TLDR:
- Cherish Health raised $26 million without venture capital
- They are set to raise a $30 million Series B round with a $200 million valuation
Cherish Health, a digital health startup, has raised $26 million in funding for its radar-based fall detection device. The company, founded by Sumit Nagpal, aims to raise an additional $30 million in its upcoming Series B round with a $200 million valuation. Unlike many startups, Cherish Health chose to raise funds from individual investors, millionaires, billionaires, and strategic partners rather than traditional venture capital firms. The company’s device, called Serenity, uses radar technology to detect falls in the home and is designed to address the limitations of other fall detection devices on the market. Nagpal’s decision to avoid venture capital funding was driven by a desire to maintain control of the company and attract long-term partners who are less influenced by hype cycles. While this fundraising approach has allowed Cherish Health to secure funding without giving up valuable equity, it also requires significant time and effort to court individual investors for smaller checks. Despite the challenges, Nagpal believes this non-traditional funding strategy has been crucial to the company’s success.
