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Rock Health Founder Pens Playbook for Healthcare Entrepreneurs
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By Brian Gormley, WSJ Pro
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Good day. In 2010, as the tech world buzzed over apps and games, Halle Tecco was looking elsewhere. Technologists, she believed, should train their attention on healthcare, a giant industry sorely in need of refreshing, yet stiffly resistant. That year, she founded Rock Health, a San Francisco-based firm that funds startups using technology to improve healthcare.
Today, that firm, which she led until 2018, is a top digital-health investor. It was an early backer, for example, of Omada Health, a virtual-care company that went public last year. Now Tecco, who teaches courses at Columbia Business School and Harvard Medical School, has published a book, “Massively Better Healthcare.” It is a playbook for entrepreneurs, a guide she didn’t have as a 27-year-old founder.
Her road wasn’t easy. When pitching Rock Health, venture capitalists greeted her with a chorus of nos. In her book, she recounts leaving a Boston VC’s office in tears after being dismissed with a sneering “But who are you to do this?”
She persevered, landing the Mayo Clinic and others as investors to support her goal of equipping the medical system with better tech and helping patients engage with their healthcare. We spoke with her about her career and advice for healthcare entrepreneurs.
WSJ Pro: What did you learn from the reception you initially received to your pitch for Rock Health?
Tecco: We were very gaslit on our vision for healthcare. A lot of folks didn’t believe progress was possible and that there would be a wave of consumer demand for new tools. We had a vision for healthcare that was lower-cost and more accessible, and a lot of folks didn’t believe it.
I certainly faced impostor syndrome. I wasn’t the most qualified person to do it, but I was the most willing to do it. We would have stayed in Boston if we had found [supporters], but we didn’t. The move to San Francisco was because that is where we found folks who would support our vision.
Read the full article
And now on to the news...
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A patient gets a flu vaccine. REBECCA BLACKWELL/AP
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FDA reverses course on flu-shot review. The Food and Drug Administration reversed course and agreed to begin a review of Moderna’s application to sell a new seasonal flu shot after the vaccine maker agreed to conduct additional testing in the elderly. The move means that Moderna’s experimental flu shot is largely back on track after the FDA’s surprise decision earlier this month to refuse to start a review of its application. Now, the FDA will review the application and is expected to make a decision by August, though approval isn’t guaranteed.
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“Pending FDA approval, we look forward to making our flu vaccine available later this year so that America’s seniors have access to a new option to protect themselves against flu.”
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—Moderna Chief Executive Stéphane Bancel
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Consumers, Companies Seek Durable Solutions to Curb Microplastics
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There isn’t an easy solution to stopping microplastics—minuscule particles from plastic products such as water bottles—from infiltrating the environment, and ultimately our bodies. But the business community and lawmakers need to pick up the pace to cut back on plastic and find alternatives, policy experts said at a conference held late last week at New York University. Globally, more than 400 million metric tons of plastic are produced each year, and only about 10% of that gets recycled, according to the United Nations Environment Program.
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WSJ Tech Live Cybersecurity brings together leading voices from government, enterprise technology, venture capital and cybersecurity for a full day of newsroom-led conversations. Join us in the heart of New York City as we examine the evolving threat landscape, the role of AI, policy priorities and how organizations are responding to increasingly complex cyber risks.
Request your invitation with code WSJPRO to save 20% on your pass. Please note that all requests are carefully reviewed, and passes are limited, so we encourage you to reserve yours soon.
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Funds
Frist Cressey Ventures closed its fourth fund with $425 million in commitments to continue making early-stage healthcare investments.
People
Predictive biology tools provider Matterworks appointed Paul Stone as chief financial officer and head of corporate development. He was previously at 5AM Ventures.
Exits
Cancer-focused Sensei Biotherapeutics acquired Faeth Therapeutics and entered an agreement for a $200 million private placement. Investors include B Group Capital, Cormorant Asset Management, RA Capital Management, Vivo Capital and others. Faeth is a startup developing drugs that target tumor metabolism and signaling.
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Korsana Biosciences, a Waltham, Mass.-based startup developing therapies for neurodegenerative diseases, emerged from stealth with $175 million in funding, including a $150 million Series A round co-led by Wellington Management and TCG Crossover.
ProSomnus Sleep Technologies, a Pleasanton, Calif.-based developer of a non-CPAP obstructive sleep apnea therapy, landed an investment of up to $38 million from Catalio Capital Management.
Codoxo, a Duluth, Ga.-based startup providing healthcare payment integrity technology, secured $35 million in Series C financing led by CVS Health Ventures.
Ten63 Therapeutics, a Durham, N.C.-based AI drug discovery startup, added more than $22 million in new funding from investors including Chugai Venture Fund and Gates Foundation. Mike Dial, managing director of Chugai Venture Fund, will join the company’s board.
Daffodil Health, a San Francisco-based AI-powered platform for health plan administration and claims processing, raised $16.3 million in Series A funding led by Flare Capital Partners.
Rainfall Health, a San Francisco-based compliance and reimbursement platform for hospitals and medical groups, closed a $15 million Series A round led by Two Bear Capital.
Synchrony Medical, a Jersey City, N.J.-headquartered respiratory care technology provider, nabbed a $5 million investment led by Edge Medical Ventures.
Lexi, a Cambridge, Mass.-based startup building an AI-native communication layer for healthcare, landed $1.4 million in pre-seed funding led by Informed Ventures.
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There is little disagreement that a re-examination of federal nutrient requirements for infant formula is long overdue. ERIC GAY/AP
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