LAST UPDATED: Jan. 9, 2021, 6:31 p.m.
New Delhi (Anish Yande): Hinge Health is considering a plan to launch its initial public offering in the next year. Hinge Health is a San Francisco-based company that offers treatments for ailments such as back and joint pain. The company recently secured an investment of $300 million from investors.
Hinge Health secures $300 million funding:
In an investing round led by Tiger Global Management and Coatue Management, Hinge Health secured $300 million in a Series D funding round. The total value of the company has reached a total value of $3 billion, following the round.
Hinge Health is a company that produces digital treatments for chronic musculoskeletal (MSK) conditions. The company offers programs for individuals or enterprises. Through the program, users can avail themselves of one-on-one virtual coaching sessions with physical therapists.
The treatments by the company cover chronic pain, early-stage prevention, surgical rehabilitation.
The company was backed by current investors Lead Edge Capital, Atomico, Quadrille, Insight Partners, Heuristic Capital, 11.2 Capital, Bessemer Venture Partners in the investing round.
In the previous year, Hinge had secured a Series C funding amounting to $90 million. The company had recorded an increase in revenue by 300%. The company has clients such as Walgreens Boots and Boeing Co.
Hinge Health plans to launch IPO in 2022:
Hinge Health would be utilizing the funding to expand its MSK clinical capabilities. The company is aiming to build advanced technologies and increase its team of doctors and health coaches.
The company is aiming to create partnerships in the Medicare Advantage space. Hinge Health has reported that the adoption rate of Hinge Health grew during Covid-19. Founders of the company, Daniel Perez and Gabriel Mecklenburg, have stated that ‘Covid-19 has poured gasoline on the fire, but it’s part of a larger trend of the adoption of the Hinge Health solution.’
The founders of the company have stated that they are targetting an IPO launch in 2022 after the latest round of funding.
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