San Francisco-based Hinge Health, which makes a digital health platform for musculoskeletal (MSK) conditions, has raised $26 million in a Series B round led by Insight Venture Partners. Existing investor Atomico also contributed, increasing its stake in the company. This brings the company’s total funding to $36 million.
“There’s been a lot of enthusiasm for the Hinge Health product,” CEO Dan Perez told Babyforyou.net.ua. “We’ve been able to show really strong clinical outcomes, and that’s really been what’s powered our growth, our outcomes. We’re reducing pain by 70 percent for people going through our program. We’re avoiding over two-thirds of surgeries, each of which can save employers over $100,000. So our ROI is very real and tangible for employers, so we’re getting a lot of inbounds as well from customers who are looking to drive down their overall trend and they found a solution that can really do that.”
Hinge Health offers employers a three-part benefits program for MSK patients that includes app-based exercise therapy using wearable sensors, unlimited virtual coaching, and interactive patient education.
“A lot of people approach MSK by just putting physical therapy exercises on video or an app and expecting that to improve MSK outcomes,” Perez said. “That’s the mark of someone who doesn’t understand MSK. MSK conditions like knee arthritis, chronic low back pain, these are complex conditions that require a more multi-faceted approach.”
The company plans to use the new funding to build out its sales and R&D teams, both to meet demand for its existing product and to develop offerings for additional MSK conditions.
“We are definitely doubling down on our product development, moving deeper within the MSK continuum,” Perez said. “So if you think about MSK, there’s early, there’s chronic, and there’s late stage and we’re going to be tackling — right now we’re in the chronic continuum, for chronic back, shoulder, neck. So we’re going to be deploying our hip, shoulder, and neck program as well as going into end-stage, perioperative care, as well as some earlier stage interventions, to really capture the full MSK continuum. So we’ll be making some announcements hopefully in Q1 of next year, demonstrating just how deep we’re going with MSK.”
Hinge Health has been growing rapidly, with revenue increasing 50 percent quarter over quarter, Perez said. The company has also grown from 18 employees in July 2017 to more than 70 today, with plans to hire 30 more by the end of the year.