- New York-based health startup Kaia Health has raised a $26 million Series B round from investors including Optum Ventures, Idinvest and Capital300.
- Symphony Ventures, an investment partnership established by golfer Rory McIlroy, joined the round alongside existing investors Balderton Capital and Heartcore Capital.
- The funding will help the company expand into the mass market, Kaia health founder and president Konstantin Mehl said.
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New York-based health startup Kaia Health has raised a $26 million Series B round from investors including Optum Ventures, Idinvest, capital300 and Symphony Ventures, an investment partnership established by golfer Rory McIlroy.
Existing investors Balderton Capital and Heartcore Capital joined the round.
Kaia Health, founded in 2016, develops treatements for chronic pain, particularly back pain, which is a major US health problem that costs at least $50 billion a year to treat. About half of all working Americans say they have back pain, and it's the third-most-common reason for visits to the doctor, the American Chiropractic Association (ACA) says.
The company's user base has grown during the pandemic because those with back pain are visiting their normal healthcare providers less often, Kaia health founder and president Konstantin Mehl said. "Similar to the explosion we've seen in doctor to patient telehealth, the healthcare challenges arising from COVID has also highlighted the need for new care delivery models."
The Kaia Health platform has served more than 400,000 users in its four years since launch. It closed an $8 million round in September last year.
Kaia says it uses artificial intelligence to develop treatments for people with back pain. Users answer questions about their pain level and where they feel the most pain in their body, and the Kaia app creates a daily exercise routine that lasts for 15 to 20 minutes a day.
Users film themselves working out and the app gives feedback on their form, and a Kaia behavioral health coach can answer any questions. The app also offers mindfulness exercises, such as breathing and relaxation techniques. A one-year subscription costs $80.
Mehl said the new funding will help the company "aggressively expand" into the mass market.
Check out Kaia Health's redacted pitch deck below:
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