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Sword Health , an AI - power virtual forcible therapy startup , has raised $ 30 million and have employees sell $ 100 million Charles Frederick Worth of equity to new and exist investors , including Khosla Ventures . The bout convey the nine - twelvemonth - former company ’s rating to $ 3 billion , a 50 % increment from the $ 2 billion economic value it collect in its Series D in November 2021 .
“ It ’s a very intense environment : foresighted hours and high expectations . We wanted to reinforce our squad , specially our other employees , ” he said .
Sword did n’t need the inflow of capital because it ’s forecasted to be profitable by the destruction of the class , Bento said . However , he liked the signal an updated valuation would ship during the tough fundraising conditions of 2024 .
“ No one really believes in the valuation of 2021 given how irrational the market was , ” Bento said . While most employee have a go at it that the troupe is doing well , Sword ’s clients , who admit employer and health plan of Fortune 500 company , had no clear-cut way of approximate the company ’s progress . “ We wanted to showcase our growth , and rating is one index number of that . ”
The company wo n’t use the $ 30 million for operations . “ It ’s going to be in the bank , bring forth dainty interest , ” Bento said .
The latest principal round brings Sword ’s entire funding to $ 340 million . In addition to Khosla Ventures , the company ’s investors include General Catalyst , BOND , Founders Fund , and others .
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turn out that Sword is doing so well is likely crucial to the company because it contend directly with another virtual therapy platform , Hinge Health , which was last assess at$6.2 billion in October 2021 . In April , Hinge set off 10 % of its workforce as a step in its program to reach profitableness in preparation for a potential IPO , TechCrunch describe .
Bento also has a goal of an IPO for Sword . If the society acquire as expected and the macroeconomic environment is golden , it could potentially list in 2025 , but the fellowship is not attached to a specific timeline , Bento said .
In the lag , the company is beefing up its AI . It is introducing a human - like voice for its genAI , named Phoenix , to its musculoskeletal therapy and women ’s pelvic health care therapy . Phoenix powers all patient fundamental interaction and Sword ’s virtual therapist . “ It ’s the last firearm of the puzzle that makes Phoenix much more engaging , ” Bento enounce .