Sword Well being, which touts itself as shifting healthcare from human-first to AI-first via its AI care program, introduced it has raised $40 million, bringing its complete funding to $380 million and its valuation to $4 billion.
The spherical was led by present investor Basic Catalyst, with participation from Comcast Ventures, Oxy Capital, Khosla Ventures, Indico Capital, Armilar, Lince Capital and Shilling.
The corporate’s founder and CEO, Virgilio Bento, reportedly instructed TechCrunch that the corporate might pursue an IPO by 2028.
WHAT IT DOES
The New York-based firm develops bodily remedy applications for pelvic well being and muscle and joint ache.
The corporate additionally gives bodily well being training and assets, pain-fighting workouts and entry to scientific ache specialists. It states that its AI instruments may detect and interact with high-risk members to assist stop prices related to pointless surgical procedures.
Alongside the funding announcement, the corporate introduced that it’s now coming into the psychological well being area, unveiling its new providing, Thoughts.
Thoughts pairs AI with psychological well being specialists to supply 24/7 care. Sword will even present its M-band, a proprietary wearable machine that may detect early indicators of despair and anxiousness. The corporate says the band will allow “proactive outreach by Thoughts clinicians.”
Sword will use the funds to help its world growth, additional develop its AI fashions throughout varied areas of care and speed up its momentum in mergers and acquisitions.
“We have rebuilt care supply from the bottom up—changing a century-old, labor-intensive mannequin with AI that removes limitations to world-class care for everybody who wants it,” Bento stated in a press release.
“This funding is a milestone that enables us to deepen our foundational AI analysis and to speed up our growth into new healthcare verticals like psychological well being—a discipline nonetheless dominated by unscalable and ineffective fashions—bringing actually life-changing care to thousands and thousands who battle with psychological well being around the globe, the identical method we did it for thousands and thousands with bodily ache.”
MARKET SNAPSHOT
In January, Sword Well being acquired UK-based Surgical procedure Hero in an all-equity transaction. Surgical procedure Hero supplied digital well being instruments aimed toward enhancing sufferers’ surgical outcomes. Its providing was built-in into Sword Well being’s platform, and its crew joined Sword.
Final yr, Sword secured $130 million in a Collection E spherical via a mixture of main and secondary gross sales, which introduced its valuation to $3 billion.
In 2021, Sword introduced it raised $163 million in Collection D funding. The closely oversubscribed spherical introduced the overall main and secondary transactions to greater than $320 million invested in Sword. The spherical introduced its valuation to $1.8 billion.
The corporate acknowledged that the first spherical of $163 million was adopted by a further $26 million in a secondary transaction, which propelled the corporate’s valuation to $2 billion.
