Digital physical therapy company SWORD Health has raised $25 million in a Series B funding round, led by Todd Cozzens, a managing partner at Transformation Capital. The round also had participation from existing investors Khosla Ventures, Founders Fund, Green Innovations, Vesalius Biocapital and Faber.
With these funds, in addition to the $9 million it raised last year, SWORD Health has received $50 million in total funding, the company said in its announcement.
WHAT IT DOES
SWORD Health provides employer-based virtual physical therapy with a focus on musculoskeletal disorders.
The platform matches patients with a licensed physical therapist who creates personalized programs for each member. During sessions, patients wear motion sensors that wirelessly send information to the physical therapist, who can provide real-time feedback on the patient’s performance.
After each session, the sensors share patient data with the physical therapist so they can analyze the metrics and make adjustments as needed.
WHAT IT’S FOR
The company plans to use the funds to further accelerate the growth it has had over the last year. Coming out of 2020, SWORD Health had significant increases in both revenue and users, it said in the announcement.
“This was a breakout year for SWORD Health,” said Virgilio Bento, founder and CEO of SWORD Health, in a statement. “We grew our client footprint and revenue dramatically and were selected in 75 percent of evaluations we participated in by employers searching for a better way to provide musculoskeletal care to their populations. SWORD Health is now the fastest growing provider of musculoskeletal care, and this new round of funding will accelerate our mission to provide high-quality, accessible and effective musculoskeletal care to over two billion people worldwide.”
Specifically, it plans to use the capital to enhance its platform’s capabilities, enter into new partnerships and drive adoption across employers, health plans and alliance partners.
MARKET SNAPSHOT
Ongoing lockdown orders have forced many patients to turn towards alternative care routes, oftentimes opting for an at-home option.
Digital musculoskeletal therapy programs are especially popular lately among investors. Hinge Health recently received a whopping $300 million in its Series D round that upped its total value to $3 billion. Sparta Science closed a $16 million Series B round last year, as well.
Chronic disease management company Dario Health also hopped on the musculoskeletal bandwagon with its acquisition of Upright Technologies.
