Digital musculoskeletal firm Sword Well being has secured $40 million in funding and launched a brand new psychological well being resolution known as Thoughts that mixes AI with licensed clinicians, the corporate introduced on Tuesday.
New York Metropolis-based Sword Well being leverages AI to deal with muscle and joint points from the neck all the way down to the ankle. It gives entry to digital bodily remedy, bodily well being schooling, pelvic care assist, on-demand medical ache specialists and extra. The corporate serves each employers and well being plans.
The $40 million funding spherical was led by Basic Catalyst and included assist from Khosla Ventures, Comcast Ventures, Lince Capital, Oxy Capital, Armilar, Indico Capital and Shilling. In whole, the corporate has raised $300 million. The newest spherical brings its valuation to $4 billion.
“At Basic Catalyst, we again firms driving significant change in healthcare, and Sword Well being sits squarely on the forefront of that transformation,” mentioned Chris Bischoff, managing director at Basic Catalyst and Sword board director, in a press release. “By fusing subtle AI with human medical experience, Sword is re-imagining your entire care continuum—from bodily ache care to at present’s launch of Thoughts for psychological well being — increasing entry, enhancing outcomes, and reducing prices at international scale.”
The financing might be utilized in 3 ways, in accordance with Virgilio Bento, founder and CEO of Sword Well being. It is going to speed up its M&A exercise, assist its international growth and assist it increase to different areas of care.
The financing comes shortly after fellow musculoskeletal firm Hinge Well being went public, in addition to power situation firm Omada Well being, which additionally presents some joint and muscle well being assist. Some well being tech specialists have predicted that Sword Well being may file for an IPO quickly as nicely. Nonetheless, Bento advised MedCity Information that the corporate doesn’t plan to pursue an IPO within the foreseeable future.
“We’re targeted on ensuring we execute our imaginative and prescient, which is now to increase past bodily care, into different areas of care with our AI care mannequin,” he mentioned. “Persevering with to stay non-public for the months and years to come back permits us to give attention to what issues probably the most, which is with the ability to repeatedly innovate, assist increasingly more members of their path to full restoration, and higher serve our shoppers by offering extra ROI. We don’t need to be distracted with the rest.”
Sword Well being additionally unveiled a brand new psychological well being resolution known as Thoughts, which is obtainable to sufferers 24/7. It contains an AI therapist known as Phoenix, in addition to entry to psychological well being professionals when human assist is required. As well as, it presents a wearable system known as the M-band, which may detect indicators of despair and nervousness and immediate Thoughts clinicians to achieve out.
“Conventional remedy, primarily based on episodic 40-minute periods usually weeks aside, displays a largely outdated and one-dimensional view that may’t sustain with the round the clock actuality of psychological well being,” Bento mentioned. “This captures solely fragments of an individual’s life, lacking the on a regular basis components that form psychological wellbeing similar to sleep, stress, relationships, and surroundings. … This mannequin shifts care from reactive to proactive, delivering steady assist and eradicating boundaries to entry.”
Wanting forward, the corporate’s purpose “is to make use of synthetic intelligence to heal the world throughout all dimensions within the healthcare world. This growth into psychological well being is one other step in that course,” Bento added.
Image: Feodora Chiosea, Getty Pictures
