The MSK company will use the funds to expand its value-based care initiatives and advance its technology and clinical programs.
Photo: Carol Yepes/Getty Images
Hybrid musculoskeletal care provider Vori Health announced it has raised an oversubscribed $53 million in a Series B funding round.
NEA led the round with participation from Echo Health Ventures, Max Ventures, AlleyCorp and Intermountain Health's Intermountain Ventures.
WHAT IT DOES
Vori Health offers virtual and in-person musculoskeletal care. The company connects patients with specialty medical doctors, health coaches, physical therapists and nutritionists.
Individuals can receive a diagnosis and treatment plan, nonopioid pain prescriptions, virtual physical therapy, diagnostic imaging orders, preoperative and postoperative support, health lifestyle coaching and a second opinion.
The company will use the funds to expand its value-based care initiatives nationwide, "including evolving toward increasingly sophisticated economic models with two-sided population health risk."
It will also invest in advanced data analytics to target high-risk members and enhance its artificial intelligence technology and clinical programs.
"By integrating board-certified specialty physicians, cohesive care teams and cutting-edge technology, we're achieving outstanding outcomes nationwide. The swift adoption of our platform by Fortune 200 companies and national health plans clearly indicates that the market is primed for our comprehensive solutions," Dr. Ryan Grant, cofounder and CEO of Vori Health, said in a statement.
MARKET SNAPSHOT
Vori Health secured more than $50 million in Series A funding in 2021. The company has since announced other partnerships, including collaborations with telehealth platform TeleMed2U, health and supplemental insurer Allstate Benefits, health benefits platform Contigo Health, health plan and virtual care company Firefly Health, and Blue Cross Blue Shield of Massachusetts.
Other companies in the digital musculoskeletal space include Hinge Health. Founded in 2015, Hinge provides individuals with MSK conditions access to health coaches, orthopedic surgeons, physical therapists and technological resources, such as surgery decision support.
In 2021, Hinge secured $300 million in Series D funding, $400 million in Series E investment and a $200 million secondary investment. At the time of its Series E, Hinge had raised a total of $828 million, and its valuation had shot up to $6.2 billion.
Sword Health is another company offering virtual MSK care as well as physical therapy for prevention, acute conditions, chronic pain and postoperative recovery. In 2021, Sword raised $163 million in Series D funding. The oversubscribed Series D allowed for a secondary $26 million round, bumping Sword's valuation to $2 billion.
In 2023, Transcarent, a digital platform focused on the self-insured employer market, partnered with U.S. tennis champion Andy Roddick's ViewFi, a tech-enabled virtual orthopedic and rehabilitation platform, to deliver virtual orthopedic and musculoskeletal care to patients through Transcarent's Consult Solution.
