Fast-growing digital health company Hinge Health clinched $400 million in a financing round amid soaring demand for virtual physical therapy services.
The series E funding round more than doubles the company’s valuation from January. Hinge Health is now valued at $6.2 billion, up from $3 billion in January when it announced a $300 million series D round.
Existing investors Coatue and Tiger Global led the round. New investors Alkeon and Whale Rock took a $200 million stake through a secondary investment, according to a press release.
Hinge Health reports that its customer base has more than doubled year over year to over 575 enterprise customers as the company keeps pace with growing demand from millions of Americans seeking accessible care for back and joint pain.
“What makes this round special is that it’s led by the people who know us best – our existing investors,” said Daniel Perez, co-founder and CEO of Hinge Health, in a statement. “We’ll use this capital to continue investing in new ways to improve access and outcomes, create exceptional patient experiences, and avoid unnecessary surgeries.”
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Over $1 billion has been invested in Hinge Health, enabling the creation of one of the largest clinical, data science and R&D teams in all of digital health, according to the company.
Scott Shleifer of Tiger Global said Hinge Health has a “relentless focus” on their patients, customers and team, and “it shows in their clinical and economic outcomes.”
We believe Hinge Health is a leader in the new digital healthcare frontier,” said Lucas Swisher, partner at Coatue Management. “We are excited by Hinge Health’s vision and achievements and were impressed to see patients speak about their care experience with such delight and passion.”
Hinge Health says it’s used by four in five employers and 90% of health plans with a digital MSK solution. The company’s solution reduces MSK pain, surgeries and opioid use by pairing advanced wearable sensors and computer vision technology with a comprehensive clinical care team of physical therapists, physicians, and board-certified health coaches.
The company’s computer vision and motion sensors aid patients with exercise therapy and motion assessments.
Hinge Health recently acquired medical device maker Enso to expand its musculoskeletal therapy solutions. Enso developed a noninvasive device shown in double-blind clinical trials to reduce pain by 56% and deliver clinically effective relief for 86% of patients without drugs or surgery, according to the company. Enso’s device works …….