Digital Physical Therapy Unicorn Hinge Health Raises $600M at $6.2B Valuation
Digital physical therapy platform Hinge Health announced Thursday that it raised $400 million in fresh financing. The massive Series E round, co-led by VC heavyweights Tiger Global and Coatue Management, values the unicorn at a whopping $6.2 billion. The company also announced the arrival of a secondary investment with a total of $200 million courtesy of Alkeon and Whale Rock.
The fresh injection of capital follows what has been a busy year for Hinge Health. The company raked in its first massive raise of the year back in January when it closed on its $300 million Series D. At the time, the healthtech platform’s valuation shot up to $3 billion and the company announced its intention to go public in 2022.
Hinge Health’s valuation isn’t the only thing to have more than doubled in size this year. The company’s customer base did the same.
Founded in 2014, Hinge Health aims to treat musculoskeletal problems by steering patients away from serious medical procedures and moving them toward more physical exercise. The company’s digital physical therapy app provides customers with access to coaches and wearable sensors to track their progress.
Hinge Health’s technology has already been adopted by several corporate giants including Boeing, Google and Salesforce.
Following the latest raise, the company plans to expand its market reach and double down on product development. Hinge Health’s team of more than 500 is also expanding. The company is now hiring for 16 open tech positions spanning its engineering, data and operations teams, to name a few, according to its website.
Hinge Health has raised over $1 billion in financing to date, according to the company.