As more and more digital physical therapy start-ups raise funds, there is more and more competition to get more coverage of health plans. One of them, Sword Health, recently raised $85 million through partnerships with insurance companies and employers to grow its business.
General Catalyst led the C round of financing, bringing Sword’s total financing to date to $135 million. The New York-based startup provides digital procedures, including meetings with physical therapists and using shoulder strap-based sensors to guide people through exercise. It claims that its services can solve acute and chronic pain and preventive health care.
Last year, Sword’s revenue increased by 600% year-on-year. The company touts high retention rates and only charges members who participate in the program.
Some of its users include analytics company Health Catalyst, Foot Locker, and Concordia Plans. One of them, Danaher, said that after 12 weeks, surgical intentions were reduced by 80% and pain was reduced by 49%.
Of course, as other digital health companies establish partnerships and raise funds, Sword faces a lot of competition.One of them, Kaia Health, is working on Build a recommendation network And expand its mobile phone-based solutions in the U.S. Another competitor, Hinge Health, is Recently valued at 3 billion U.S. dollars.
Other companies may see these startups as acquisition targets because they want to bundle more services together. This is what Omada Health does Acquired Physera, a virtual physiotherapy start-up company.