The next several months will be difficult for many businesses, with the economy slowing as people attempt to mitigate exposure during the Covid-19 pandemic. But for some startups, venture capital funding has still been trickling in since reports of the first outbreak reached the U.S. Here are a few that raised funding this week:
Market Trends to Watch for Health Systems and Their Specialty Pharmacies
The future looks bright for the integrated specialty pharmacy model – for health systems, providers, and most importantly, for patients.
Element Science
Funding: $145.6 million series C
Headquarters: San Francisco
Element Science plans to use the funds to complete clinical studies and launch its product, a wearable defibrillator designed to detect and treat arrhythmias in patients with an elevated risk of sudden cardiac death. The company is led by Dr. Uday Kumar, a cardiac electrophysiologist that founded iRhythm Technologies.
Transforming Patient Care: The Role of AI-Powered Assistants
The progress in artificial intelligence (AI) is reshaping patient care, across various dimensions, from facilitating faster discharge to curating treatment plans and suggesting lifestyle changes.
Deerfield Healthcare and Qiming Venture Partners USA led the funding round, with participation from Cormorant Asset Management, Invus Opportunities, Third Rock Ventures and Google Ventures.
Tempus
Funding amount: $100 million series G
Headquarters: Chicago
With its most recent funding round, precision medicine startup Tempus said it has a post-money valuation of $5 billion. The company was founded in 2015, and is led by Groupon co-founder Eric Lefkofsky.
Tempus offers genomic sequencing to cancer patients, and works with physicians to help them select the best treatment options based on how other patients have responded. With the new funding, it plans to expand its work into other disease types, including diabetes, depression and cardiology.
Investors in the round included Baillie Gifford, Franklin Templeton, NEA, Novo Holdings, and accounts managed by T. Rowe Price.
Oura
Funding amount: $28M series B
Headquarters: Oulu, Finland
One of a slew of electronics companies offering sleep-tracking as a feature, Oura is unique in that its wearable rings are primarily focused on sleep. The company said it has sold 150,000 units of the second version of its ring.
Oura plans to use the funding to grow its team of more than 100 employees, support academic research and launch a marketing campaign. Investors in the most recent round include Forerunner Ventures, Gradient Ventures and Square, with Forerunner Partner Eurie Kim joining Oura’s board.
Quit Genius
Funding amount: $11 million series A
Headquarters: London
Quit Genius, currently offers programs for smoking cessation, and is developing programs for alcohol- and opioid-use disorders. The digital health startup’s product consists of a breath sensor coupled with coaching services.
The company was originally founded by three doctors from Imperial College London. Octopus Ventures led the funding round with participation from Y Combinator, Startup Health and Triple Point Ventures.
Photo credit: Abscent84, Getty Images