Major Health Tech Funding Rounds in May
Health tech companies made several major funding announcements in May, showcasing the continued investment in innovative healthcare solutions. Here’s a roundup of some of the most notable funding rounds:
Cohere Health Raises $90 Million in Series C Funding
Boston-based Cohere Health, which provides AI-powered prior authorization solutions, secured $90 million in Series C funding. The investment was led by Temasek and included support from Deerfield Management, Define Ventures, Flare Capital Partners, Longitude Capital, and Polaris Partners. This brings Cohere Health’s total funding to $200 million. The company works with approximately 600,000 providers and processes around 12 million prior authorization requests annually. The funding will be used to scale the company’s operations and invest in its AI products.
Akido Labs Secures $60 Million in Series B Funding
Los Angeles-based Akido Labs, an AI and care delivery company, raised $60 million in Series B funding. The round was led by Oak HC/FT and included participation from Greco, SNR, Y Combinator, Future Communities Capital, Jeff Dean (chief scientist of Google DeepMind and Google Research), and the Comprehensive Blood & Cancer Center. Akido Labs’ product, ScopeAI, helps healthcare providers diagnose patients, identify effective treatments, and predict health risks. The funding will be used to scale ScopeAI.
Sprinter Health Snags $55 Million in Series B Funding
Menlo Park, California-based Sprinter Health, which offers in-home and virtual care services, secured $55 million in Series B funding. The round was led by General Catalyst and included participation from Andreessen Horowitz (a16z) Bio + Health, the Regents of the University of California, Google Ventures, and Accel. Sprinter Health’s community-based health staff, known as Sprinters, provide diagnostic screenings, vital checks, and care navigation. The company has raised over $125 million in total. The funding will help Sprinter Health expand its team and enter new geographic regions.
PhaseV Raises $50 Million in Series A Funding
Boston-based PhaseV, a technology company that uses AI and machine learning to support clinical development decisions, raised $50 million in Series A funding. The round was co-led by Accel and Insight Partners and included participation from existing investors Viola Ventures, EXOR, and LionBird. PhaseV plans to use the funding to grow its vertical AI platform and provide comprehensive solutions for clinical development. The company has raised $65 million in total.
