Elucid scores $80M for AI imaging analysis software and more digital health fundings

Boston-based medical technology company Elucid, which offers AI-enabled imaging analysis software for cardiovascular disease, announced that it has scored $80 million in Series C funding, bringing its total raise to $121 million.

Elevage Medical Technologies led the funding, with additional contributions from other investors.  

The company will use the funds to expand the commercialization of its AI-powered imaging analysis software.  

“Elevage believes leading this investment in Elucid is pivotal to support the development and commercialization of its groundbreaking diagnostic tools,” Dr. Evan Melrose, CEO of Elevage, said in a statement. “We see an important market need for AI-powered cardiovascular software and are excited to partner with Elucid to help improve the diagnosis and management of heart disease and benefit patients worldwide.”

Behavioral health startup Eleos Health announced a $40 million Series B funding round for its AI-backed voice technology that gathers insights into a patient’s mental wellbeing. The round brings the company’s total raise to $68 million.

Menlo Ventures led the round with participation from SamsungNEXT, ION, Eight Roads, Arkin Digital Health and F-Prime Capital. Existing investors aMoon and lool ventures also participated.  

The company created an artificial intelligence voice tool that can run in the background of a mental health session. Clinicians can then use the platform’s AI capabilities to help analyze their patients. 

Eleos will use the funds to fuel product development, including creating and enhancing AI solutions for group therapy sessions, case management, compliance automation, concurrent documentation and value-based care support. 

The company will also expand its workforce and develop strategic partnerships. The company said it plans to hire more than 50 people by the end of 2024. 

“Clinician shortages, unsustainable caseloads and administrative burdens make it difficult for providers to meet demand,” Steve Sloane, partner at Menlo Ventures, said in a statement. “Eleos Health will close this gap with a platform that combines unparalleled clinical expertise and an advanced AI platform built on a foundation of LLMs specific to behavioral health. Their goal is noble: Drive better patient outcomes. And the data shows they are already doing just that!”

Vida Health, a virtual chronic condition care platform, announced it raised $28.5 million in financing led by existing investors Ally Bridge, Canvas Ventures, General Atlantic, Hercules Capital, and others.

The company connects users with a personal health coach. The app offers various plans for many physical and behavioral chronic conditions, including weight loss, diabetes management and mental health support.

Health coaches tailor a user’s program based on data from labs, pharmacy claims, devices, biometric data and other member-reported sources.

The California-based company said it will use the funds to scale its reach and pursue growth opportunities, particularly in the GLP-1 market. 

The company also announced the appointment of Joe Murad as its new chief executive officer. Murad also joined Vida’s board of directors. He takes over for Stephanie Tilenius, who is stepping down as founder and CEO and will transition to an advisory position. 

“Vida has significant momentum in its business, having delivered best-in-class clinical and financial outcomes for its rapidly expanding book of enterprise and health plan customers with respect to cardiometabolic conditions. I am thrilled to be joining the company at such a key moment in our growth trajectory and look forward to close partnership with the board and the outstanding Vida team to further accelerate our business,” Murad said in a statement. 

Forum, a platform that connects facilitators with people seeking support and offers virtual peer support groups, launched with $5.3 million in seed funding. 

The round was led by NextView Ventures, with participation from Cue Ball Capital, MBX Capital, Sahil Bloom of SRB Ventures, Shaan Puri, City Light Capital and Romeen Sheth.

Forum offers peer groups for individuals seeking support pertaining to chronic conditions, loneliness, grief, career, caregiving, substance use recovery and relationships. 

“I’ve seen firsthand the power of peer support groups to help people navigate challenges in their lives while also building a sense of community. Our vision is to create a world where peer support is accessible and affordable for everyone,” Dr. Rajiv Kumar, cofounder and CEO of Forum, said in a statement. “Forum provides a unique digital space for people to connect, heal and thrive together – without having to leave the comfort of their home.”

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