This roundup is meant to highlight some of the most notable funding rounds of the month and is not intended to be comprehensive.
Health tech companies made several major funding announcements in February. Here is a list of some of the biggest funding rounds.
OpenEvidence secures $75 million in Series A funding
OpenEvidence is a company that aims to expand the world’s medical knowledge. It offers an AI copilot for doctors that helps them make medical decisions at the point of care. The product is used by more than 10,000 care centers across the U.S.
The $75 million Series A funding round was from Sequoia Capital and brings the company’s total funding to over $100 million, according to The SaaS News. The funding will help the company “train its next generation of medical domain-specialized Large Language Models (LLMs) and continue to assemble and grow the best team of scientists working at the intersection of LLMs and medicine,” the announcement stated.
Abridge raises $250 million in Series D funding
Abridge, founded in 2018, offers an AI platform that takes medical conversations and transforms them into clinically useful and billable documentation. It’s used in outpatient settings, emergency departments and inpatient settings.
The $250 million Series D round was co-led by Elad Gil and IVP and includes participation from Bessemer Venture Partners, California Health Care Foundation, CapitalG, CVS Health Ventures, K. Ventures, Lightspeed Venture Partners, NVentures (NVIDIA’s venture capital arm), Redpoint Ventures, Spark Capital and SV Angel. The funding will support the development of additional AI capabilities and commercial growth.
Candid Health rakes in $52.5 million in Series C funding
Candid Health aims to simplify medical billing through its revenue cycle platform. It improves the touchless claim rate, or the percentage of claims “submitted, processed and adjudicated correctly the first time with no manual intervention,” the announcement stated. It’s used by more than 200 healthcare organizations.
The $52.5 million Series C round was led by Oak HC/FT and included participation from existing investors, according to the announcement. In total, the company has raised $99.5 million.
Berry Street raises $50 million
Berry Street is a nutrition counseling platform. It connects patients with dietitians for one-on-one counseling covered by insurance. It has a network of over 1,000 registered dietitians.
The $50 million was from Northzone, Sofina, FJ Labs, founder of Revolut, co-founder of Spring Health, co-founder of Grow Therapy, and CEO of Found and others. The funding will help the company build out its nutrition platform and suite of provider AI tools, according to the announcement.
Fay secures $50 million in Series B funding
Fay is another nutrition company that connects people with a network of over 2,300 registered dietitians covered by insurance. Patients can access virtual and in-person visits with dietitians. The company also helps dietitians build their own private practices and get credentialed with insurance.
The $50 million Series B round was led by Goldman Sachs and included participation from existing investors General Catalyst and Forerunner. Fay has raised $75 million in total. The funding will help Fay further grow and expand its offerings for dietitians and clients.
Picture: Feodora Chiosea, Getty Images
