Halo Dx Raises $19 Million to Improve Diagnosis of Serious Illnesses

By Jemima McEvoy Sunday, March 14, 2021

Halo Diagnostics has raised $19 million in a Series A fundraising round. The California-based startup, which goes by Halo Dx for short, wants to improve the processes used to diagnose serious illnesses like cancers and dementia. Though the over $8 trillion global healthcare industry is marked by innovation, some key diagnostic methods are outdated — and this startup hopes to remedy that with technology.

A desk with a stethoscope, medical charts, a laptop, and a tablet.

What Is Halo Dx?

The startup was founded by Brian Axe, who now serves as chief product officer, and Michael Uhl, the CEO of the company, in 2019. Together, the pair offer copious experience: Axe, as the co-creator of Google’s $20 billion AdSense business, and Uhl with more than 20 years of experience leading over $100 billion tech-based growth transactions for McKinsey & Co.

The founders’ goal with this business was streamlining the methods of diagnosis through revamping medical data stream infrastructure. The company aims to get rid of a common issue in the medical industry: different levels of care in terms of diagnosing diseases with different providers. “Basically doctors and imaging centers aren’t offering latest levels of care,” Axe told TechCrunch in a recent interview.

The company now has over a dozen employees, in addition to five locations across California and one in Texas.

Money & Investors

The total amount of money the startup has raised to date is the $19 million accumulated in this recent funding round, according to Crunchbase. That is the only hoard the business has made public. The Series A round for this company was led by Zola Global Investors, a family investment firm, but also drew the attention of a group of notable investors, including Anne Wojcicki, co-founder and CEO of personal genomics company 23andMe, Stephen Pomeranz, Jim Pallotta, Robert Ciardi, and Ronnie Lott.

In addition to the investment money raised by this startup, the company has taken out an eight-figure line of credit to help buy the medical facilities needed to get the business off the ground. Specifically, this money will be used to purchase imaging and testing centers that will take over the company’s operations and combine tests. The startup has purchased four such centers to date and now has tens of millions of dollars to expand its business.

Final Takeaways

The founders are confident in the business model, which has already captured the attention of multiple big-name investors, a positive sign for the future growth of the business. The company is entering into a lucrative industry that is ripe for innovation and fresh ideas.

About the Author

Headshot of Jemima McEvoy

Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.

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