Huma closes Series D with over USD 80 million in total financing

Huma Therapeutics Limited has successfully closed its Series D funding round, raising over USD 80 million. With the launch of the Huma Cloud Platform and GenAI integrations, the company aims to accelerate digital health projects globally

LONDON & NEW YORK, July 2024 - Building and launching a scalable digital health product that meets regulatory requirements typically takes several years. Today, global healthcare AI company Huma Therapeutics Limited announces the completion of its Series D funding round to reduce this time to a matter of days as it launches the Huma Cloud Platform. The platform offers a no-code configuration of regulated disease management tools for all therapeutic areas, a library of pre-built modules and device connectivity options, a cloud-agnostic framework for flexible hosting, readily available APIs and integration capabilities, the ability to host and deploy diagnostic and predictive AI algorithms, a marketplace and more to advance digital primary care and research.

Funding details

The Series D funding round, along with investments from leading industry partners since the Series C round, resulted in Huma issuing over $80 million worth of shares. With this round, Huma has raised a total of over USD 300 million. New and existing strategic and financial investors participated in the Series D, including AstraZeneca, HAT SGR's Hat Technology Fund 4, Hitachi Ventures' HV Fund, Leaps by Bayer and others. HSBC Bank plc acted as advisor to Huma during the capital raising.

Launch of the Huma Cloud Platform

In parallel with the Series D, Huma also announces the launch of its Huma Cloud Platform - a technology ecosystem that not only supports the company's own digital health initiatives, but also enables others to efficiently launch and scale their projects. With the Huma Cloud Platform and the regulatory foundation on which it is built, Huma aims to reduce the time it takes to develop and launch digital health projects from years to just days.

We see the Huma Cloud Platform as similar to Shopify, but for digital health instead of e-commerce. We believe that when digital and AI technologies are scaled, they become affordable for both poor and rich people. They remain consistent and help us change medicine from reactive to proactive.

Dan Vahdat, Founder and CEO of Huma

Regulatory milestones and technical details

The Huma Cloud Platform serves the company's existing regulated products. In 2023, Huma achieved the milestone of becoming the first and only configurable, disease-independent FDA Class II, EuMDR Class IIb and Saudi FDA Class C platform that enables rapid, code-free configuration with the ability to host integration of AI/ML models. This regulatory status significantly reduces the cost, time and risk associated with implementing digital health projects via the Huma Cloud Platform.

Successes and partnerships

To date, Huma's technology has supported projects in over 3,000 hospitals and clinics. The platform has been used to engage and screen over 35 million individuals, with 1.8 million active users in over 70 countries. Huma's US business has grown significantly since launch, with new billing codes. The RPM product, built on the Huma Cloud Platform for respiratory use cases, now covers 140,000 insured lives. As a result of all these successes, the company has doubled its revenue year on year and is aiming to become profitable this year.

Huma also works with over half of the world's top 20 pharmaceutical companies and has been involved in major national healthcare projects.

Looking to the future

Huma has partnered with Google and others to develop new AI models that could enable Cloud Platform users to care for many times more patients with less effort; for example, a feature called "10x Nurse" that significantly reduces administrative tasks and brings automation to the patient assessment process with a human in the loop. This opens up new possibilities, such as managing chronic diseases efficiently with fewer staff or using real-time monitoring systems to ensure patients stay on the right treatment pathways while keeping humans involved.

Going forward, the combination of the Huma Cloud Platform with next-generation AI models will enable Huma to have a greater impact through its digital-first care and research initiatives, as well as help small startups and enterprises launch the digital solutions they need faster and more cost-effectively. This shifts the focus to the success of the project or venture, rather than on scaling technology or managing regulatory burdens.