Hinge Health raises $ 600 million and plans extensive MSK effort

0
66

MedCity News

Hinge Health recently posted a valuation of $ 6.2 billion. It uses wearable bands with sensors and computer vision technology to guide people through the exercises.

After Hinge Health raised a large inflow of funds, he plans to aggressively expand its digital platform for musculoskeletal care.

The San Francisco-based company recently closed a $ 400 million financing round jointly led by Tiger Global and Coatue Management, who led an earlier investment in Hinge earlier this year. Alkeon and Whale Rock also made a second investment of $ 200 million. Hinge’s valuation has doubled since the fundraiser in January, and now stands at $ 6.2 billion.

Daniel Perez, CEO and co-founder of Hinge, told MedCity News that the company plans to use the funds to grow its team and make additional investments in its technology. Hinge is also looking for further acquisitions in an increasingly consolidated digital healthcare market.

However, unlike some competitors who want to cover a wide range of health conditions in one solution, Hinge focuses on musculoskeletal care (MSK).

“Many entrepreneurs leave their focus too early, spread their peanut butter too thinly,” says Perez. “We will concentrate on MSK for several years.”

Hinge started in 2015 with wearable straps with built-in sensors to guide people through physical therapy exercises. Since then, it has been expanded to include health coaching, virtual visits to physiotherapists and second opinions from doctors and orthopedists.

It has led several major employers to offer it as an insured benefit to their employees, including Boeing, Google, US Foods, and Salesforce. In 2021, Hinge doubled its customer base to 575 companies.

“We probably closed more deals in the 90 days of the third quarter than we did in the last six years combined,” he said. “It’s just an incredible growth we’re seeing.”

Hinge has also expanded its platform through some recent acquisitions. Earlier this year, it bought Enso, a company that makes a small device that uses electrical stimulation for pain relief. It also acquired the computer vision company wrnch, which uses Hinge for movement assessments and to expand its exercise tracking.

Perez said he plans to double the size of Hinge’s engineering team and also hire more doctors, physical therapists, health trainers and nutritionists. Despite growing competition, the company tries to aggressively defend and expand its market share.

Source Link

Leave a Reply