This roundup highlights some of the most noteworthy funding rounds in the health tech space during February. It’s not intended to be a comprehensive list, but rather a snapshot of notable investment activity.
Key Funding Rounds
OpenEvidence Secures $75 Million in Series A Funding
OpenEvidence, an AI company focused on expanding medical knowledge, announced a $75 million Series A funding round. The company’s AI copilot assists doctors with medical decision-making at the point of care, and is used in over 10,000 care centers across the U.S. The funding round was led by Sequoia Capital, bringing the company’s total funding to over $100 million, according to The SaaS News. The company stated that they will use the funds to develop the “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.”
Abridge Raises $250 Million in Series D Funding
Abridge, which was founded in 2018, secured $250 million in a Series D funding round. The company offers an AI platform that converts medical conversations into clinically useful documentation, and is used in outpatient, emergency, and inpatient settings. Co-led by Elad Gil and IVP, the round included participation from several prominent investors including Bessemer Venture Partners, California Health Care Foundation, CapitalG, CVS Health Ventures, and others. The funding will enable the company to develop more AI capabilities and fuel commercial growth.
Candid Health Rakes in $52.5 Million in Series C Funding
Candid Health, a company focused on simplifying medical billing, announced a $52.5 million Series C funding round led by Oak HC/FT, with participation from existing investors. The company’s revenue cycle platform aims to improve the touchless claim rate. Candid Health’s platform is used by more than 200 healthcare organizations and has raised a total of $99.5 million.
Berry Street Raises $50 Million
Berry Street, a platform that provides nutrition counseling, has secured $50 million in funding from a group of investors. Berry Street connects patients with dietitians for one-on-one counseling that is covered by insurance. The platform has a network of over 1,000 registered dietitians. The company plans to use the funding to build out its nutrition platform and develop provider AI tools.
Fay Secures $50 Million in Series B Funding
Fay, another nutrition company offering access to registered dietitians, secured $50 million in Series B funding. The company facilitates both virtual and in-person visits and also assists dietitians in establishing their private practices. The round was led by Goldman Sachs, and Fay has raised a total of $75 million. The new funding will enable Fay to further expand its offerings for dietitians and clients.
