Industry news short takes: fundings for Qure.AI, Centivo, Rippl, Surescripts; M&A closings for GE Healthcare-Intelligent Ultrasound, LetsGetChecked-Truepill. And is Hinge Health going public soon?

October 3, 2024 | by

The waning days of summer wrapped with a few moderate-sized fundings:

India’s Qure.AI scored a $65 million Series D, bringing their total funding to $125 million. Leading the raise: Lightspeed and 360 ONE Asset, followed by Merck Global Health Innovation Fund, Kae Capital, Novo Holdings, Health Quad, and TeamFund. Qure.AI uses AI to analyze radiology images and ultrasound scans, against billions of clinical image datasets. It currently is used in over 90 countries and 3,100 locations including NHS Trusts. While headquartered in India, Qure.AI has international HQs in NYC, London, and Dubai. The fresh funding will be used to expand its US presence, invest in foundational AI models, and interestingly, acquire medtech companies. Another emphasis of the company is to expand skilled radiology to locations which are resource-constrained, such as healthcare facilities in developing nations or in global rural areas. It is also being used in clinical trials by Johnson & Johnson, Astra Zeneca, and Viatris. MedCityNews 

Centivo added $75 million in equity and debt financing, bringing their total funding to $226.4 million. Centivo provides a primary-care centered health plan directly to employers in all 50 states by partnering with local health systems and direct contracts with ACOs in 18 markets. Centivo replaces traditional health plan and broker relationships. What they offer to employers is an advanced primary care centered model through Centivo Care, an in-house virtual primary care practice. They claimed as of 2023 results of 71% reduction in member out-of-pocket costs compared to commercial plans offered to employers, saving employers 15% or more, and increasing utilization of primary and specialty care. Whether this will “fix America’s broken healthcare model” (a meme we’ve heard many times before) is debatable, but the siren song of reduced healthcare costs for employers is evidently attractive to a raft of funders. It attracted new strategic investors Cone Health Ventures and MemorialCare Innovation Fund, plus existing financial investors including B Capital, Cox Enterprises, F-Prime Capital, Ingleside Investors, and Morgan Health (a division of JPMorgan Chase). Debt financing was provided by Trinity Capital and ongoing banking partner, JPMorgan Chase.  Release, Mobihealthnews, MedCityNews

It’s a $23 million Series A for Rippl to advance virtual on-demand dementia and senior-focused behavioral care. The new funding will be used to expand the company’s geographic footprint, currently Washington, Texas, Illinois, and Missouri, to California, Florida, and Arizona. The company’s key partners are the Alzheimer’s Association, Medicare Advantage Plans, ACOs and other payors and payviders. Rippl is also a participant in the Centers for Medicare & Medicaid Services’ (CMS) eight-year alternative payment model, the Guiding an Improved Dementia Experience Model (GUIDE Model). It started in July with 390 healthcare providers. The Series A was led by Tina Hoang-To, Kin Ventures Founding General Partner, with participation from Rippl’s seed investors ARCH Venture Partners, General Catalyst, GV (Google Ventures), F-Prime, Mass General Brigham Ventures, and 1843 Capital. JSL Health also joined the round. Release 

E-prescriber Surescripts now has a majority investment from private equity TPG Capital. The investment amount was not disclosed and regulatory approval is pending. Its current ownership is 50% by the National Community Pharmacies Association and the National Association of Chain Drug Stores, with the other half Express Scripts and CVS Caremark. It was not disclosed how the ownership shares would be adjusted among the five entities, as CEO Frank Harvey said that all will remain. Surescripts brought in Triple Tree to explore a sale back in April. This Editor noted then that Surescripts has about 95% of the e-prescribing market, enabling it to obfuscate their real business in the vagueness of “health intelligence sharing”. Certainly the PBM owners can use the cash, if cash they’ll get. Release, FierceHealthcare 

Closing M&A deals kick off the fall:

On Tuesday, GE Healthcare closed their $51 million purchase of Intelligent Ultrasound’s clinical AI business [TTA 25 July]. Intelligent already partnered with GEHC on its ScanNav Assist AI technology to power its SonoLystlive and SonoLyst X/IR for GEHC’s Voluson Expert and Voluson Signature ultrasound devices, plus the Voluson Swift. GEHC plans to incorporate Intelligent’s solutions across its ultrasound portfolio through improving workflows and enhancing ease of use for clinicians and patients. MassDevice

And the Optum-arranged ‘marriage’ of LetsGetChecked and Truepill wasted no time in closing on Tuesday. Truepill, a digital/mail order pharmacy, will operate as a subsidiary of LetsGetChecked, an at-home diagnostic with testing kits. Earlier reports indicated that Truepill would be the surviving entity.  Both companies have substantial investments from Optum Ventures and have been losing money for years. Truepill was caught up in the Cerebral and Done Health Schedule II as a fulfillment pharmacy for both and fell under DEA scrutiny with a ‘show cause’ action. TTA extensively analyzed the structure of the “$525 million” acquisition by LGC and the Optum role in it at the time of the announcement TTA 22 August. Interestingly, the closing announcement does not reiterate the acquisition cost. Release, Mobihealthnews

Will virtual MSK provider Hinge Health go public soon? Blake Madden in his Hospitalogy blog 1 October confirms that Morgan Stanley has been hired to run the long-rumored IPO process. Undoubtedly, their management is looking at Sword Health’s nifty recent raise and $3 billion valuation. Investors have been pushing for an exit for some time. In April, the last time that Hinge was on the TTA radar, it had cut 10% of its 1,700 employees yet at that time was rumored to be considering an IPO. Hinge’s last raise was an October 2021 $400 million Series E led by Tiger Global and Coatue Management for a total funding of $826.1 million over 10 raises (Crunchbase). At that time, their valuation was a bubbly $6.2 billion, which despite $400 million in cash reserves (as of April) and its popular niche, in today’s market would be drastically revised downward. Stay tuned….

Short Takes 20 Nov: Doro Eliza social alarm in UK, R2G diabetes market study, KOMPAÏ Robotics update, Bluestream Health integrates LanguageLine translation, and Optum’s 18

November 20, 2020 | by

Why does this whole year feel like we are Pauline in Peril, all tied-up, with an Evil Man menacing us while the Train barrels down the tracks? Nonetheless, there are bites of news to be consumed, even though this year’s Thanksgiving in the US will be at best a muted one, and the Grinch may be stealing Christmas.

Doro remains ‘on a tear’ with new product introductions for the UK. The Doro Eliza (right) is a 4G/digital IP compatible social alarm/”smartcare” hub, with a modern design that connects to telecare accessories. The modern design has HD audio on the speaker for personal alarms, and also connects to smoke detectors, fall sensors, security cameras, and pill dispensers. Already introduced in Europe, its timing is part of the transition from analogue to digital telecare for 1.7 million UK telecare users as telecom moves to full digital by 2025. Release.

If your business is in diabetes care and the apps that assist them, Research2Guidance’s study and forecast, “The Global Digital Diabetes Care Market 2020: Going Beyond Diabetes Management” will be of interest. The 91-page report covers a global picture of growth from 2008 projecting out to 2024, as well as digital solutions, their segmentation, and competition. For instance, from 2019 to 2024, the number of diagnosed diabetics with access to smart devices is set to increase from 109 million to 180 million. It includes profiles of 10 countries. Priced from €3,290, so it will set you back a bit. More information here. 

We missed updating you on KOMPAÏ Robotics, which Editor Emeritus Steve Hards first covered in 2011. Their latest developments were earlier this year as their assistance/companion robot finally debuted for sale–right in the middle of the pandemic. This Pulse article recounts the road for CEO Vincent Dupourqué from 1975 to the third version of KOMPAÏ.

LanguageLine, which is a long-time provider of language translation services live to in-patient and acute care settings, announced an integration with Bluestream Health’s virtual visits. With a single click, a Bluestream user can access audio and video interpretation in 240 languages and over 13,000 interpreters. LanguageLine also assists with deaf and hard-of-hearing users. Bluestream provides whitelabeled telehealth services to approximately 50,000 providers. LanguageLine has headquarters in California, with offices in Taiwan and London.  Release

And finally, Optum’s 18. Optum Ventures, the funding arm of UnitedHealth Group’s Optum, has invested in a large number of healthcare ventures this year, nearly all with a health tech or AI spin. It’s neatly distributed internationally and between Series A through C, with UK companies like Oxford VR (VR used for therapies, no connection to Oxford Medical Simulations) as part of a $12.5 million Series A, Germany’s Kaia Health with a $26 million Series B tranche, and US companies like LetsGetChecked as part of a $71 million Series C. Not quite Ocean’s 11, but Optum’s bet a lot more than Danny Ocean got from those casinos in 1960. Becker’s Health IT.