Digital Physical Therapy Company Hinge Health Seeks To Raise $500 Million Via IPO

Hinge Health Inc., a provider of wearable devices that help reduce pain and improve musculoskeletal health, filed for an initial public offering.

It plans to be listed on the NYSE under the symbol HNGE. The company filed an SEC document on Monday.

Hinge Health leverages software, including AI, to largely automate care for joint and muscle health.

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The company’s technology aims to reduce musculoskeletal pain by using advanced wearable sensors and computer vision technology, which is monitored remotely by a clinical care team of physical therapists, physicians, and board-certified health coaches.

Renaissance Capital estimates the IPO could be valued at up to $500 million.

In 2024, Hinge Health generated revenue of $390 million, a 33% increase from the prior year, while net losses narrowed to $11.9 million from $108 million in 2023.

TechCrunch reports Hinge was last valued at $6.2 billion in October 2021 when it raised a $400 Series E from Tiger Global and Coatue Management.

Citing PitchBook data, the TechCrunch report adds that the company has raised $828 million in venture capital.

Insight is the company’s largest outside shareholder, owning 19% of its stock, followed by Atomico with 15%. Several venture capital firms, including 11.2 Capital, Coatue, Tiger Global, and Bessemer Venture Partners, collectively hold about 8% of Hinge’s shares.

According to the SEC filing, Co-founders Daniel Perez and Gabriel Mecklenburg own 18.9% and 8.2%, respectively.

Sword Health, Hinge’s biggest competitor, was valued at $3 billion last year.

CEO and founder Virgílio Bento told TechCrunch that if the company meets its growth targets and market conditions are favorable, it may go public in 2025.

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