Sword Health competes directly with another virtual therapy platform, Hinge Health, valued at $6.2 billion in October 2021. Bento has plans for an IPO for Sword, potentially in 2025, but there is no specific timeline. The company is also enhancing its AI, introducing a human-like voice for its genAI, Phoenix, to its musculoskeletal therapy and women’s pelvic health care therapy.
Key takeaways:
- Sword Health, a virtual physical therapy startup, has raised $30 million and allowed employees to sell $100 million worth of equity to investors, including Khosla Ventures, increasing the company's valuation to $3 billion.
- The company initially planned to do a $100 million secondary round, but due to oversubscription, it also decided to raise a $30 million primary round and update its valuation.
- Sword Health is expected to be profitable by the end of the year and plans to use the $30 million raised not for operations but as a bank deposit to generate interest.
- The company is enhancing its AI, introducing a human-like voice for its genAI, Phoenix, to its musculoskeletal therapy and women’s pelvic health care therapy, and has a potential plan for an IPO in 2025.