Hinge Health has raised $400 million in Series E financing to help it meet the rising demand for physical therapy services. Tiger Global and Coatue Management led the round, with Alkeon and Whale Rock acquiring ownership as part of a $200 million secondary investment, according to a media release.
Now valued at $6.2 billion, the company has more than doubled its customer base YoY to over 575 enterprise customers, according to a media release.
“What makes this round special is that it’s led by the people who know us best – our existing investors,” said Daniel Perez, cofounder and CEO of Hinge Health. “We’ll use this capital to continue investing in new ways to improve access and outcomes, create exceptional patient experiences, and avoid unnecessary surgeries.”
“We’ve had the pleasure of working closely with the Hinge Health team over the past year since co-leading their last round,” said Scott Shleifer of Tiger Global. “They have such a relentless focus on their patients, customers, and team and it shows in their clinical and economic outcomes. We’re so excited to grow our investment in the company.”
“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.”
Employers and health plans partnered with Hinge Health to provide members access to a comprehensive clinical care team and an advanced technology portfolio:
- Computer vision and motion sensors for exercise therapy and motion assessments.
- Hinge Health Enso, a groundbreaking wearable technology for noninvasive and nonaddictive pain relief.
- HingeConnect for bridging the gap between in-person and digital MSK care and enabling near-real-time interventions by integrating health data with 750,000+ providers.
The company also announced two important leadership hires:
- Lalith Vadlamannati joins as chief technology officer, after spending 13 years at Amazon, most recently as a vice president leading a 1,200+-person R&D team. He will grow Hinge Health’s engineering team and lead technical investments in AI, machine learning, and motion technologies – including 3D computer vision.
- Vincent Lim joins as chief people officer to help scale systems and processes as Hinge Health approaches 1,000 employees. Lim held HR leadership roles at Google, Medium, and JUUL Labs.
[Source(s): Hinge Health, Business Wire]