
In recent healthcare tech boom news – the Arizona scene is pulsing with innovation dollars, as two local firms hit it big with new funding rounds. Tempe-based GT Medical Technologies, a firm dead set on changing the game for patients with brain tumors, has raked in a cool $37 million in Series D funding, as detailed in a PR Newswire's recent press release. Meanwhile, Phoenix's Solera Health isn't far behind with an impressive $40 million in Series E funding.
GT Medical is charting a path for growth, with their sights set on bolstering their GammaTile® therapy – a nifty FDA-approved invention designed to stymie brain tumors post-surgery. Cozying up to investors like Evidity Health Capital, and Accelmed Partners, GT Medical’s CFO, Sandeep Yadav, pointed out in the press release that the funds will "accelerate the completion of the ROADS clinical study" for brain metastases and "the GESTALT clinical trial for patients with newly diagnosed glioblastomas". A two-part raise, they’re looking to close Series D's second act by the first quarter of 2025, as per PR Newswire.
Over in Phoenix, Solera Health is pumping their funding into their HALO digital health platform. HALO is all about upscaling the way digital care links up with the real world by creating networks that are a cinch for insurers and employers to use. According to a statement obtained by Phoenix Business Journal, new CEO John Santelli, a UnitedHealth Group Inc. alum, has high hopes for propelling HALO forward by tapping into the magic of AI and machine learning for more cost-effective health care delivery.
Job seekers in Arizona should have their résumés at the ready, as both companies have announced plans to hire more talent. GT Medical looks to fatten its employee pool from 100, and Solera Health, not to be outdone, will also seek to fill slots in project management, engineering, and sales. With healthcare costs ballooning, Santelli mentioned the "urgent need to prioritize lower-cost solutions", and Solera's strategy seems keen on leveraging tech to make that happen, according to Phoenix Business Journal.
Investors are partaking in the buzz around these fast-growing companies, with GT Medical's latest funding acts being led by Evidity and joined by Accelmed – a nod to the market's faith in the GammaTile Therapy as a transformative force in brain tumor treatment. Both companies’ funding rounds reflect a vote of confidence for healthcare innovations that aim to balance quality with cost, a puzzle the industry is eager to solve.