A CincyTech portfolio company founded by a University of Cincinnati alumnus has raised millions in new capital, and the startup said the funds will help to fuel new market expansion.
IncludeHealth, which is developing digital physical therapy platforms, recently closed an $11 million round — doubling its total capital raised to date. The series was led by CincyTech, an Avondale-based seed-stage investor and one of IncludeHealth’s original backers, with participation from Columbus-based early-stage venture firm Tamarind Hill and others.
The funds will allow the company to further expand its flagship MSK-OS, a remote care platform for musculoskeletal care.
IncludeHealth developed MSK-OS in collaboration with Cincinnati Children’s Hospital, the U.S. Air Force, Google and Toledo-based health system ProMedica.
"IncludeHealth's MSK-OS platform is at the forefront of hybrid musculoskeletal care, and we are thrilled to have the support of our investors as we continue to innovate and grow with our customers," IncludeHealth CEO and founder Ryan Eder said in a release. "Our platform is built to make musculoskeletal care more accessible and efficient for patients and providers.”
MSK-OS leverages computer vision to deliver care on the patients’ own device — eliminating the need for wearable sensors, additional hardware or even downloads.
The platform, accessible via a link, provides an interactive experience for patients to complete their at-home exercises while collecting data to help manage their conditions.
Eder, a 2017 Business Courier Health Care Hero, originally founded IncludeHealth, previously known as IncludeFitness, while at UC based on his 2006 senior thesis. The company’s initial product, the IncludeStrength, was an all-inclusive exercise machine.
The startup has since made a pivot to software and data. MSK-OS launched in September 2021.
The latest round brings the company’s total funding to $22 million, Eder said. IncludeHealth's previous backers include Cincinnati-based Queen City Angels and Covington’s Connetic Ventures. It counts health systems, including Christ Hospital, physical therapy networks, orthopedic practices and the government as clients.
IncludeHealth also announced an addition to its C-suite. Ray Shealy, a Columbus-bases serial entrepreneur, was named the company’s first chief operating officer.
Shealy served stints as CEO at Health in Motion Network, a health IT company, and Dublin-based HTP Inc., a health-billing software company acquired by McKesson Corp. in 2008.
The startup also added a new director in the round. Grant Koster is senior vice president of operations, partner and general manager of Athletico Physical Therapy. The Chicago-based practice has 900 locations around the country.
Eder said their expertise and experience will be invaluable as the company scales its operations.
"IncludeHealth's platform is a game changer," Shealy said in the release. "I look forward to working with the team to continue innovating while helping providers increase their impact both in and outside the clinical setting."
IncludeHealth is based in Dublin. At last count, it had 30 employees, split between Cincinnati and Columbus.
