Climate Deals

Sustainable alternatives to traditional building materials have grown increasingly popular as residential and commercial buildings strive to be more energy efficient. 

Why it matters: The built environment, which encapsulates anything along the lifecycle of residential and commercial buildings, accounts for approximately 40% of global carbon dioxide emissions.

Context: In the first half of 2023, climate-tech companies working in the built environment closed more than $1.8 billion in VC deals, according to a report by PitchBook.  

The boost in startups and VC money aligns with the surge in "net-zero" pledges. Nearly 150 countries and more than 900 publicly listed corporations have set climate-specific goals as of 2023.

Between the lines: Building emissions are often reduced through shifting the time of power use, replacing fossil fueled heating with electric heat pumps and installing solar panels, but other structural modifications are being developed to enhance those energy-saving benefits, fueled by government funding and private investments.

Redaptive, an HVAC efficiency company, received a $250 million Series E led by Linse Capital, and BlocPower, a data analytics company working on energy electrification, announced a fundraising round of $150 million, including over $24 million of Series B corporate equity.

Yes, but: Building codes at the local, state and national level have been slow to permit the use of new technologies in building materials, and local agencies often lack the resources to create regulations to support the use of new sustainable developments. Construction also remains a conservative sector, typically performing with slim margins. 

Recent funding trends in the sustainable infrastructure industry include:

Go deeper: View our latest coverage on everything shaping the climate tech industry across VC, PE and M&A.

Sustainable infrastructure companies, trends and deals

A look at recent activity and news from green construction.

Climate tech

Sustainable alternatives to traditional building materials have grown increasingly popular as residential and commercial buildings strive to be more energy efficient. Why it matters: The <a class="gtmContentClick" data-vars-link-text="built environment" data-vars-click-url="https://www.epa.gov/smm/basic-information-about-built-environment#:~:text=Built%20Environment%20important%3F-,What%20is%20the%20Built%20Environment%3F,get%20from%20place%20to%20place." data-vars-content-id="1e83e3c3-7d16-4a7d-babd-85a6423d5c48" data-vars-headline="Sustainable infrastructure companies, trends and deals" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.epa.gov/smm/basic-information-about-built-environment#:~:text=Built%20Environment%20important%3F-,What%20is%20the%20Built%20Environment%3F,get%20from%20place%20to%20place." target="_blank">built environment</a>, which encapsulates anything along the lifecycle of residential and commercial buildings, accounts for approximately 40% of global carbon dioxide emissions.

Health Tech Deals

The venture-backed clinical trials infrastructure space is gaining traction, fueled by the FDA's guidance around diversity and increased awareness about the limitations of current medical research. 

Why it matters: The clinical trials landscape is dominated by a few expensive and slow-moving studies run largely by elite, hard-to-access academic medical centers. 

The pandemic highlighted areas of inefficiencies in the clinical trials space, and activity in the post-pandemic market has been driven by increased calls for better representation. 

The estimated $16 billion U.S. clinical trial site market is expected to grow at 6.8% CAGR through 2025, according to research by Harris Williams.

Recent investments in the clinical trials space include:

Mural Health Technologies, a Berwyn, Penn.-based clinical trial facilitator, raised $8 million in seed funding in September. 

Clinetic, a Durham, N.C.-based health tech company focused on patient recruitment and clinical research, closed a Series A round led by Sopris Capital.   

Lindus Health, a London-based clinical trials startup, raised $18 million in Series A funding in August. 

Boston-based Beaconcure, a clinical data technology company, closed a $14 million Series B round in June.  

Macro Trials, focused on helping to speed the development of high-value therapeutics, in June raised a $6 million seed round.

Inato,  a French technology platform that connects companies with community-based trial sites raised $20 million in Series A2 funding in March. 

Faro Health, a San Diego, Calif.-based software company that helps researchers design clinical trials, raised $20 million in a funding round led by General Catalyst in February.

Paradigm, a New York-based clinical trial tech platform collected $203 million in Series A funding and acquired an oncology patient recruitment startup called Deep Lens in January. 

SubjectWell, an Austin, Texas-based patient recruitment platform for clinical trials, raised $35 million in Series B funding in October. 

Power, a startup developing user-friendly search tools to help people more easily find open trials, last August collected $7 million in seed funds.

Reify Health, a Boston-based software company focused in the clinical trial ecosystem, raised $220 million in Series D funding in April 2022. 

Topography Health, which provides community physicians with a plug-and-play trials platform, last January landed $21.5 million in Series A capital.

Other developments in the clinical trials infrastructure space include: 

Headlands Research, a network of clinical trial sites, acquired research center AMCR Institute in July. 

The IMA Group, a clinical evaluation provider, in January acquired research company Clinical Trials of America. 

QHP Capital, the management company for NovaQuest Private Equity, in October 2022 acquired AutoCruitment, a digital patient recruiter for clinical research. 

Go deeper: View our latest coverage on everything shaping the health tech industry across venture capital, private equity and M&A. Start your free trial of Axios Pro: Health Tech Deals today.

Clinical trials infrastructure tech: State of play

The VC-backed trial infrastructure space is heating up.

Illustration of a white board with a tactical diagram using letters spelling out "State of Play."

Health tech deals

Last updated Sept. 19, 2023The venture-backed clinical trials infrastructure space is gaining traction, fueled by the FDA&#x27;s guidance around diversity and increased awareness about the limitations of current medical research. Why it matters: The <a class="gtmContentClick" data-vars-link-text="clinical trials landscape" data-vars-click-url="https://www.ama-assn.org/practice-management/digital/trial-box-help-more-practices-take-part-clinical-trials" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.ama-assn.org/practice-management/digital/trial-box-help-more-practices-take-part-clinical-trials" target="_blank">clinical trials landscape</a> is dominated by a few expensive and slow-moving studies run largely by elite, hard-to-access academic medical centers. The pandemic highlighted areas of inefficiencies in the clinical trials space, and activity in the post-pandemic market has been <a class="gtmContentClick" data-vars-link-text="driven" data-vars-click-url="https://middlemarketgrowth.org/thematic-investing-private-equity-clinical-trials/" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://middlemarketgrowth.org/thematic-investing-private-equity-clinical-trials/" target="_blank">driven</a> by increased calls for better representation. <ul><li>The estimated $16 billion U.S. clinical trial site market is expected to <a class="gtmContentClick" data-vars-link-text="grow" data-vars-click-url="https://www.harriswilliams.com/our-insights/hcls-return-innovation-clinical-trials" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.harriswilliams.com/our-insights/hcls-return-innovation-clinical-trials" target="_blank">grow</a> at 6.8% CAGR through 2025, according to research by Harris Williams.</li></ul>Recent investments in the clinical trials space include:<ul><li>Mural Health Technologies, a Berwyn, Penn.-based clinical trial facilitator, raised <a class="gtmContentClick" data-vars-link-text="$8 million in seed" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2023/09/19/mural-health-raises-8m-seed-clinical-trials-facilitator-payment-transport" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2023/09/19/mural-health-raises-8m-seed-clinical-trials-facilitator-payment-transport" target="_self">$8 million in seed</a> funding in September. </li><li>Clinetic, a Durham, N.C.-based health tech company focused on patient recruitment and clinical research, closed a <a class="gtmContentClick" data-vars-link-text="Series A" data-vars-click-url="https://www.businesswire.com/news/home/20230808546938/en/Clinetic-Announces-Series-A-Funding-Round-Led-by-Sopris-Capital" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businesswire.com/news/home/20230808546938/en/Clinetic-Announces-Series-A-Funding-Round-Led-by-Sopris-Capital" target="_blank">Series A</a> round led by Sopris Capital. </li><li>Lindus Health, a London-based clinical trials startup, raised <a class="gtmContentClick" data-vars-link-text="$18 million in Series A" data-vars-click-url="https://www.finsmes.com/2023/08/lindus-health-raises-18m-in-series-a-funding.html" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.finsmes.com/2023/08/lindus-health-raises-18m-in-series-a-funding.html" target="_blank">$18 million in Series A</a> funding in August. </li><li>Boston-based Beaconcure, a clinical data technology company, closed a <a class="gtmContentClick" data-vars-link-text="$14 million Series B" data-vars-click-url="https://www.businesswire.com/news/home/20230613932529/en/Beaconcure-Raises-14-Million-Series-B-to-Expand-AI-powered-Clinical-Technology-Platform" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businesswire.com/news/home/20230613932529/en/Beaconcure-Raises-14-Million-Series-B-to-Expand-AI-powered-Clinical-Technology-Platform" target="_blank">$14 million Series B</a> round in June. </li><li>Macro Trials, focused on helping to speed the development of high-value therapeutics, in June raised a <a class="gtmContentClick" data-vars-link-text="$6 million seed" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2023/06/21/macro-trials-altis-labs-raise-6m-seed-funding-clinical-trials" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2023/06/21/macro-trials-altis-labs-raise-6m-seed-funding-clinical-trials" target="_self">$6 million seed</a> round.</li><li>Inato, a French technology platform that connects companies with community-based trial sites raised <a class="gtmContentClick" data-vars-link-text="$20 million in Series A2" data-vars-click-url="https://www.businesswire.com/news/home/20230328005960/en/Inato-Raises-20-Million-in-New-Funding-to-Make-Clinical-Trials-More-Inclusive" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businesswire.com/news/home/20230328005960/en/Inato-Raises-20-Million-in-New-Funding-to-Make-Clinical-Trials-More-Inclusive" target="_blank">$20 million in Series A2</a> funding in March. </li><li>Faro Health, a San Diego, Calif.-based software company that helps researchers design clinical trials, raised <a class="gtmContentClick" data-vars-link-text="$20 million" data-vars-click-url="https://www.mobihealthnews.com/news/clinical-trial-startup-faro-health-raises-20m-and-more-digital-health-fundings" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.mobihealthnews.com/news/clinical-trial-startup-faro-health-raises-20m-and-more-digital-health-fundings" target="_blank">$20 million</a> in a funding round led by General Catalyst in February.</li><li>Paradigm, a New York-based clinical trial tech platform collected <a class="gtmContentClick" data-vars-link-text="$203 million in Series A" data-vars-click-url="https://www.axios.com/2023/01/30/paradigm-raises-203-million-clinical-trial-recruitment" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/01/30/paradigm-raises-203-million-clinical-trial-recruitment" target="_self">$203 million in Series A</a> funding and <a class="gtmContentClick" data-vars-link-text="acquired" data-vars-click-url="https://www.bizjournals.com/columbus/inno/stories/news/2023/01/30/childrens-spinoff-deep-lens-acquired.html" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.bizjournals.com/columbus/inno/stories/news/2023/01/30/childrens-spinoff-deep-lens-acquired.html" target="_blank">acquired</a> an oncology patient recruitment startup called Deep Lens in January. </li><li>SubjectWell, an Austin, Texas-based patient recruitment platform for clinical trials, raised <a class="gtmContentClick" data-vars-link-text="$35 million in Series B" data-vars-click-url="https://www.mobihealthnews.com/news/clinical-trial-recruitment-platform-subjectwell-scores-35m" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.mobihealthnews.com/news/clinical-trial-recruitment-platform-subjectwell-scores-35m" target="_blank">$35 million in Series B</a> funding in October. </li></ul><ul><li>Power, a startup developing user-friendly search tools to help people more easily find open trials, last August collected <a class="gtmContentClick" data-vars-link-text="$7 million in seed" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2022/08/30/power-raises-7-million-diversify-clinical-trials" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2022/08/30/power-raises-7-million-diversify-clinical-trials" target="_self">$7 million in seed</a> funds.</li><li>Reify Health, a Boston-based software company focused in the clinical trial ecosystem, raised <a class="gtmContentClick" data-vars-link-text="$220 million in Series D" data-vars-click-url="https://www.fiercebiotech.com/cro/reify-raises-220m-development-funding-help-bridge-trial-diversity-gaps" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.fiercebiotech.com/cro/reify-raises-220m-development-funding-help-bridge-trial-diversity-gaps" target="_blank">$220 million in Series D</a> funding in April 2022. </li><li>Topography Health, which provides community physicians with a plug-and-play trials platform, last January <a class="gtmContentClick" data-vars-link-text="landed $21.5 million in Series A" data-vars-click-url="https://www.axios.com/2022/01/19/exclusive-topography-local-clinical-trials" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/01/19/exclusive-topography-local-clinical-trials" target="_self">landed $21.5 million in Series A</a> capital.</li></ul>Other developments in the clinical trials infrastructure space include: <ul><li>Headlands Research, a network of clinical trial sites, <a class="gtmContentClick" data-vars-link-text="acquired" data-vars-click-url="https://www.businesswire.com/news/home/20230727420746/en/Headlands-Research-Acquires-AMCR-Institute-Adding-Medical-Device-Expertise-to-the-Clinical-Research-Site-Network" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businesswire.com/news/home/20230727420746/en/Headlands-Research-Acquires-AMCR-Institute-Adding-Medical-Device-Expertise-to-the-Clinical-Research-Site-Network" target="_blank">acquired</a> research center AMCR Institute in July. </li><li>The IMA Group, a clinical evaluation provider, in January <a class="gtmContentClick" data-vars-link-text="acquired" data-vars-click-url="https://www.businesswire.com/news/home/20230111005177/en/The-IMA-Group-Acquires-Clinical-Trials-of-America" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businesswire.com/news/home/20230111005177/en/The-IMA-Group-Acquires-Clinical-Trials-of-America" target="_blank">acquired</a> research company Clinical Trials of America. </li><li>QHP Capital, the management company for NovaQuest Private Equity, in October 2022 <a class="gtmContentClick" data-vars-link-text="acquired" data-vars-click-url="https://www.businesswire.com/news/home/20221027005192/en/QHP-Capital-Acquires-AutoCruitment" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businesswire.com/news/home/20221027005192/en/QHP-Capital-Acquires-AutoCruitment" target="_blank">acquired</a> AutoCruitment, a digital patient recruiter for clinical research. </li></ul>Go deeper: <a class="gtmContentClick" data-vars-link-text="View our latest coverage" data-vars-click-url="https://www.axios.com/pro/health-tech-deals" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals" target="_self">View our latest coverage</a> on everything shaping the health tech industry across venture capital, private equity and M&amp;A. <a class="gtmContentClick" data-vars-link-text="Start your free trial" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/offer" data-vars-content-id="35614e06-78d6-490e-9b26-f88e1340e7d6" data-vars-headline="Clinical trials infrastructure tech: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/offer" target="_self">Start your free trial</a> of Axios Pro: Health Tech Deals today.

Fintech Deals

Apple and Goldman Sachs' rocky partnership, which began in 2019, looks to be near its end after Apple reportedly sent a proposal to Goldman to exit from the contract.

Driving the news: With Apple potentially seeking a new partner, Bloomberg's Mark Gurman speculates JPMorgan Chase could be a top candidate.

Between the lines: Although Apple is giving Goldman an out, the dissolution of their partnership aligns with Goldman's efforts over the last few months to wind down its consumer businesses.

💭 Ryan's thought bubble: Despite the popularity of Apple Card, the partnership seemed troubled from the start, bringing Goldman under regulatory scrutiny and contributing over $1 billion in losses to its consumer lending operations.

The question remains whether Chase or another traditional card issuer will agree to some of the concessions — waiving late fees, issuing statements at the start of each month, and not selling customer data — that caused headaches at Goldman.

A brief history of Apple's partnership with Goldman Sachs

With Apple seeking a new partner, Chase could be a top candidate.

Fintech

Apple and Goldman Sachs&#x27; rocky partnership, which began in 2019, looks to be near its end after Apple <a class="gtmContentClick" data-vars-link-text="reportedly" data-vars-click-url="https://www.wsj.com/finance/banking/apple-pulls-plug-on-goldman-credit-card-partnership-ca1dfb45?mod=followamazon" data-vars-content-id="54d80dfc-e348-4674-8fc2-5c5ccae7e194" data-vars-headline="A brief history of Apple&#x27;s partnership with Goldman Sachs" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.wsj.com/finance/banking/apple-pulls-plug-on-goldman-credit-card-partnership-ca1dfb45?mod=followamazon" target="_blank">reportedly</a> sent a proposal to Goldman to exit from the contract.Driving the news: With Apple potentially seeking a new partner, Bloomberg&#x27;s Mark Gurman <a class="gtmContentClick" data-vars-link-text="speculates" data-vars-click-url="https://www.bloomberg.com/news/newsletters/2023-12-03/apple-to-drop-goldman-sachs-for-apple-card-chase-bank-is-ideal-replacement-lppjbe7z" data-vars-content-id="54d80dfc-e348-4674-8fc2-5c5ccae7e194" data-vars-headline="A brief history of Apple&#x27;s partnership with Goldman Sachs" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.bloomberg.com/news/newsletters/2023-12-03/apple-to-drop-goldman-sachs-for-apple-card-chase-bank-is-ideal-replacement-lppjbe7z" target="_blank">speculates</a> JPMorgan Chase could be a top candidate.

Media Deals

Sharpen, a Concord, Mass.-based reading program focusing on early-risk assessment, raised $11 million in Series A funding, president Jack Kelleher tells Axios exclusively.

Why it matters: In an effort to supplement educational staffing shortages, there is a focus on tech-enabled tools providing a human connection for students.

How it works: Sharpen's digital platform can inform parents of a child's potential reading struggles through assessments of family history and early language development. That sets them up to observe milestones and statistics.

It's based on an established reading program that makes up activities and curriculum to provide adaptive learning.

The subscription-based model heavily involves parents, which Kelleher says is vital to avoiding the "gamification" of the content.

By the numbers: Nearly 70% of U.S. fourth graders are reading below grade level, according to the latest NAEP National Report Card, and research shows that when at-risk children don't receive early intervention there is a 75% chance they will never achieve reading proficiency.

Only in the last five or six years have states started to mandate screening earlier in a child's reading journey, Kelleher says, noting follow-up intervention has lagged.

The big picture: Funding in the ed tech space has been steadily dropping since 2021, per PitchBook, but the sector is projected to see substantial growth globally, in large part due to technology like AI that will reduce costs and open up more opportunities.

Jennifer Carolan, co-founder and partner at Reach Capital, says that ed tech funding often mirrors the broader landscape and that there has been an influx of global companies making up Reach's pipeline.

"We actually saw our numbers grow a bit, but we also saw fewer deals, fewer transactions and fewer companies being invested in," Carolan says.

"People are concerned about cash, people are looking at breakeven scenarios and funders have more pressure," says Kelleher. "Everyone is tightening their belts."

What's next: Companies that are mission driven and understand the high stakes of the education business will differentiate themselves from others, especially as the last tranche of pandemic-related federal and state money is spent by school districts, Carolan says.

Kelleher says Sharpen is iterating on existing products and also looking at other potential products in the enterprise business.

Exclusive: Sharpen chalks up $11 million for its ed tech platform

The company's reading program focuses on early-risk assessment.

Media deals

Sharpen, a Concord, Mass.-based reading program focusing on early-risk assessment, raised $11 million in Series A funding, president Jack Kelleher tells Axios exclusively.Why it matters: In an effort to supplement educational staffing shortages, there is a focus on tech-enabled tools providing a human connection for students.

An aging population, combined with an ongoing shift of care to lower-cost settings, is underwriting growth in demand for remote and home-based cardiac companies.

Why it matters: With heart disease leading the nation in causes of death, cardiology care has emerged as the single largest driver of health care spending.

CardioOne, a Houston, Texas-based clinic-facing heart care enabler collected $8 million in seed funds in September.

Value-based heart care enabler Karoo Health in June raised $3.4 million in seed funding.

HealthSnap, a Miami-based virtual chronic care platform developer that focuses in cardiology, raised $9 million in Series A funding in May.

Volta Medical, a French health company that developed AI-enabled cardiac technology, raised €36 million in Series B funding in January.

Remote patient monitoring company Hello Heart last summer amassed $70 million in Series D funds.

Wearable heart failure detection technology developer Cardiosense last winter raised $15 million in Series A capital.

Moving Analytics, an Irvine, Calif.-based cardiovascular prevention telehealth provider, raised $20 million in Series A in Series A funding in July 2022.

Recora, a New York-based virtual cardiac recovery company, announced a $20 million funding round in March 2022.

Other developments in the home-based cardiac space include: 

NorthShore – Edward-Elmhurst Health and Motiv announced an in-home virtual cardiac recovery program in June. 

NorthShore University HealthSystem and Edward-Elmhurst Health merged last year to create Illinois' third-largest health system.

Story Health, a Cupertino, Calif.-based company developing virtual AI-enabled cardiac care and Pearl Health, a New York-based care-delivery and billing platform, partnered in June to provide specialty cardiac care to Medicare beneficiaries. Story Health raised $22.6 million in Series A funding last year.

Home-based cardio care: State of play

Home-based heart health companies attract investor dollars.

Illustration of an overhead projector illuminating a square that says State of Play

Last updated Sept. 19, 2023An aging population, combined with an ongoing shift of care to lower-cost settings, is underwriting <a class="gtmContentClick" data-vars-link-text="growth in demand" data-vars-click-url="https://www.staffcare.com/locum-tenens-blog/specialty-spotlight/cardiologist-job-outlook/" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.staffcare.com/locum-tenens-blog/specialty-spotlight/cardiologist-job-outlook/" target="_blank">growth in demand</a> for remote and home-based cardiac companies.Why it matters: With heart disease leading the nation in <a class="gtmContentClick" data-vars-link-text="causes of death" data-vars-click-url="https://www.cdc.gov/heartdisease/facts.htm#:~:text=Heart%20disease%20is%20the%20leading,groups%20in%20the%20United%20States.&amp;text=One%20person%20dies%20every%2036,United%20States%20from%20cardiovascular%20disease.&amp;text=About%20659%2C000%20people%20in%20the,1%20in%20every%204%20deaths." data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.cdc.gov/heartdisease/facts.htm#:~:text=Heart%20disease%20is%20the%20leading,groups%20in%20the%20United%20States.&amp;text=One%20person%20dies%20every%2036,United%20States%20from%20cardiovascular%20disease.&amp;text=About%20659%2C000%20people%20in%20the,1%20in%20every%204%20deaths." target="_blank">causes of death</a>, cardiology care has emerged as the single largest <a class="gtmContentClick" data-vars-link-text="driver of health care spending" data-vars-click-url="https://www.cdc.gov/chronicdisease/about/costs/index.htm" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.cdc.gov/chronicdisease/about/costs/index.htm" target="_blank">driver of health care spending</a>.Recent investments include: <ul><li>CardioOne, a Houston, Texas-based clinic-facing heart care enabler collected <a class="gtmContentClick" data-vars-link-text="$8 million in seed" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2023/09/18/clinic-facing-heart-care-startup-cardioone-raises-8m" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2023/09/18/clinic-facing-heart-care-startup-cardioone-raises-8m" target="_self">$8 million in seed</a> funds in September.</li><li>Value-based heart care enabler Karoo Health in June raised <a class="gtmContentClick" data-vars-link-text="$3.4 million in seed" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2023/06/07/karoo-health-seeds-3m-for-value-based-heart-care" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2023/06/07/karoo-health-seeds-3m-for-value-based-heart-care" target="_self">$3.4 million in seed</a> funding.</li><li>HealthSnap, a Miami-based virtual chronic care platform developer that focuses in cardiology, raised <a class="gtmContentClick" data-vars-link-text="$9 million in Series A" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2023/05/17/healthsnap-raises-9-m-series-a" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2023/05/17/healthsnap-raises-9-m-series-a" target="_self">$9 million in Series A</a> funding in May.</li><li>Volta Medical, a French health company that developed AI-enabled cardiac technology, raised <a class="gtmContentClick" data-vars-link-text="€36 million in Series B" data-vars-click-url="https://www.mobihealthnews.com/news/volta-medical-raises-36m-ai-cardiac-ablation-software-and-more-digital-health-fundings" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.mobihealthnews.com/news/volta-medical-raises-36m-ai-cardiac-ablation-software-and-more-digital-health-fundings" target="_blank">€36 million in Series B</a> funding in January.</li><li>Remote patient monitoring company Hello Heart last summer amassed <a class="gtmContentClick" data-vars-link-text="$70 million in Series D" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2022/05/02/hello-heart-70m-venture-series-d" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2022/05/02/hello-heart-70m-venture-series-d" target="_self">$70 million in Series D</a> funds.</li><li>Wearable heart failure detection technology developer Cardiosense last winter <a class="gtmContentClick" data-vars-link-text="raised $15 million in Series A" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2022/12/08/cardiosense-raises-15-million-series-a-heart-failure-tech" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2022/12/08/cardiosense-raises-15-million-series-a-heart-failure-tech" target="_self">raised $15 million in Series A</a> capital.</li><li>Moving Analytics, an Irvine, Calif.-based cardiovascular prevention telehealth provider, raised <a class="gtmContentClick" data-vars-link-text="$20 million in Series A" data-vars-click-url="https://www.businesswire.com/news/home/20220713005253/en/Moving-Analytics-Raises-20M-to-Scale-Cardiovascular-Telehealth-Programs-in-Underserved-Communities" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businesswire.com/news/home/20220713005253/en/Moving-Analytics-Raises-20M-to-Scale-Cardiovascular-Telehealth-Programs-in-Underserved-Communities" target="_blank">$20 million in Series A</a> in Series A funding in July 2022.</li><li>Recora, a New York-based virtual cardiac recovery company, announced a <a class="gtmContentClick" data-vars-link-text="$20 million" data-vars-click-url="https://www.fiercehealthcare.com/digital-health/recora-virtual-cardiac-rehab-20m-funding-nationwide-expansion" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.fiercehealthcare.com/digital-health/recora-virtual-cardiac-rehab-20m-funding-nationwide-expansion" target="_blank">$20 million</a> funding round in March 2022.</li></ul>Other developments in the home-based cardiac space include: <ul><li>NorthShore – Edward-Elmhurst Health and Motiv <a class="gtmContentClick" data-vars-link-text="announced" data-vars-click-url="https://www.prnewswire.com/news-releases/northshore--edward-elmhurst-health-and-motiv-launch-nations-first-in-home-virtual-cardiac-recovery-program-with-integrated-behavioral-health-support-301844439.html" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.prnewswire.com/news-releases/northshore--edward-elmhurst-health-and-motiv-launch-nations-first-in-home-virtual-cardiac-recovery-program-with-integrated-behavioral-health-support-301844439.html" target="_blank">announced</a> an in-home virtual cardiac recovery program in June. </li><ul><li>NorthShore University HealthSystem and Edward-Elmhurst Health <a class="gtmContentClick" data-vars-link-text="merged" data-vars-click-url="https://www.fiercehealthcare.com/hospitals/northshore-edward-elmhurst-s-9-hospital-merger-creates-illinois-second-largest-system" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.fiercehealthcare.com/hospitals/northshore-edward-elmhurst-s-9-hospital-merger-creates-illinois-second-largest-system" target="_blank">merged</a> last year to create Illinois&#x27; third-largest health system.</li></ul><li>Story Health, a Cupertino, Calif.-based company developing virtual AI-enabled cardiac care and Pearl Health, a New York-based care-delivery and billing platform, <a class="gtmContentClick" data-vars-link-text="partnered" data-vars-click-url="https://www.prnewswire.com/news-releases/pearl-health-partners-with-story-health-to-provide-scalable-specialty-cardiac-care-to-medicare-beneficiaries-301849722.html" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.prnewswire.com/news-releases/pearl-health-partners-with-story-health-to-provide-scalable-specialty-cardiac-care-to-medicare-beneficiaries-301849722.html" target="_blank">partnered</a> in June to provide specialty cardiac care to Medicare beneficiaries. Story Health raised <a class="gtmContentClick" data-vars-link-text="$22.6 million in Series A" data-vars-click-url="https://www.globenewswire.com/news-release/2022/02/24/2391298/0/en/Story-Health-Raises-22-6-Million-in-Series-A-Funding-to-Expand-Virtual-Specialty-Care-Platform-Across-Cardiology.html" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.globenewswire.com/news-release/2022/02/24/2391298/0/en/Story-Health-Raises-22-6-Million-in-Series-A-Funding-to-Expand-Virtual-Specialty-Care-Platform-Across-Cardiology.html" target="_blank">$22.6 million in Series A</a> funding last year.</li></ul>Go deeper: <a class="gtmContentClick" data-vars-link-text="View our latest coverage" data-vars-click-url="https://www.axios.com/pro/health-tech-deals" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals" target="_self">View our latest coverage</a> on everything shaping the health tech industry across venture capital, private equity and M&amp;A. <a class="gtmContentClick" data-vars-link-text="Start your free trial" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/offer" data-vars-content-id="cdb1fa78-8610-42c0-a493-9b9072b01727" data-vars-headline="Home-based cardio care: State of play" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/offer" target="_self">Start your free trial</a> of Axios Pro: Health Tech Deals today.

Natalie Breymeyer

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