New York-based Kaia Health has completed a €62 million ($75m) Series C funding round to expand clinical capabilities and treatment services for Musculoskeletal (MSK) and Chronic obstructive pulmonary disease (COPD) care in the US and Europe.
The total raised to date is €103 million ($125m), and was led by an unnamed growth equity fund with support from existing investors, including Optum Ventures, Eurazeo, 3VC, Balderton Capital, Heartcore Capital, Symphony Ventures and A Round Capital.
WHY IT MATTERS
According to Kaia Health, one in two American adults are affected by an MSK condition, which results in $120 billion annual costs to employers. MSK conditions affect 25% of the US workforce, and account for 16% of overall medical spend.
The COVID-19 pandemic accelerated demand for a digital MSK solution, which saw Kaia Health grow its book of business by 600%. Globally, 60 million patients can now access the Kaia Health digital MSK platform.
Its virtual physical therapy provides chronic disease management technology to enable real-time exercise feedback that has been third-party validated for its accuracy.
“Kaia Health is providing a proven MSK and COPD solution combining computer vision and human care to achieve better outcomes.»
– Kaia Health CEO, President, and Founder, Konstantin Mehl.
The funding will go towards growing its commercial team and accelerate product and partnership development to help more Americans access Kaia Health MSK solution and expand the offering to COPD care. In addition, the funds will be invested in extending the offering within Europe and increasing access to Kaia Health by making its MSK and COPD solutions available through national reimbursement systems.
Kaia Health recently unveiled Kaia Gateway and Premium Partners, an MSK care model, based on a randomized controlled trial in the digital therapeutics industry, which showed how a combined MSK care pathway of digital therapy, personalised health coaching, and collaboration with medical providers achieved better outcomes than conventional care.
THE LARGER CONTEXT
At the end of last year, Kaia Health teamed up with Italian pharma firm Chiesi group to commercialise its chronic obstructive pulmonary disease (COPD) rehabilitation app in Europe.
ON THE RECORD
“Kaia Health is providing a proven MSK and COPD solution combining computer vision and human care to achieve better outcomes,” said Kaia Health CEO, President, and Founder, Konstantin Mehl. “Kaia Gateway is providing better care for patients in the U.S. with more sophisticated triage and medical professionals who can help patients access the best care within the Kaia Health ecosystem.”