Hinge Well being, a San Francisco firm tackling musculoskeletal (MSK) well being via digital applications with reside digital periods, has wrapped up a $300 million Collection D spherical that locations its complete worth at $3 billion, in accordance with a latest announcement.
The “closely oversubscribed” spherical was led by Coatue Administration and Tiger International, and likewise included prior backers Atomico, Perception Companions, Quadrille, 11.2 Capital, Lead Edge Capital, Bessemer Enterprise Companions and Heuristic Capital.
WHAT IT DOES
Hinge Well being sells in-home MSK remedy applications designed for particular person or enterprise buy, the latter kind comprising the vast majority of its enterprise. These applications vary in scope to cowl early-stage prevention, acute ache, power ache or surgical rehabilitation.
The platform guides customers via MSK workout routines, that are tracked utilizing sensors to identify incorrect type. These periods are augmented with one-on-one digital teaching periods with bodily therapists or clinicians as wanted. Additional, Hinge helps self-ensured employer clients’ rollouts with integration instruments, tailor-made adoption campaigns, and simplified billing and contracting.
The previous 12 months appears to have been good to Hinge Well being. In its announcement, the corporate stated that it tripled its buyer base and quadrupled its income, nonetheless with out shedding a single buyer. This efficiency comes practically a 12 months after Hinge’s $90 million Collection C, when CEO and cofounder Daniel Perez equally touted substantial development and extra potential buyers than the corporate may settle for.
WHAT IT’S FOR
“Hinge Well being is eliminating variability in healthcare high quality and as a substitute delivering higher outcomes via constant digital-first medical care regardless of the place an individual lives throughout the nation,” Perez stated in a press release. “We’re investing in deepening our MSK medical capabilities by constructing superior applied sciences and tripling our medical workforce of docs, bodily therapists and well being coaches.”
Of notice, a report on the increase from TechCrunch citing nameless sources urged that the corporate is anticipating one other threefold income improve for 2021, based mostly on its booked pipeline.
Hinge Well being’s enterprise is steadily pitted towards that of Physera, an identical app-based MSK platform that mixed distant consultations with guided applications. Nonetheless, that startup was acquired final 12 months by Omada Well being, which sought to flesh out its digital power illness administration choices with help for MSK help.
Others lively within the area embody Sword Well being, which most not too long ago raised $9 million to start with of 2020; Kaia Well being, which closed $26 million in June; and digital bodily remedy software program supplier Physitrack, which acquired its chief competitor Physiotools simply final month.
ON THE RECORD
“Because the shift towards digital healthcare condensed from an anticipated time line of years to a matter of months, we noticed how nicely Hinge Well being responded and reacted,” Lucas Swisher, companion at Coatue Administration, stated in a press release.
“We imagine Hinge Well being’s digital clinic is exclusive and tackling one of many largest challenges in healthcare, and we’re excited to affix them on the journey.”