: Lyra Health secured $110 million to grow its teletherapy business. The round was led by Addition and joined by Adams Street Partners and existing investors, including Starbucks chairman emeritus and former CEO Howard Schultz, Casdin Capital, Glynn Capital, Greylock Partners, IVP, Meritech Capital Partners, Providence Ventures and Tenaya Capital.
  • Modernizing house calls: Doctor house-call startup Heal raised $100 million in its series D round from health insurance giant Humana. The company plans on using the funding to expand into new U.S. markets including Chicago, Charlotte and Houston.
  • Hearing aid disrupter: Tech-enabled hearing device maker Eargo banked $71 million in series E financing. Gilde Healthcare and Longitude Capital led the round with participation from New Enterprise Associates, the Charles and Helen Schwab Foundation and Nan Fung Life Sciences.
  • Mental health coaching: San Francisco-based startup Ginger took in $50 million in a series D funding round to expand its on-demand mental health services. The round, led by Advance Venture Partners and Bessemer Venture Partners, included participation from Cigna Ventures and existing investor Jeff Weiner, executive chairman of LinkedIn, as well as Kaiser Permanente Ventures.
  • Practice growth leader: PatientPop, a company that helps doctors grow their practice, landed $50 million in a series C funding round led by HLM Venture Partners. New investors Commonfund and Vivo Capital and existing investors Toba Capital, Transformation Capital and Silicon Valley Bank also participated.
  • Niche telehealth startup: Pharmaceutical giant Johnson & Johnson joined a $47 million series B funding round in Thirty Madison. The startup offers telehealth visits and online prescriptions for drugs for hair loss, migraines and acid reflux. The round was led by healthcare venture capital firm Polaris Partners.
  • Diabetes management: Digital diabetes and chronic care company OneDrop has nabbed $40 million in a series B funding round led by pharma giant Bayer. The partnership and financing will help accelerate One Drop’s expansion UnitedHealthcare from its current focus on diabetes, high blood pressure and high cholesterol into Bayer’s cardiology, oncology and women’s health portfolio.
  • Digital healthcare:Lemonaid Health, a direct-to-consumer telehealth company, landed $33 million in series B funding to expand the company’s medical team and number of services being offered to patients. The oversubscribed round was led by Olive Tree Ventures with participation from Artis Ventures, Correlation Ventures, Hikma Ventures, Sierra Ventures and others.
  • Automation pioneer: Optum Ventures, the venture arm of the subsidiary, and Endeavour Vision led a $30 million series D funding round in Lumeon. Current investors LSP, MTIP, IPF Partners, Gilde and Amadeus Capital Partners also participated in the round. Lumeon helps health providers automate patient care coordination to make their operations more predictable while also improving care quality.
  • Interoperability player: Integration provider Bridge Connector closed a $25.5 million series B financing round. The latest round, led by Axioma Ventures, was joined by all existing investors, including veteran investor Jeff Vinick.
  • Concierge medicine: Telehealth company Eden Health raised $25 million in series B financing, led by Flare Capital Partners, with participation from Greycroft, Aspect Ventures and other investors. The company plans to expand its partnerships with commercial real estate firms through virtual and in-person health consultations.