We flagged Hinge Health as a digital health startup to watch last year after it raised $300 million from investors — but before it doubled that fundraising amount to $600 million for the year.
Hinge Health said that Series E financing round valued the San Francisco-based company at $6.2 billion. While not as device-focused as CMR Surgical (which also raised $600 million last year), wearable devices are key to Hinge Health’s business.
As a digital musculoskeletal (MSK) clinic, Hinge Health uses computer vision and wearable devices to reduce pain, surgeries and opioid use. A Hinge Health study this summer found a 73% reduction in acute pain among Digital MSK Clinic participants after 12 weeks.
MSK conditions are the leading cause of disability in the U.S. Hinge said a medical claims analysis across 136 employer groups found a $2,387 cost savings per participant enrolled in Hinge’s Digital MSK Clinic.
The company has a new chief product officer, Mario Queiroz, and last year acquired computer vision developer Wrnch as well as MSK pain device developer Enso. Hinge Health said the acquisitions gave it the largest computer vision team in digital health, along with an FDA-cleared electronic stimulation device for pain relief.