Virtual physical therapy startup Hinge Health is now valued at $3 billion. The company closed on $300 million in funding, the company recently shared, confirming reports by TechCrunch.
Tiger Global and Coatue Management led the series D round, which Hinge Health plans to use to create a digital musculoskeletal clinic for back and joint pain.
“As the shift toward virtual healthcare condensed from an expected timeline of years to a matter of months, we saw how well Hinge Health responded and reacted,” Lucas Swisher, a partner at Coatue, said in a news release. “We believe Hinge Health’s digital clinic is unique and tackling one of the biggest challenges in healthcare, and we are excited to join them on the journey.”
Daniel Perez and Gabriel Mecklenburg co-founded Hinge in 2015, both having experienced the recovery process from bone or ligament injuries. The idea was to make physical therapy more accessible — and offer an alternative to costly surgeries.
The solution combines an app with sensors users can wear to get feedback as they perform exercises. They also get a dedicated coach to check in with them and motivate them through their progress.
Perez, who is Hinge’s CEO, said the company would to use the funds to further develop its technology, and triple its doctors, physical therapists and health coaches.
So far, Hinge has drummed up more than 300 customers, including Vail Resorts, Boeing, US Foods and Salesforce. Last year, it saw its revenue quadruple as many companies sought out virtual care options in response to the pandemic.
Employers are not the only ones taking a closer look at virtual physical therapy. Digital health companies that are looking to build out their platforms have also taken a keen interest.
Last year, Omada Health acquired Physera, a startup offering telehealth physical therapy appointments. And another startup, Reflexion Health, is testing motion capture technology to guide patients through their exercises at home.