Hinge Health makes $ 600 million investment from Coatue and Tiger Global, bringing valuation to $ 6.2 billion


Fast-growing digital health company Hinge Health landed $ 400 million in a funding round amid growing demand for virtual physiotherapy services.

The Series E round of funding more than doubles the valuation of the company as of 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 more than 575 business customers, as the company keeps pace with the growing demand from millions of Americans seeking accessible care for them. back and joint pain.

“What makes this cycle special is that it’s led by the people who know us best – our existing investors,” Daniel Perez, co-founder and CEO of Hinge Health said in a statement. “We will use this capital to continue to invest in new ways to improve access and outcomes, create great patient experiences, and avoid unnecessary surgeries. “

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More than $ 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 is “relentlessly” focused on its patients, clients and team and “it shows in their clinical and economic outcomes.”

We believe Hinge Health is a leader in the new frontier of digital healthcare, ”said Lucas Swisher, Partner at Coatue Management. “We are excited about the vision and accomplishments of Hinge Health and were impressed to see patients talk about their care experience with so much pleasure 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, Surgery, and Opioid Use by Pairing Advanced Wearable Sensors and Computer Vision Technology with a Comprehensive Clinical Care Team of Physiotherapists, Doctors, and Health Coaches certified.

The company’s computer vision and motion sensors help patients perform exercise therapy and assess movement.

Hinge Health recently acquired medical device maker Enso to expand its musculoskeletal therapy solutions. Enso has developed a non-invasive device shown in double-blind clinical trials to reduce pain by 56% and provide clinically effective relief for 86% of patients without drugs or surgery, according to the company. The Enso device works by delivering a patented electrical stimulation treatment that relaxes muscles and calms nerves and is controlled via an app on smartphones.

RELATED: Google and ProMedica Partner with IncludeHealth to Tap Growing Virtual MSK Marketplace

Hinge Health has incorporated this technology into its solution to provide revolutionary wearable technology for non-invasive, non-addictive pain relief, according to the company.
Hinge Health’s HingeConnect integrates with more than 750,000 in-person providers and enables real-time interventions for elective MSK surgeries, resulting in proven reduction in medical claims.

The company works with reputable employers and organizations such as Boeing, Google, Land O’Lakes, LL Bean, Salesforce, State of New Jersey, US Foods and Verizon.

“At Chico’s FAS, we have appreciated that Hinge Health’s digital MSK clinic focuses on the entire musculoskeletal (MSK) journey, from prevention to post-surgery. Hinge Health’s holistic approach pairs physiotherapists with health coaches to engage members, drive lifestyle and behavior changes, and help participants stick to the program. As a result, our members, working in retail, warehouse distribution and customer call centers, have reduced MSK pain by more than half, ”said Erin Lansberry, senior manager of benefits at Chico’s FAS, in a press release.

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The company also strengthened its management team by hiring Lalith Vadlamannati as CTO and Vincent Lim as Director of Human Resources. Vadlamannati spent 13 years at Amazon, most recently as vice president leading an R&D team of 1,200 people. He will develop Hinge Health’s engineering team and lead technical investments in AI, machine learning and motion technologies – including 3D computer vision, according to the company.

Lim has held senior human resources roles at Google, Medium and JUUL Labs and will focus on scaling systems and processes as Hinge Health approaches 1,000 employees.

Virtual physiotherapy has become a hot market, with investors investing a lot of money in MSK startups. Kiai, a digital therapy company, has raised $ 75 million in Series C funding. Sword Health has scored $ 110 million in six months to fuel its global expansion and create value-based models of care for musculoskeletal care. -skeletal.

In other market moves, Omada Health acquired virtual physiotherapy company Physera for $ 30 million, and telehealth company DarioHealth bought Upright Technologies for $ 31 million and recently launched its entry into the market. MSK health space, called Dario Move.

Additionally, Google and ProMedica Health System are partnering with IncludeHealth to launch an MSK operating system that any vendor can use to deliver integrated virtual physical care to MSK patients.

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