D.C.’s Socially Determined Inc. has raised about $22.7 million in new funding as the health-tech startup rides a wave of pandemic-driven growth.
The business — which gives organizations data about the health and social risks in their communities, or the social determinants of health — reported raising the capital as part of an equity offering totaling $24.35 million, according to a May 31 filing with the Securities and Exchange Commission.
Socially Determined declined through a spokesperson to comment until the round closes. We will provide updates as we learn more.
The raise follows the 5-year-old company’s most successful period amid mounting demand for its platform, Dr. Trenor Williams, co-founder and CEO of Socially Determined, said in a February interview. The company, which previously raised roughly $17 million in lifetime funding, has also been considering a Series B financing round, Williams first told us in July 2021.
“We’ve spent the last few years creating a market and building a tech platform that provides our customer health care and social risk insights that didn’t exist before,” Williams told us previously. “We’ve proven that it works with in every health care sector, including health care payers, providers, life science companies, nonprofits and others, and now it’s time to scale our platform.”
Socially Determined aggregates publicly available data from federal, state and local sources, as well as commercial data from vendors about communities, businesses and individuals, then uses that information to identify the factors that put certain communities at higher risk. The business, whose headcount sat in the mid-40s as of February, has been hiring across product, data science, sales and client delivery positions — shooting to reach the mid-50s by the end of 2022.
Here are some other local companies that raised new funding in May:
- Nisos: The Alexandria cyber intelligence firm said May 24 that it raised $15 million in a Series B round led by Paladin Capital Group, a new investor, with participation from existing investors Columbia Capital and Skylab Capital. Nisos plans to use that funding to hire up — after growing its headcount by 60% over the past year, according to its announcement. The company also intends to invest in its platform. The raise builds on top of more than $33 million in lifetime funding.
- Spectrohm: The McLean company, which is developing a technology to inspect packages, disclosed May 3 that it raised $2 million in seed funding. HCVC led the round, which also involved Good Growth Capital, RavenTek, J. Hunt Holdings, Dragon Ventures and Klein Venture Partners. Spectrohm aims to speed up processing of cargo to detect narcotics, explosives and other threats — without requiring human labor. The secret sauce, according to the company, is radio waves via artificial intelligence. And it’s eyeing what it reports is a $50 billion addressable market opportunity.
- Indigov: The D.C. tech company announced May 26 the close of a $25 million Series B funding round. Indigov, founded in 2019, has a management platform that facilitates communications for federal, state and local government — and offers analytics around their constituencies. The tool supports “thousands of Congressional, state and local officials,” according to the company. And the new funding, it said, positions the business to break into new markets at all levels of government. The capital came from a group of investors including Valor Equity Partners, Wakestream Ventures, Align Ventures, 8VC and Tusk Venture Partners and Wicklow Capital, according to VC data firm PitchBook.
During the past month, we dug deeper into a flurry of funding raises — and what they mean for the companies behind them. That roster comprised a few fast-growing players that blew past the $100 million mark: D.C. electric vehicle startup Inspiration Mobility LLC with $215 million, D.C. auto refinance company Caribou Financial Inc. with $115 million and D.C. clean tech startup Arcadia with $200 million.
There was more where that came from: Manassas biotech Capra Biosciences Inc. with $1.8 million, Arlington SaaS firm Federated Wireless Inc. with $14 million, D.C. cancer care startup OneVillage with $1.5 million, Reston cybersecurity startup Hubble Technology Inc. with $9 million, Arlington fintech RealAtom closing in on $2.5 million and Rockville medical device startup JuneBrain Inc. with $235,000, including a notable local investment.
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