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Flo Health Raises Over $200M, Achieves Unicorn Status in Femtech

Flo Health Raises Over $200M, Achieves Unicorn Status in Femtech

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During a Series C funding round led by General Atlantic, the innovative female wellness app Flo Health secured approximately 275 million dollars in total funds. Flo’s worth climbs past a million dollars with this substantial investment, which makes it the first wholly digital unicorn application for the health of women.

All-inclusive Medical Assistance for Females

Flo Health Raises Over $200M, Achieves Unicorn Status in Femtech

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Flo Health is a comprehensive platform that assists women at every stage of life, including menstruation, conception, pregnancy, and menopause. With more than 120 medical experts on staff, the app provides accurate tracking of the period and ovulation.

Customized Health Information

Flo Health offers daily visual content, expert advice, and personalized health insights to its clients. Additionally, it creates an online network that provides assistance for its users by providing a closed digital forum for talks about wellness and health-related topics.

Collaborating for increased Health

“Flo for Partners,” a new function that was introduced by Flo in 2023, provides users’ partners with scientific information regarding menstruation and reproductive health. This training improves understanding and support for relationships.

Outstanding Development and Involvement

With its founding more than eight years ago, Flo Health has grown significantly. By the end of June 2024, the app’s performance was so good , over 70 million active monthly people were using this app and there were 5 million premium consumers. Flo’s people made an estimation of total income for 2024, which was to surpass 200 million dollars and show a 50 per cent rise over the previous year, reflects this development pattern.

Also Read: Xiaomi Expands EV Production with $116 Million Site Acquisition in Beijing

A Watershed Moment for Femtech

"Reaching unicorn status is a significant milestone for Flo and the entire femtech industry," says Dmitry Gurski, co-founder and CEO." "When we founded Flo, we saw a large gap in the provision of women's health services. We now spearhead an international effort to put women's health first everywhere."

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Investing Wisely for Future Development

The goal of Flo Health, which is to improve health literacy globally and normalize conversations about women's health, will be accelerated by the investment from General Atlantic. This investment from General Atlantic will help propel Flo Health’s growth as we continue normalising conversations about women's health, improving health literacy, and raising awareness of women's health issues worldwide, especially in underserved regions.” Gurski stated.

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Dedication to Transforming Women's Health

The Chief Medical Officer of Flo Health, Anna Klepchukova, highlighted how the app is changing women's health: "With women spending 25 per cent more of their lives in poor health compared to men, we're committed to changing this unacceptable status quo."

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Strategies for Expansion

With this fresh capital, Flo hopes to expand into new market sectors including menopause and perimenopause, enhance its tech-driven healthcare information, and look at strategic expansion opportunities. The company will also benefit from General Atlantic’s expertise in the expanding consumer tech and medical industries.

Also Read: Xiaomi Expands EV Production with $116 Million Site Acquisition in Beijing

New Board Members

As an element of the investment structure, Jessie Cai along with Tanzeen Syed who is the Managing Director at General Atlantic, will be joining Flo Health’s Board of Directors. Their immense expertise will assist Flo’s ambitious expansion goals.

 
Health AI Startup Huma gets $80 Million at near-$1 Billion Valuation

Health AI Innovator Huma Secures $80 Million, Nearing $1 Billion Valuation

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Huma Therapeutics Ltd., a London-headquartered health AI startup, has successfully raised $80 million in a Series D financing round, pushing its valuation close to the $1 billion mark. This funding round features investments from prominent players such as AstraZeneca Plc, Bayer AG, Hitachi Ventures, and Italy’s Hat Technology Fund.

Impressive Growth and Vision

Health AI Startup Huma gets $80 Million at near-$1 Billion Valuation

Image Source: forbes.com

Huma Therapeutics Ltd. has made significant strides in the health AI sector, doubling its annual revenue to $40 million in 2023 and setting its sights on profitability by the end of the year. The startup, which has now raised a total of $300 million, aims to democratize access to digital health, according to Chief Executive Officer Dan Vahdat. In a video interview, Vahdat likened Huma’s vision to that of Shopify for digital health, emphasizing the company’s goal of enabling both large and small users to benefit from its platform.

“Huma is Shopify, but for digital health,” Vahdat said. “We want to democratize access to users big and small.”

Huma’s platform leverages generative AI to assist developers in reducing costs, accelerating development, and ensuring compliance with global regulations when building health-care applications. The platform’s capabilities extend to configuring disease management tools for patients with conditions such as asthma, diabetes, and cancer. Hospitals and clinics can also utilize Huma’s generative AI services to minimize administrative tasks and reduce the staffing needed for monitoring patients with chronic diseases.

Expanding Global Reach

With the new funding, Huma plans to further develop its platform and expand its global presence. Currently, Huma’s technology is employed by 3,000 hospitals and clinics, and the platform boasts 1.8 million active users across more than 70 countries. The company has established collaborations with half of the world’s top 20 drugmakers, showcasing the platform’s utility in managing various health conditions. For instance, a product developed for asthma management has garnered 140,000 users in the US within a year.

The healthcare AI landscape is rapidly evolving, with a growing number of providers turning to artificial intelligence to streamline costs and improve healthcare delivery times. Other notable players in the sector include K Health, which raised $50 million for its chatbot service that pre-screens patients before they consult with primary care physicians. Additionally, non-invasive blood-testing company Karius Inc. and medical-image sharing firm PocketHealth Inc. have also secured financing this year.

Also Read: Huawei Invests $1.4 Billion in Shanghai Center Amid Intensifying Chip Wars

As Huma continues to expand its footprint and innovate within the health AI domain, its recent funding success marks a significant milestone in its journey towards revolutionizing digital health.

Opmed.ai Raises $15M to Combat Healthcare Labor Shortages with AI Leadership

Opmed.ai Raises $15M to Combat Healthcare Labor Shortages with AI Leadership

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Prominent backers such as Grove Ventures and NFX have shown a great deal of faith in Opmed.ai’s ability to revolutionise healthcare operations. Grove Ventures General Partner Renana Ashkenazi praised Opmed.ai’s creative strategy and highlighted its capacity to solve significant workforce inefficiencies in the healthcare industry. Similarly, Opmed.ai’s objective to improve OR experiences for physicians and patients was emphasised by Gigi Levy-Weiss, a founding partner at NFX.

An Important Turning Point

Opmed.ai Raises $15M to Combat Healthcare Labor Shortages with AI Leadership

Image Source: med-technews.com

The firm has achieved a noteworthy milestone with its most recent fundraising round, which has given Opmed.ai the means to quickly expand its cutting-edge technology. The co-founder and CEO of Opmed.ai, Dr. Mor Brokman Meltzer, stressed the significance of this funding in order to address the increasing demand from hospitals facing operational difficulties and manpower constraints. Opmed.ai will be able to go on providing significant solutions that improve efficiency and optimise healthcare operations thanks to the investment.

Verification of Vision

This money, for Opmed.ai, represents more than just financial assistance; it validates the company’s mission to use cutting-edge AI technology to transform hospital operations. Co-founder and Chief Technology Officer Avi Paz reaffirmed the company’s dedication to providing healthcare professionals with solutions that tackle present issues and clear the path for future efficiency improvements. The fact that Opmed.ai is working with top hospitals and healthcare facilities in Israel and the US shows how confident the industry is in its revolutionary potential.

Resolving the Labor Shortage in Healthcare

The AI optimisation platform from Opmed.ai is released at a critical juncture, as the healthcare sector is severely short-staffed. There is an acute need for creative solutions because forecasts indicate that there will be a 3.2 million shortfall of healthcare professionals by 2026. The system developed by Opmed.ai seeks to reduce this burden by streamlining healthcare processes, beginning with operating rooms (ORs), which bear a heavy financial and operational burden for hospitals.

AI-Assisted Optimization

Opmed.ai is an organisation that focuses on applying cutting-edge AI technology to optimise healthcare operations. Its optimisation engine creates alternative plans that are optimised for resource allocation in ORs by executing billions of permutations in a matter of seconds. Hospitals are saving a large amount of money and making extra revenue thanks to the platform. Opmed.ai helps hospitals boost revenue, improve overall efficiency, and increase OR usage by identifying inefficiencies and automating scheduling processes.

Looking Forward

Opmed.ai is well-positioned to spearhead the transformation of healthcare operations, buoyed by the backing of investors and a robust performance history. The company is dedicated to bringing about good change and enhancing healthcare outcomes for everyone, and it is doing so by spreading its reach and implementing its cutting-edge technologies in hospitals across the globe.

 
This Women-Led Healthcare Startup Raises $3.3 Million in Funding to Tackle the need for Better Menopause Care

This Women-Led Healthcare Startup Raises $3.3 Million in Funding to Tackle the need for Better Menopause Care

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Elektra Health, a groundbreaking digital health startup catering to women navigating menopause, has announced a significant milestone in its journey. The company revealed on Wednesday that it has secured $3.3 million in extended seed funding, a testament to its commitment to improving menopause care. This latest influx of capital is poised to propel Elektra Health towards its mission of expanding access to high-quality menopause care for women across the United States.

Bridging the Gap in Women's Health

This Women-Led Healthcare Startup Raises $3.3 Million in Funding to Tackle the need for Better Menopause Care

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Founded in 2019 and headquartered in New York City, Elektra Health has emerged as a beacon of hope for women grappling with the challenges of menopause. The company’s innovative approach encompasses virtual clinical care, personalized wellness plans, educational resources, and robust community support. Elektra Health’s services transcend geographical boundaries, with operations spanning New York, Connecticut, Florida, and soon Massachusetts and Pennsylvania. Moreover, the company collaborates with health plans, employers, and individual consumers to ensure accessibility and affordability.

Jannine Versi, co-founder and COO of Elektra Health, underscored the pressing need for comprehensive menopause care, stating, “The healthcare system today privileges the reproductive window and really anything related to family building and maternal health. … I fully agree that we need much better care and support for the maternal health journey, but it should not come at the exclusion of how we care for women so that they can live in good health and have good quality outcomes for those years that follow that menopause transition.”

Strategic Funding Partnerships

The $3.3 million funding round was spearheaded by UPMC Enterprises, the venture capital arm of UPMC, with notable participation from Wavemaker 360, Flare Capital Partners, and Seven Seven Six Fund. Kathryn Heffernan, senior director of strategic product management at UPMC Enterprises, emphasized the alignment between Elektra Health’s vision and UPMC’s commitment to advancing women’s health. Heffernan stated, “Elektra proved to have all the elements UPMC values in this space: evidence-based education and care that prioritizes women’s health needs and drives outcomes.”

Also Read: Alibaba Unveils Big Cloud Price Cuts as AI Rivalry Deepens

With a total funding of $7.6 million, Elektra Health is poised for substantial growth. Co-founder Jannine Versi outlined the company’s strategic focus, which includes forging partnerships with additional payers, expanding its geographic footprint, and bolstering its team. This strategic approach underscores Elektra Health’s unwavering dedication to bridging the gap in menopause care and empowering women to navigate this transformative life stage with confidence and dignity.

As menopause care gains traction in the healthcare landscape, Elektra Health stands at the forefront of innovation, poised to revolutionize women’s health and redefine the standards of care for generations to come. With increasing recognition of the diverse needs within women’s health, Elektra Health’s funding milestone signals a pivotal moment in the journey towards equitable and inclusive healthcare solutions.

Elon Musk's Neuralink to Start the human trial of Brain implant for paralysis Patients

Elon Musk’s Neuralink to Start the human trial of Brain implant for paralysis Patients

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Neuralink, a brain-chip business founded by Elon Musk, declared on Tuesday that it received permission from an independent evaluation board to begin hiring volunteers for the first human trial of its brain implant intended for paralyzed people.

Elon Musk's Neuralink to Start the human trial of Brain implant for paralysis Patients
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The experiment will take into account those who have ALS (amyotrophic lateral sclerosis) or cervical spinal cord wounds that have caused paralysis, however, the precise number of individuals who will participate has not been made public. It is anticipated that the trial will last around six years.

The brain-computer interface (BCI) will be surgically implanted in the part of the brain that controls movement intentions as part of a Neuralink study. The initial objective is to empower.

Neuralink had initially planned to get permission to implant its gadget in ten patients.

However, due to concerns regarding safety highlighted by the US Food and Drug Administration (FDA), discussions with the agency resulted in a probable decrease in the overall number of patients. The precise number of patients who received FDA approval is not yet public knowledge.

Elon Musk has bigger plans for Neuralink, hoping to make it easier to put its chip devices during surgery to treat issues including obesity, depression, autism, and schizophrenia. However, experts agree that even if the BCI gadget proves to be safe for human use throughout this study, it may take the business over ten years to obtain commercial usage permission.

Neuralink had previously announced that it had gotten FDA approval for its first human clinical study in May. However, the business was already being investigated by the government for how it handled animal experiments at the time.

Beginning this human study is a critical turning point for Neuralink and a step closer to realizing Elon Musk’s ambition of cutting-edge brain-chip technology.

Also Read: AI Startup Corti Raises $60 Million to Take on Microsoft in Health Care

Based on a report by WIRED, it is now clouded since concerns have been raised regarding claims made by the multi-billionaire surrounding the deaths of monkeys used in Neuralink’s research. According to the article, a medical ethics organization has requested that the Securities and Exchange Commission of the United States (SEC) look into Musk’s assertions that the deaths of the monkeys had nothing to do with the implants made by Neuralink. The organization contends that veterinarian records show that implant-related issues were the real cause of the animals’ deaths.

Thermo Fisher Scientific

Thermo Fisher Scientific – An Approach to Excel the Healthcare Industry Via Technology

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The internet and IT technology boom has helped people bring innovation to various industries. Whether it is for defense, corporate, or healthcare, every other field is trying to get their hands-on advanced technologies to make things simpler for the employees of their industry as well as the end-user of their products. Thermo Fisher Scientific is one such company that has been working towards the advancement of the healthcare industry so to ease out things for the health workers and provide better options for its customers.

A Brief Introduction

Thermo Fisher Scientific is an American Laboratory equipment company, which is the result of a merger between Thermo Electron and Fisher Scientific, the former being a leading provider of instruments and analytical services and the latter one of the well-known biotechnology companies of America. The company works in the field of manufacturing scientific instrumentation, reagents, and supplying consumables. Other than that, the company also provides software services to healthcare, life science, and laboratories in academies, etc. The company also ships products to some of the government departments and other industries.

The Founding of Thermo Fisher Scientific

Though the company is a resultant company of a merger and was established in 2006, its history dates back to over a hundred years from now. George N. Hatsopoulos and Peter M Nomikos founded Thermo Electron (one of the merged companies) in 1956. The company started as the supplier of analytical and laboratory equipment. On the other hand, Fisher Scientific was founded by Chester G. Fisher in 1902. The company sold the laboratory equipment, chemicals, supplies as well as provided services in healthcare, scientific research, safety, and education.

After ruling their respective industries, in 2006, Thermo Electron and Fisher Scientific decided to merge and unify their operation. This way, the company became a single company. The merger was a stock-for-stock exchange tax-free partnership between the two companies. After combining their operations, the company had 30,000 employees, and the annual revenue for the two as one company was recorded to be US$9 billion.

Thermo Fisher Scientific
Image Source: thermofisher.com

Currently, Thermo Fisher Scientific is dealing in the products like Analytical/other equipment and instruments, laboratory reagents and consumables, science software, and services for research, discovery, analysis, and manufacturing. Though the companies have combined their operations, Thermo Fisher Scientific manufactures and supplies the products with brand names Thermo Scientific and Fisher Scientific. Other than these two, the company also ships products under the brand names like Chromacol, Nalgene, Cellomics, Pierce Protein Research, and Fermentas. Despite being a major dominant in the American market, Thermo Fisher Scientific has also expanded into Europe and some Asian countries, including China.

Acquisitions by the Company

Thermo Electron and Fisher Scientific already had about 15 companies acquired under their name before the merger. And after the merger, in just fifteen years, Thermo Fisher Scientific made approximately 50 acquisitions. The major acquisitions by Thermo Fisher Scientific include Phadia (2011), autoimmune (2011), Life Technologies Corporation (2013), Advanced Scientifics (2015), Alfa Aesar(2015), Affymetrix (2016), FEI Company (2016), Finesse Solutions, Inc. (2017), Patheon (2017), Brammer Bio (2019), Qiagen (2020), Henogen SA (2021) and PPD, Inc. (2021), etc.

Thermo Fisher Scientific Today

It hasn’t been long since Thermo Fisher Scientific started to work as an individual company. But despite that, it has reached new heights and has made its separate identity other than its parent companies. Today, it is counted among the Fortune 500 companies and has been making annual revenues of more than $20 billion. Today the company is serving worldwide, and over 70000 people are working for it. The company is public and trades on NYSE as TMO. The company headquarters is established in Waltham, Massachusetts, U.S., and has its various offices in different parts of the world.

The CEO at Thermo Fisher Scientific

Marc N. Casper is the CEO and the president at Thermo Fisher Scientific. He has been serving as the CEO of the company since 2009, and other than that, he is a member of the boards of trustees of Brigham & Women’s Hospital, Wesleyan University, as well as the board of U.S. Bancorp.

Casper completed his Bachelor’s degree in Economics from Wesleyan University and an MBA degree from Harvard Business School. In 1997, he became the president at Dade Behring. In the year 2000, he joined Kendro Laboratory Products as the CEO and the president of the company and worked for one year. Casper joined the Life Sciences sector of Thermo Electron in 2001 as the president.