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Data Science and Health Tech Startup Holmusk Raises $21.5 Million Series A Funding

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Holmusk funding

Holmusk, a leading data science and health technology company, today announced a US$21.5 million funding round. The round was led by Optum Ventures (OV) and Health Catalyst Capital (HCC) and included existing investors Heritas Capital and other individuals.

Holmusk is building the world’s largest Real-World Evidence (RWE) platform in behavioral health and chronic diseases to expand data-driven, evidence-based care for people managing behavioral health conditions. This is made possible by bringing together specialty behavioral health data and Holmusk’s novel analytics platform to deliver evidence-based insight that care providers, health care payers and patients can use to make fully informed care and treatment decisions, and better integrate care for people with both behavioral and chronic health needs. These capabilities can also aid pharma companies with R&D and commercialization of new drugs.

In 2016, Holmusk acquired MindLinc, an Electronic Health Record (EHR) system focused on behavioral health, from Duke University School of Medicine. This enabled the company to leverage longitudinal data from many mental health institutions across US, stretching over 20 years.

Founded in 2015, Holmusk is headquartered in Singapore with offices in New York City, London and Shanghai. Holmusk was recognized as a Technology Pioneer in 2019 by the World Economic Forum and is part of the Innovations in Healthcare’s 2020 Innovator Cohort. The new funding round allows Holmusk to expand its US operations in New York City, and enables investment in its proprietary technology to harness and analyze real-world data to accelerate drug development and data-driven medicine.

Dr. Vijay Barathan from Optum Ventures (OV) and Charles Boorady from Health Catalyst Capital (HCC) will be joining the Board of Directors.

Our team is encouraged by Holmusk’s evidence-based approach to improving care for people suffering from behavioral health disorders, and we look forward to working closely with the Holmusk team to support the next phase of growth” said Dr. Vijay Barathan of Optum Ventures.

Charles Boorady of Health Catalyst Capital said by redefining the EHR from a repository of data to a clinical decision support tool with connectivity to digital therapeutics, Holmusk is uniquely positioned to improve patient care while reducing administrative burden and supporting the research and development of new care models and therapies.”

In situations like today, the need for Real-World Evidence is more pronounced than ever,” said Nawal Roy, Holmusk’s Founder & CEO. “We are fortunate to bring on partners like Optum Ventures and Health Catalyst Capital who understand the importance and are excited to join us in our mission to drive evidence-based care.”

This News has been Published in Partnership with PR Newswire

Fintech

Singapore based Fintech Startup GoBear raises $17M in Funding

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  • The fresh injection of capital marks GoBear’s fifth fundraise to date.
  • The round came from GoBear’s long-term investors: Walvis Participaties, a Dutch venture capital firm and Aegon N.V., one of the world’s leading providers of life insurance, pensions and asset management.
  • This strategic fundraise will be used to accelerate GoBear’s transformation into a full-fledged financial services platform built on alternative data.

Asia’s leading financial services platform for insurance, banking and lending products – has raised US$17M from Walvis Participaties and Aegon N.V to accelerate its transformation into a full-fledged financial services platform.

“To truly improve financial health in Asia we must address the approximately 300 million people in our markets that remain underserved by existing banking and insurance services. GoBear’s transformation is a response to this by tackling important local barriers to financial literacy and inclusion,” said Adrian Chng, CEO of GoBear.

A significant portion of the business’ transformation was completed in 2019 and with this funding, GoBear will be well-positioned to continue its expansion of the financial services platform across three growth pillars: an online financial supermarket, digital insurance brokerage, and digital lending, all built on a strong foundation of alternative data.

“Our latest fundraise is validation that our investors continue to see our potential for growth and that we’re on track to build a robust financial services platform that Asia really needs. Built on our strong foundation of alternative data, we can better assess and price risk, co-create better products, and ultimately improve financial inclusion,” added Adrian. 

In the last three months, its digital insurance brokerage segment saw a 52% increase in average order value and launched GoBear exclusives to better meet consumer needs – “Go Travel”, a white-label travel insurance product with Chubb and “Travel Buddy” in partnership with Allianz. GoBear reinforced its digital lending business with the acquisition of AsiaKredit, a leading end-to-end digital consumer lender and has registered a 50% year-on-year revenue growth from loan products.

“It’s exciting to be part of a bold mission to improve the financial health of people in Asia. With our data and technology, GoBear is positioned to have a huge impact on the future of financial services in the region,” said Valeriy Gasratov, Chief Information Technology Officer of GoBear, who brings more than two decades of technical fintech and eCommerce expertise to the team.

GoBear first launched in 2015 as a metasearch engine. It has since grown to be a financial services platform that offers consumers a one-stop platform to search and buy the product they need. To date, GoBear has served over 55 million users searching for more than 2,000 personal finance products.

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Funding

Insurance Tech Startup Pie Insurance Raises $127 Million in Latest Funding

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Pie Insurance, one of the fastest-growing insurtechs in the country, today announced the closing of $127 million in new financing and capital commitments. Gallatin Point Capital joined Pie’s current investors in the capital raise, including Greycroft, SVB Capital, Aspect Ventures, Elefund, and Sirius International Insurance Group, Ltd. The new financing includes $27 million to support the continued growth and expansion of Pie Insurance’s offering to small business owners. The additional $100 million equity capital commitment will support Pie’s strategic initiative to form and purchase licensed insurance companies.

Pie was founded in 2017 to provide workers’ compensation insurance to small businesses, both directly through its website and also through thousands of independent insurance agents. Over the past twelve months, Pie has grown its written premium 150% to nearly $19 million in Q1 of 2020. Tens of thousands of small businesses have received quotes using the company’s simple online experience, driven in part by Pie’s recent national television advertising campaign. Pie has also expanded its availability through independent insurance agents, adding hundreds of additional agencies this year. Pie offers workers’ comp coverage in 34 states and the District of Columbia and will continue to expand across the nation to serve more small businesses, either directly or through their agents.

“Pie continues to demonstrate significant momentum, even in the current economic climate,” said Ian Sigalow, Co-Founder and Partner at Greycroft. “We’re pleased to help fuel the company’s next stage of growth as they transform the market for small business insurance.”

This next stage of Pie’s growth includes the formation of a new affiliated company, Pie Carrier Holdings—in which Gallatin Point Capital is the lead investor—to create and purchase licensed insurance companies. Pie Carrier Holdings will own the licensed insurance companies that Pie will use to issue a portion of its insurance policies. Sirius Group is also investing directly in Pie Carrier Holdings and will continue to issue insurance policies offered by Pie.

“We’re impressed with the results Pie has achieved in such a short time period,” said Matt Botein, Co-Founder and Managing Partner at Gallatin Point Capital. “We welcomed the chance to contribute to their expansion strategy in a meaningful way.”

“We’re incredibly excited to partner with Matt and his team on this innovative approach toward solving one of the biggest challenges facing a growing insurtech company—building a capital structure that supports both our rapid growth and balance sheet needs,” said John Swigart, Pie’s Co-Founder and Chief Executive Officer. “This financing enables Pie to continue our expansion, even during these uncertain times, while also forming the foundation for our future.”

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Cleantech

Cleantech Startup Enertechnos Raises £5 Million in Funding to Boost Energy Industry and Net Zero Target

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UK clean energy technology innovator Enertechnos has raised £5 million in a Series A funding round.

Enertechnos is at the forefront of the UK’s drive towards net-zero. Their innovative cable technology reduces energy losses throughout the power network, slashing carbon emissions from wasted energy.

In a show of strength for the fast-growing company, 30% of the funds came from existing investors. The remainder were provided by a wide range of individual investors, including energy and engineering sector specialists alongside former cabinet and environment minister Virginia Bottomley.

The round was advised by Adelpha, a female-led corporate adviser private investment network which specialises in high growth, tech-enabled UK companies with a positive social and environmental impact.

Enertechnos will use funds raised for two waves of activity. They will expand their engineering team to drive the next stage of their ground-breaking R&D, and boost their commercial sales and marketing team to accelerate the global roll out of their technology.

The UK power grid loses around 8% of all electricity as it is transmitted throughout the network – accounting for 1.5% of UK carbon emissions and costing around £3.8 billion annually. This loss could power almost seven million homes each year.

Enertechnos’ cable technology – called Capacitive Transfer System (CTS) – reduces this waste by up to 47%, allowing generators and networks to deliver more power to consumers.

Enertechnos has received backing from several government programmes, and is currently working with the Department for Business, Energy and Industrial Strategy to revolutionize electric vehicle charge times. Enertechnos’ transformational CTS technology will soon be deployed by network operator Western Power Distribution (WPD) in a real-world trial.

Dominic Quennell, CEO of Enertechnos said, “The energy sector is facing a multitude of challenges at present responding to Covid-19, but we also have a commitment to reach net-zero by 2050. Minimizing waste in the energy system will be a key part in achieving this.

“The potential carbon emission savings that can be achieved by this technology is enormous and this funding round recognises the role our technology can contribute to net-zero targets. We are proud to be at the forefront of this effort, helping the UK energy sector rise to the challenge.”

Addie Pinkster, Founder and Chief Executive of Adelpha added, “We are delighted to have advised Dominic and the Enertechnos team on their recent Series A investment round, and work with their impressive existing and incoming investor base. Enertechnos is a great example of an innovative UK company that is providing best-in-class technology to reduce the global carbon footprint.

“The quality of investors in this round is testament to Enertechnos’ world-class engineering team and product, as well as their exceptional management team and highly experienced board. It’s also recognition of how pressing the climate change challenge is, and the regulatory and corporate demand for solutions that work at industrial scale.”

This News has been Published in Partnership with PR Newswire

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