Jan 13, 2020

Ex-Kleiner Perkins partner raises $87 million for digital health fund

Illustration: Sarah Grillo/Axios

Lynne Chou O'Keefe, a former partner at Kleiner Perkins, has launched a new venture capital firm called Define Ventures that will focus on early-stage digital health companies. She also raised $87 million for the firm's debut fund.

Why it matters: Digital health is a growing area, with Define to focus on such sub-sectors as telemedicine, clinical research databases, and chronic condition management.

Yes, but: Digital Health still needs to prove itself.

  • Livongo Health, on whose board Chou O'Keefe spent four years before it went public last July, is now trading below its IPO stock price. So is Health Catalyst, another company that recently went public, though there are some small successes like Progyny, which bundles fertility benefits for employers and is profitable.
  • Chou O'Keefe acknowledges that telemedicine isn't the panacea the tech industry thought it would be for health care—in some cases, patients need a lot of in-person interactions with their doctors.

Go deeper: Health care IPOs had a very good 2019

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Axios
Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 30,241,377 — Total deaths: 947,266— Total recoveries: 20,575,416 — Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 6,681,251 — Total deaths: 197,763 — Total recoveries: 2,540,334 — Total tests: 91,546,598 — Map.
  3. Politics: Trump vs. his own administration on virus response.
  4. Health: Massive USPS face mask operation called off — The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course — 1 million mortgage-holders fall through safety net — How the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.
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