All Access

Health Tech Deals

Health Tech Deals Alerts

Alert

Standard

Health Tech Deals Thought Bubble

Thought Bubble

mustard

BFD Expert Voices - Health Tech Deals

BFD Expert Voices

topics

politics-policy

epstein-files

donald-trump

2026-midterm-elections

immigration

behind-the-curtain

race-and-equity

technology

privacy-tech-regulation

automation-and-ai

tiktok-news

big-tech

social-media

cybersecurity

economy

social-security

inflation

tariffs

federal-reserve

jobs

transportation

business

stock-market-news

retail-news

crypto

media

elon-musk

dealmaking

health

rfk-jr

drug-prices

axios-explains-abortion

public-health

world

israel

axios-explains-ukraine

iran

russia

china

energy-climate

nuclear-energy

climate-energy-policy

climate-change

extreme-weather

alternative-energy

electric-vehicles

science

emerging-tech

biomedicine

newsletters

pittsburgh

atlanta

san-diego

charlotte

boulder

washington-dc

kansas-city

dallas

denver

detroit

des-moines

austin

boston

chicago

cleveland

columbus

houston

indianapolis

miami

nashville

new-orleans

nw-arkansas

philadelphia

phoenix

portland

richmond

salt-lake-city

san-antonio

san-francisco

seattle

tampa-bay

twin-cities

raleigh

huntsville

colorado-springs

axios-local

axios-pro

axios-live

the-axios-show

At-home testing company Ash Wellness raised a $10 million Series A, co-founder and CEO David Stein tells Axios exclusively.

Why it matters: The funds will be used to break into Medicare Advantage.

Zoom in: The round, which could provide runway of roughly four years, was led by Merck Global Health Innovation Fund along with participation from an undisclosed investor, a national health payer and other financial investors.

"We need these relationships to get in the doors of payers," Stein says.

Ash's valuation as of April was $42.5 million. The company is under $50 million in annualized run rate revenue, Stein says.

How it works: Ash provides the infrastructure and tech stack to allow patients to collect samples at home.

Current customers include Gold Coast Health Plan, Accolade, Mistr, Noom, LifeMD, Sesame and Legacy.

Samples are sent back to partner labs and reviewed by licensed clinicians, letting customers get diagnosed remotely.

Ash's diagnostics span fertility, heart disease, kidney disease, diabetes, obesity, sexual health and cancer screenings. Its platform also offers bilingual instructional material and videos.

What's next: The National Committee for Quality Assurance, which sets metrics to calculate quality scores for federal benefits plans, includes access to diagnostics in that calculation.

"We won three different pilots with national and regional plans," Stein says. "Many of the plans we're working with have trouble getting members into and through the testing experience and we are successful at engaging members to actually go through the testing process."

Catch up quick: Founded in 2019, New York-based Ash started as a direct-to-consumer offering, but the pandemic shifted its model.

It has raised more than $13 million since inception.

By the numbers: Clients switching to Ash have seen rejection rates (tests that get returned to the lab that can't be processed for one reason or another) reduced by 50% and turnaround times shortened by 50%.

It has shipped over 500,000 at-home kits in the U.S., with tests shipping to patients in less than 24 hours.

What they're saying: "By bringing health testing into the home, Ash aims to help patients who are unable or unwilling to access traditional labs," says Prem Tumkosit, managing director of the Merck Global Health Innovation Fund.

"The Medicare population is generally less mobile and health/tech literate, may not have a PCP, may be far from a provider, and unaware that they need to get these screenings for their health," says Stein.

State of play: According to a recent survey, a third of Medicare beneficiaries don't know what preventive health screenings are covered by Medicare Part B, and the at-home testing market is expected to be worth $12.3 billion by 2034, with dealmaking and investment steadily flowing.

LetsGetChecked acquired Truepill in April.

Getlabs raised a $18.69 million Series A from Mana Ventures and undisclosed investors in January, putting the company's pre-money valuation at $50 million, per PitchBook.

Exclusive: Ash Wellness raises $10M to expand at-home testing

Ash Wellness intends to break into the the Medicare Advantage market.

Illustration of a glucometer with a dollar sign on the screen.

Health tech deals

At-home testing company Ash Wellness raised a $10 million Series A, co-founder and CEO David Stein tells Axios exclusively.Why it matters: The funds will be used to break into Medicare Advantage.

Exclusive: Ash Wellness raises $10M to expand at-home testing

What to read next