Friday Fundings: Ro, Tempo, and Density
Ro Gains Ground Amidst a Telehealth Boom
Telehealth has been growing for some time, but the ongoing pandemic has caused a boom in the industry. Ro, an online health provider founded in 2017, just raised $200 million and is now valued at $1.5 billion.
The company began with Roman, the arm of its business that sells medications to men for conditions like hair loss and erectile dysfunction. The lack of in-person doctor visits was attractive for people who preferred to keep their conditions private. The company then launched Rory, a service focusing on birth control delivery, and Zero, a service to help people quit smoking. Ro has also created Ro Pharmacy, a service that delivers over 500 generic medications for a flat rate of $5 each. It largely caters to patients without insurance.
With its new funding, the company says it will continue to offer on-demand services at transparent prices. It will hire more doctors and nurses, and it will position itself to stay competitive against other players in the remote health sphere.
Tempo Helps Users Workout at Home
As gyms remain closed in most of the country, the surge in demand for at-home fitness equipment continues. Tempo, a San Francisco-based home-workout company, just raised $60 million in a Series B round led by Norwest Venture Partners and General Catalyst.
Tempo gives users an at-home studio that provides live classes led by trainers on a 42-inch touchscreen. 3D sensors and artificial intelligence provide rep counting, feedback on form, and other recommendations as users exercise.
The at-home fitness market has generated a lot of buzz this summer. Lululemon (LULU) acquired the popular home-workout company Mirror last month. Ergatta, a company that makes Peloton-like rowing machines, raised $5 million in seed funding a few weeks ago. Tempo will use its new funding to stay in the game as other companies rush to help people sweat it out at home.
Density Provides Data for Workplaces Trying to Reopen
As offices and factories think about strategies for keeping people safe at work, Density, a New York-based startup, is offering a service that could help. The company keeps track of how people move through buildings. But instead of using cameras, which have triggered concerns about privacy, it uses sensors on doorways, which can count people anonymously.
Density just raised $51 million in a Series C round and says that demand for its products is booming. The company reports that it has ramped up production at its manufacturing plant in Syracuse by 90%. The ongoing pandemic has given rise to concepts like social distancing, which means that companies, offices, and venues need to be cognizant of how many people are in one location. Density looks poised to capitalize on this new trend.
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