While adding clients in each of its target markets throughout the year, a Dublin telehealth startup has raised at least $10.7 million in a new funding round, according to a regulatory filing.
IncludeHealth Inc. announced Yale New Haven Health System on Tuesday as the latest client for its in-home physical therapy software. The five-hospital Connecticut system is affiliated with Yale University and its medical school.
"We are preparing for significant growth fueled by the broader expansion of remote therapeutic monitoring and growing value-based care initiatives," the company said in a statement.
The company had raised $10.7 million from 26 investors toward a targeted $13.6 million as of the end of October, according to a Form D filed with the U.S. Securities and Exchange Commission, which marks the first outside funding in five years. The firm declined to comment on the round through a spokesman, which is common when a round is still open to avoid the appearance of public solicitation of non-accredited investors.
IncludeHealth "significantly" added to its customer base throughout the year with clients including hospital systems, physical therapist networks, orthopedic practices and the military, a spokesman said via email. Most clients don't allow the startup to publicize their names.
Its virtual physical therapy platform, MSK-OS, launched in September 2021, and last December Cincinnati-area Christ Hospital Health Network became one of the first paying hospital customers.
The startup had developed the software through 2020 in a collaboration with Toledo hospital system ProMedica and Google Inc.'s open-source machine learning platform. Ohio State University Wexner Medical Center also helped in development.
The result allows physicians and physical therapists to design at-home regimens for patients and monitor their progress through movement-tracking technology, whether they're using the camera on a laptop or phone.
The product can be applied after surgery or for conditions such as chronic pain, according to a release.
IncludeHealth also has won small business grants from the U.S. Department of Defense and Air Force to deploy its technology for fitness regimens for the military at Dayton's Wright-Patterson Air Force Base.
The company is soon to announce a new contract expanding on that work, the spokesman said.
CEO Ryan Eder started the business seven years ago as IncludeFitness, making adaptable and inclusive fitness equipment with onboard software, based on his award-winning 2006 master's thesis from University of Cincinnati. The company was renamed in 2018 and pivoted to the hardware-free cloud-based software.
The remote-first company with an office on Metro Place has 25 employees, down slightly from 30 at the end of last year.
