Hinge Health receives $8 million in Series A funding
In a new Series A funding round led by venture capital firm Atomico, Hinge Health has recently received $8 million in Series A funding, with seed investors Eleven Two Capital and The Vertical Group also taking part. It follows on from the company’s $1.3 million seed round, which took place in June last year, allowing the company to expand its presence across the US.
Established in both London and San Francisco, the digital health start-up currently utilises both hardware and software to provide solutions to patients who suffer musculoskeletal disorders.
With more than 50% of the US workforce reporting a musculoskeletal (MSK) disorder each year, employers are facing significant financial costs, alongside decreased productivity from workers. Workers themselves are provided less than adequate care due to a lack of resources, or undertake unnecessary medical procedures, creating negative, long-term effects.
Hinge Health co-founder and CEO Daniel Perez said, “Most chronic conditions have clear clinical guidelines underpinned by a solid evidence base. However, these guidelines are often not followed because it is too onerous for the patient and doctor.
Lower back pain and knee arthritis are prime examples, where non-surgical guidelines are not followed. The result is that patients are shunted onto opiates and eventually surgery. Our vision to improve the scale, experience and ultimately outcomes for patients by using technology to better deliver evidence-based care, with MSK as our first beachhead.” It will also help to tackle the ongoing opioid epidemic across the US.
Hinge Health utilises technology to create evidence-based Digital Care Pathways for MSK conditions. This includes the use of wearable sensors and software to remotely deliver long-term advantages for those with chronic MSK conditions. Over 100,000 individuals now utilise Hinge Health services, enabling the company to grow even further.
The company’s efforts have seen it significantly reduce healthcare costs to employers by 50% and deliver best-practice care for employees. With data on over 1,000 patients, Hinge Health has demonstrated a 55% improvement in both chronic lower back pain and knee pain, while avoiding 60% of surgeries.
While other care indications such as diabetes and mental health receive vastly more attention, according to IBM’s Truven Health Analytics musculoskeletal disorders (MSK) remains by far the largest and fastest growing cost driver of America’s healthcare system - consuming 1 in 6 health-care dollars, and is the #1 healthcare expense for self-insured employers.
