Hinge Health receives $8 million in Series A funding
In a new Series A funding round led by venture capital firm Atomico, Hinge Health has recently received $8 million in Series A funding, with seed investors Eleven Two Capital and The Vertical Group also taking part. It follows on from the company’s $1.3 million seed round, which took place in June last year, allowing the company to expand its presence across the US.
Established in both London and San Francisco, the digital health start-up currently utilises both hardware and software to provide solutions to patients who suffer musculoskeletal disorders.
With more than 50% of the US workforce reporting a musculoskeletal (MSK) disorder each year, employers are facing significant financial costs, alongside decreased productivity from workers. Workers themselves are provided less than adequate care due to a lack of resources, or undertake unnecessary medical procedures, creating negative, long-term effects.
Hinge Health co-founder and CEO Daniel Perez said, “Most chronic conditions have clear clinical guidelines underpinned by a solid evidence base. However, these guidelines are often not followed because it is too onerous for the patient and doctor.
Lower back pain and knee arthritis are prime examples, where non-surgical guidelines are not followed. The result is that patients are shunted onto opiates and eventually surgery. Our vision to improve the scale, experience and ultimately outcomes for patients by using technology to better deliver evidence-based care, with MSK as our first beachhead.” It will also help to tackle the ongoing opioid epidemic across the US.
Hinge Health utilises technology to create evidence-based Digital Care Pathways for MSK conditions. This includes the use of wearable sensors and software to remotely deliver long-term advantages for those with chronic MSK conditions. Over 100,000 individuals now utilise Hinge Health services, enabling the company to grow even further.
The company’s efforts have seen it significantly reduce healthcare costs to employers by 50% and deliver best-practice care for employees. With data on over 1,000 patients, Hinge Health has demonstrated a 55% improvement in both chronic lower back pain and knee pain, while avoiding 60% of surgeries.
While other care indications such as diabetes and mental health receive vastly more attention, according to IBM’s Truven Health Analytics musculoskeletal disorders (MSK) remains by far the largest and fastest growing cost driver of America’s healthcare system - consuming 1 in 6 health-care dollars, and is the #1 healthcare expense for self-insured employers.
Check Point: Securing the future of enterprise IT
Cybersecurity solutions provider Check Point was founded in 1993 with a mission to secure ‘everything,’ and that includes the cloud. Conscious that nothing remains static in the digital world, the company prides itself on an ability to integrate new technology with its solutions. Across almost three decades in operation, Check Point, with its team of over 3,500 experts, has become adept at protecting networks, endpoints, mobile, IoT, and cloud.
“The pandemic has been somewhat of an accelerator in the evolution of cyber risk,” explains Erez Yarkoni, Global VP for Cloud Business. “We had remote workers and cloud adoption a long time beforehand, but now the volume and surface area is far greater.” Formerly a CIO for several big-name telcos before joining Check Point in 2019, Yarkoni considers the cloud to be “part of [his] heritage” and one of modern IT’s most valuable tools.
Check Point has three important ‘product families’, Quantum, CloudGuard, and Harmony, with each one providing another layer of holistic IT protection:
- Quantum: secures enterprise networks from sophisticated cyber attacks
- CloudGuard: acts as a scalable and unified cloud-native security platform for the protection of any cloud
- Harmony: protects remote users and devices from cyber threats that might compromise organisational data
However, more than just providing security, Yarkoni emphasises the need for software to be proactive and minimise the possibility of threats in the first instance. This is something Check Point assuredly delivers, “the industry recognises that preventing, not just detecting, is crucial. Check Point has one platform that gives customers the end-to-end cover they need; they don't have to go anywhere else. That level of threat prevention capability is core to our DNA and across all three product lines.”
In many ways, Check Point’s solutions’ capabilities have actually converged to meet the exact working requirements of contemporary enterprise IT. As more companies embark on their own digital transformation journeys in the wake of COVID-19, the inevitability of unforeseen threats increases, which also makes forming security-based partnerships essential. Healthcare of Ontario Pension Plan (HOOPP) sought out Check Point for this very reason when it was in the process of selecting Microsoft Azure as its cloud provider. “Let's be clear: Azure is a secure cloud, but when you operate in a cloud you need several layers of security and governance to prevent mistakes from becoming risks,” Yarkoni clarifies.
The partnership is a distinctly three-way split, with each bringing its own core expertise and competencies. More than that, Check Point, HOOPP and Microsoft are all invested in deepening their understanding of each other at an engineering and developmental level. “Both of our organisations (Check Point and Microsoft) are customer-obsessed: we look at the problem from the eyes of the customer and ask, ‘Are we creating value?’” That kind of focus is proving to be invaluable in the digital era, when the challenges and threats of tomorrow remain unpredictable. In this climate, only the best protected will survive and Check Point is standing by, ready to help.
“HOOPP is an amazing organisation,” concludes Yarkoni. “For us to be successful with a customer and be selected as a partner is actually a badge of honor. It says, ‘We passed a very intense and in-depth inspection by very smart people,’ and for me that’s the best thing about working with organisations like HOOPP.”