The funding more than doubles Hinge Health's valuation, bringing it to $6.5B. Here are the top-line bullets you need to know.
Hinge Health, a digital musculoskeletal (MSK) clinic, has raised $400M in Series E funding, from Tiger Global Management and Coatue Management, and $200M in secondary investment, from Alkeon Capital Management and Whale Rock Capital Management.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based Hinge Health offers a digital care program addressing chronic back and joint pain, and it caters to millions of users.
- The company leverages wearable sensors and computer vision technology as well as a team of physiotherapists, doctors, and board-certified physical coaches to help patients manage pain and avoid unnecessary surgeries.
- HingeConnect integrates health data with over 750K providers in order to facilitate real-time interventions
- Hinge Health has more than doubled its client base year-over-year to 575 enterprise customers.
- Some of the company’s leading corporate clients include Boeing, Land O’Lakes, L.L. Bean, Verizon, US Foods, and Salesforce.
Source: Hinge Health
WHY DOES THE MARKET MATTER?
- The global digital health market is expected to grow at a CAGR of 17.9% and reach a value of $767.7B by 2030, according to Allied Market Research.
- The digital health industry has seen rapid growth as employers bank on technology to reduce medical costs.
- The global healthcare industry saw $34.7B in funding across nearly 1.6K deals in Q2’21. The acceleration of digital transformation initiatives was a major contributor, with digital health startups accounting for 40% of both the deals and funding raised in the quarter ($14.1B across 628 deals).
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