Hinge Health, the San Francisco-based company that offers a digital solution to treat chronic musculoskeletal (MSK) conditions, like back and joint pain, closed on $400 million in Series E funding to give the company a $6.2 billion valuation.
Tiger Global and Coatue Management, which co-led the company’s $300 million Series D round back in January, are back again to lead this one. They are joined by Alkeon Capital and Whale Rock, which put in a $200 million secondary investment to acquire some ownership in Hinge. Tiger, Coatue and Alkeon were also recently an investment team in Abacus.ai, which announced a $50 million round this week.
The new investment, which brings Hinge Health’s total funds raised to date at over $1 billion, will be funneled into technology and product development to improve access, outcomes and patient experiences, Daniel Perez, co-founder and CEO of Hinge Health, said in a written statement. The company also touts that it is "now one of the most valuable companies in digital health."
Hinge Health’s technology aims to reduce MSK pain, surgeries and opioid use through the use of advanced wearable sensors and computer vision technology that is monitored by a clinical care team of physical therapists, physicians and board-certified health coaches.
So far this year, the company, which is approaching 1,000 employees, more than doubled its customer base to now serve over 575 enterprise customers. It also rounded out its leadership team with new hires Lalith Vadlamannati, who joined as chief technology officer after spending 13 years at Amazon, and Vincent Lim, chief people officer, who has previous experience scaling teams at Google, Medium and JUUL Labs.