Hello Heart closes $70 million Series D to prevent heart attacks
Hello Heart closes $70 million Series D to prevent heart attacks
The Israeli startup’s flagship solution is an FDA-cleared blood pressure monitor coupled with an app that allows people to track their blood pressure, pulse, medications, weight, and activity using AI-based technology
Hello Heart announced on Monday that it has raised $70 million in Series D funding led by Stripes. The round also included existing investors Maven Ventures, BlueRun Ventures, IVP, and Resolute Ventures. Hello Heart has raised a total of $138 million to date.
The company’s flagship solution is an FDA-cleared blood pressure monitor coupled with an app. The app allows people to track their blood pressure, pulse, medications, weight and activity using AI-based technology. The app provides real-time alerts to extremely high readings and encourages users to reach out to their physicians and healthcare professionals to catch risk in time.
“The round was oversubscribed. We are a baby unicorn and are on our way to becoming a fully-fledged unicorn,” Maayan Cohen, Co-Founder and CEO of Hello Heart, told Calcalist. “I’d rather not become a unicorn at this stage as we have already been diluted enough. We have already achieved a very respectable valuation, but the only valuation worth thinking about is the valuation six months after going public.”
Cohen didn’t want to elaborate regarding the company’s valuation or when it plans on going public, but revealed that it already has annual revenue in the tens of millions and intends to complete an IPO in the coming years. “I’m a very conservative person and one of my goals this year is to show improvement in our business efficiency.”
Cohen admitted that raising funds in 2022 has become very challenging. “In our last round in 2021 we received five term sheets within two weeks, but it took two months to receive a term sheet from a few investors this time and two more months to close the round,” Cohen explained. “This is no longer the entrepreneur market of 2021. Only good companies can raise well now. For me personally, I prefer it this way as in the past companies with no revenue raised hundreds of millions. The market is balancing itself out. It is far more satisfying for me to raise funds in this current climate rather than one in which anyone can raise money.”
The funding comes on the back of a study recently published in JAMA Network Open which analyzed data from over 28,000 Hello Heart users. One year post-enrollment, reduced median systolic blood pressure was observed in over 85% of users who had Stage 2 hypertension at baseline. Greater engagement with the app was associated with lower systolic blood pressure over time.
“I estimate that thanks to our app the lives of hundreds of people have been saved,” added Cohen.
