huma Raises $130M for AI-Powered Patient Monitoring

Huma Secures $130 Million Funding Round Amidst Rising Demand

As global efforts to control Covid-19 through vaccination continue, Huma, a company instrumental in managing the virus’s spread, has announced a significant funding injection driven by strong demand for its technological solutions.

Series C Funding Details

Huma has successfully closed a $130 million Series C funding round, comprising $100 million in equity and $30 million in credit. An additional $70 million in equity is available to the company should they choose to extend the round, potentially bringing the total to $200 million.

Expanding Data Capabilities and Geographic Reach

The company gathers patient data through smartphones and diagnostic devices measuring vital signs like glucose, blood pressure, and oxygen saturation. This new funding will be utilized to further enhance these capabilities in two key areas.

• Continued investment in research and development (R&D) to broaden the range of measurable biomarkers.
• Expansion of Huma’s business, particularly into new markets like the US, alongside its established presence in Europe, including the UK and the DACH region.

Strategic Investors Back Huma’s Vision

The funding round attracted a diverse group of prominent strategic and financial investors. The round was co-led by Leaps by Bayer, the venture capital arm of the pharmaceutical giant, and Hitachi Ventures.

Additional investors include Samsung Next, Sony Innovation Fund by IGV, Unilever Ventures, HAT Technology & Innovation Fund, Nikesh Arora, and Michael Diekmann.

Notably, Bayer previously led Huma’s $25 million Series B funding in 2019, when the company operated under the name Medopad.

Rebranding and Accelerated Growth

Medopad rebranded as Huma in April of last year, coinciding with the escalating Covid-19 pandemic. CEO and founder Dan Vahdat reports substantial growth since then, as the company’s technology proved invaluable in facilitating remote patient monitoring during a period of limited in-person healthcare access.

Decentralizing Care and Research

Vahdat emphasized the importance of decentralizing both healthcare delivery and research efforts, particularly in light of the challenges presented by the pandemic. The company’s technology provides a crucial link for remote monitoring.

Supporting the NHS and Reducing Hospital Readmissions

Huma collaborated with the NHS early in the pandemic, distributing 1 million oxygen saturation devices to monitor patients’ conditions. This initiative proved vital for remote triage, as oxygen levels were identified as a key indicator of potential severe illness.

This proactive monitoring directly contributed to a one-third reduction in hospital readmissions.

Addressing the Backlog of Postponed Procedures

The company is also addressing the significant backlog of postponed operations, with 4.8 million patients in the UK alone awaiting procedures. Huma’s system allows for remote monitoring of patients awaiting cardiac surgery, enabling prioritization based on condition deterioration.

This ensures that patients receive timely specialist care before their condition becomes critical.

Clinical Trials and Ongoing Research

Beyond clinical applications, Huma is actively involved in numerous trials and research projects. This includes a phase 4 study related to a Covid-19 vaccine distributed under emergency authorization.

The company also contributes data to broader medical research initiatives, such as a heart study for Bayer and the Cambridge Fenland study, focused on identifying digital phenotypes for earlier Covid-19 detection.

Humanitarian Efforts and Continued Innovation

Despite maintaining a substantial portion of its Series B funding, Huma has extended its support to humanitarian efforts, providing resources to India and other countries grappling with Covid-19 outbreaks.

The Potential of MedTech Investments

While investments in the intersection of medicine and technology often require a long-term perspective, the past year has underscored their critical importance. The success of BioNTech, transitioning from a loss-making entity to a highly profitable company due to its Covid-19 vaccine research, exemplifies the potential rewards.

Investor Confidence in Huma’s Future

This potential is driving continued investor interest in companies like Huma and the valuable insights they provide.

Statements from Key Investors

Juergen Eckhardt, Head of Leaps by Bayer, stated, “Huma’s expertise and technology will help drive a global paradigm shift towards prevention and care and may boost research efforts using data and digital technology.”

Keiji Kojima, EVP of Hitachi’s Smart Life division, added, “Huma has built a comprehensive remote patient monitoring platform and established a strong track-record and we are excited to be working with Huma to bring its world-leading health technology to new markets in Asia.”

Updated to reflect the correct breakdown of funding between equity and credit.