4 Notable Health Tech Funding Announcements in August
Editor’s Note: 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 August. Here is a list of some of the biggest funding rounds.
EliseAI Raises $250M in Series E funding
New York City-based EliseAI is focused on automating systems in healthcare and housing. For healthcare, it offers a platform that automates conversations with patients over voice, email, text and chat. It also helps schedule appointments with doctors, and sends alerts about billing and payment.
Its Series E round was led by Andreessen Horowitz (a16z) and included participation from Bessemer Venture Partners, Sapphire Ventures and Navitas Capital. With the financing, EliseAI will “expand its team to accelerate product innovation and impact, improving patient experiences, streamlining operations, and advancing AI-driven solutions for customers,” according to the announcement. It’s hiring across all departments, including engineering, customer experience and marketing.
Eight Sleep secures $100 million in funding
Eight Sleep, based in New York, is a sleep-fitness company. Its flagship product is called the Pod and includes a mattress cover that provides cooling and heating, as well as sleep and health tracking. In addition, it offers a blanket that connects to the cover and also provides cooling and heating. It also has a base that fits to the bed frame and can elevate to reduce back pressure and snoring.
The $100 million round included participation from HSG, Valor Equity Partners, Atreides, Founders Fund, Y Combinator, Charles Leclerc (Ferrari F1 Driver) and Zak Brown (CEO of McLaren F1). The funding will be used to help develop a Sleep Agent, which will be able to “simulate, test, and personalize” users’ recovery, according to Matteo Franceschetti, co-founder and CEO of Eight Sleep. The company will also develop solutions for menopause and sleep apnea.
Chai Discovery rakes in $70 million in Series A funding
Chai Discovery, based in San Francisco, builds AI to predict and reprogram interactions between biochemical molecules. Its team comes from AI companies like OpenAI, Stripe and Google X.
The funding was led by Menlo Ventures and included participation from Yosemite, DST Global Partners, SV Angel, Avenir, DCVC, Thrive Capital, OpenAI, Dimension, Neo, Lachy Groom and Fred Ehrsam. It will be used to “further develop the Chai platform, applying it toward previously inaccessible targets, and onboarding select partners,” the announcement stated.
Twin Health secures $53 million in funding
Twin Health, based in Mountain View, California, creates a model (twin) of each person’s metabolism leveraging data from smart devices, lab results and meal logs. It can then provide guidance on nutrition, activity and sleep based on this information.
Its $53 million in funding was led by Maj Invest of Denmark. It will help the company expand its partnerships with health plans and Fortune 500 companies in retail, healthcare, financial services, technology and manufacturing, according to the announcement.
Picture: Feodora Chiosea, Getty Images
