Digital MSK startup SWORD Health lands $85M in Series C
01 Jul 2021
Acquisition
This morning digital musculoskeletal care-focused startup SWORD Health announced an $85 million Series C funding round. General Catalyst led the round with participation from BOND, Highmark Ventures, BPEA, Khosla Ventures, Founders Fund, Transformative Capital and Green Innovations.
This comes roughly six months after the company closed its $25 million Series B round, which it said would go towards growing the company. As of today, the company boasts $135 million in venture dollars.
WHAT THEY DO
SWORD Health has created a virtual physical therapy platform for individuals with musculoskeletal disorders. The company works directly with employers, payers and providers, and allows patients to access remote physical therapy for back, shoulder, neck, knee, elbow, hip, ankle and wrist conditions.
The program matches users to a physical therapist that can design a program to suit the patient's needs. When a patient is completing their prescribed exercises, they can wear sensors that allow for motion tracking, which can correct their form. The therapist is able to change the patient's program based on their progress.
WHAT IT'S FOR
The company plans to continue to grow. It reports a 1000% year-over-year increase in the number of patients treated and a 600% increase in growth of overall revenue year-over-year.
"Treatment of musculoskeletal disorders costs the US health system alone in excess of $300B per year. SWORD Health has set the new standard of therapy in MSK by combining novel hardware, software and physician-directed care. Their digital-led model brings high quality treatment right into members’ homes to create a more personalized, engaging and effective experience, "Chris Bischoff, Managing Director, General Catalyst, said in a statement. "We’re impressed by the performance of SWORD Health and are excited to partner with Virgilio and the team to further improve patient outcomes and reduce unnecessary costs in MSK for payors, employers and providers - helping solve one of the most important and urgent problems in healthcare.
MARKET SNAPSHOT
There is a lot of competition in the virtual physical therapy space. For example, Hinge Health scored $300 million in Series D funding for its musculoskeletal health program and Kaia Health $75 million in Series C to expand its PT services in the US and Europe.
European digital physical therapy and patient engagement company Physitrack went public earlier this month on the Nasdaq First North Premier Growth Market with an original offering of SEK 40 ($4.69) per share.
More general care virtual health companies are also looking into this space. In 2020 chronic care management company, Omada Health announced the acquisition of musculoskeletal care company Physera.
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