Smartphone urinalysis company Healthy.io announced Wednesday it had wrapped up a $50 million funding round.
The Series D, which also includes a previously unannounced $45 million raise from early last year, was led by Schusterman Family Investments with participation from Aleph and existing investors.
Healthy.io said the funds will be used to expand in the U.S. The company has offices in Boston, London and Tel-Aviv.
According to reporting by Israeli business publication Calcalist, the company is also laying off 70 employees, or about a third of its workforce, largely based in Israel and the UK.
“We thank our investors for this significant vote of confidence. Since the next phase of our growth will focus on commercialization in the U.S and serving the millions of Americans who are untested for chronic kidney disease, we are readjusting our workforce in Israel and the UK to support this strategy,” a Healthy.io spokesperson wrote in an email to MobiHealthNews.
WHAT THEY DO
Healthy.io offers urinalysis tests that use a smartphone to analyze results.
Its Minuteful Kidney test, which received FDA 510(k) clearance for home use last summer, can determine the increased presence of a protein called albumin in the urine, which can be an early sign of chronic kidney disease. Patients dip a test strip in a cup of their urine and take a photo of the strip alongside a color board using an app to determine their albumin to creatinine ratio (ACR).
“By reducing barriers to essential diagnostic tests, Minuteful Kidney can reduce healthcare costs, create clinical value for providers and help prevent patients of all socioeconomic backgrounds avoid costly and disruptive kidney disease treatments,” CEO and founder Yonatan Adiri said in a statement. “In the process, we can make healthcare more accessible and equitable, while providing a game changing solution to one the biggest cost-drivers in healthcare.”
MARKET SNAPSHOT
Healthy.io partnered with Blue Cross of Idaho to offer the Minuteful Kidney test to some of its members late last year. The company has also worked with the National Kidney Foundation and Reset Kidney Health to provide the tests.
The company received two other FDA 510(k) clearances in 2018 and 2019, and it acquired fellow urinalysis startup Inui Health in 2020. The company last raised $60 million in a Series C round in 2019.
Outside of kidney care and urinalysis, Healthy.io offers Minuteful for Wound, which allows users to use their smartphones to document and track chronic wounds.