Hinge Health racks up $400m Series E

Hinge Health, a digital musculoskeletal clinic, has raised $400 million in Series E funding.

Hinge Health, a digital musculoskeletal clinic, has raised $400 million in Series E funding. Tiger Global and Coatue Management were the lead investors.

PRESS RELEASE

SAN FRANCISCO — Oct. 28, 2021 — Hinge Health, the world’s #1 Digital Musculoskeletal Clinic™, today announced $400 million Series E financing to meet the growing demand from millions of Americans seeking accessible care for back and joint pain. At a $6.2 billion valuation, Hinge Health is now one of the most valuable companies in digital health. Tiger Global and Coatue Management led the round, with Alkeon and Whale Rock acquiring ownership as part of a $200 million secondary investment.

“What makes this round special is that it’s led by the people who know us best – our existing investors,” said Daniel Perez, co-founder and CEO of Hinge Health. “We’ll use this capital to continue investing in new ways to improve access and outcomes, create exceptional patient experiences, and avoid unnecessary surgeries.”

Over $1 billion has been invested in Hinge Health, enabling the creation of one of the largest clinical, data science, and R&D teams in all of digital health. Underscoring its momentum, in 2021, Hinge Health more than doubled its customer base year over year.

“At Chico’s FAS, we appreciated that Hinge Health’s Digital MSK Clinic focuses on the entire MSK journey from prevention to post-surgery. Hinge Health’s holistic approach pairs physical therapists with health coaches to engage members, drive lifestyle and behavior changes, and help participants stick with the program. As a result, our members working across retail, warehouse distribution, and customer call centers cut MSK pain bymore than half,” said Erin Lansberry, Senior Benefits Manager at Chico’s FAS.

“We’ve had the pleasure of working closely with the Hinge Health team over the past year since co-leading their last round,” said Scott Shleifer of Tiger Global. “They have such a relentless focus on their patients, customers, and team and it shows in their clinical and economic outcomes. We’re so excited to grow our investment in the company.”

“We believe Hinge Health is a leader in the new digital healthcare frontier,” said Lucas Swisher, Partner at Coatue Management. “We are excited by Hinge Health’s vision and achievements and were impressed to see patients speak about their care experience with such delight and passion.”

Employers and health plans partnered with Hinge Health to provide members access to a comprehensive clinical care team and the industry’s most advanced technology portfolio:
Computer vision and motion sensors for exercise therapy and motion assessments.
Hinge Health Enso, a groundbreaking wearable technology for noninvasive and nonaddictive pain relief.

HingeConnect for bridging the gap between in-person and digital MSK care and enabling near real-time interventions by integrating health data with 750,000+ providers.

The company also announced two important leadership hires:
Lalith Vadlamannati joins as Chief Technology Officer, having spent 13 years at Amazon, most recently as a Vice President leading a 1,200+ R&D team. He will lead technical investments into AI, machine learning, and motion technologies – including 3D computer vision.

Vincent Lim joins as Chief People Officer to help scale systems and processes as Hinge Health approaches 1,000 employees. Prior to Hinge Health, Lim held HR leadership roles at Google, Medium, and JUUL Labs.

About Hinge Health:
Hinge Health is building the world’s most patient-centered Digital Musculoskeletal (MSK) Clinic™. It is now the leading Digital MSK Clinic, used by four in five employers and 90% of health plans with a digital MSK solution. Hinge Health reduces MSK pain, surgeries, and opioid use by pairing advanced wearable sensors and computer vision technology with a comprehensive clinical care team of physical therapists, physicians, and board-certified health coaches. Hinge Health’s HingeConnect integrates with 750,000+ in-person providers and enables real-time interventions for elective MSK surgeries, driving proven medical claims reduction. Available to millions of members, Hinge Health is widely trusted by leading organizations, including Boeing, Google, Land O’Lakes, L.L. Bean, Salesforce, Self-Insured Schools of California, Southern Company, State of New Jersey, US Foods, and Verizon.

Learn more at http://www.hingehealth.com