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Sword Health Revenue, Valuation, Funding & Investors
Sword Health is valued at $4B as of June 2025, a 16.7x multiple on its last reported $240M revenue.
Last Sword Health valuation
$4B
Undisclosed stage · Jun 2025
Last Sword Health funding round
$40M
Undisclosed stage · Jun 2025
Sword Health revenue
$240M
Undisclosed stage · Jun 2025
Key investors in Sword Health
Khosla Ventures
Green Innovations
Founders Fund
General Catalyst
Transformation Capital
Vesalius Biocapital Partners
About Sword Health
Sword Health is a Lisbon-headquartered digital therapeutics company offering AI-guided physical therapy for musculoskeletal and pelvic floor conditions. Patients access virtual sessions via app with motion-tracking sensors and clinician oversight. The platform supports remote recovery programs for back pain, joint issues, and postpartum care.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$240M (Jun 2025)
Valuation
$4B (Jun 2025)
Sword Health Valuation
Sword Health is currently valued at $4B, based on its undisclosed-stage round in June 2025.
The $40M round was led by General Catalyst, with participation from Lince Capital, Comcast Ventures, Khosla Ventures, Armilar Venture Partners, Michal Valko and 3 other investors.
Sword Health's valuation has grown 36x from $110M at its Series B in January 2021 to $4B in June 2025, across 7 priced rounds.
Sword Health valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2025 | Undisclosed stage | $4B | 16.7x |
| Jun 2024 | Secondary | $3B | 15.0x |
| Jun 2024 | Series E | $3B | 12.5x |
| Nov 2021 | Series D | $2B | 8.3x |
| Nov 2021 | Secondary | $2B | 8.3x |
| Jun 2021 | Series C | $485M | - |
| Jan 2021 | Series B | $110M | - |
Sword Health Revenue
Sword Health's latest recorded revenue is $240M, as of its undisclosed-stage round in June 2025. At a $4B valuation, that implies a 16.7x revenue multiple.
Revenue moved from $240M in November 2021 to $240M in June 2025, while the revenue multiple moved from 8.3x to 16.7x.
Sword Health revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2025 | $240M | $4B | 16.7x | Undisclosed stage |
| Jun 2024 | $200M | $3B | 15.0x | Secondary |
| Jun 2024 | $240M | $3B | 12.5x | Series E |
| Nov 2021 | $240M | $2B | 8.3x | Series D |
| Nov 2021 | $240M | $2B | 8.3x | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Sword Health Funding History
Sword Health has raised a total of $366M across 9 funding rounds, plus 2 secondary share sales.
Sword Health's first fundraising round was a $2M seed round in April 2015. The most recent completed round was a $40M undisclosed-stage round in June 2025.
Sword Health funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2025 | Undisclosed stage | General Catalyst (lead); Lince Capital; Comcast Ventures; Khosla Ventures; Armilar Venture Partners; Michal Valko; Indico Capital Partners; Oxy Capital; Shilling VC | $40M | $4B | Sword Health, a digital healthcare company founded in Portugal and headquartered in New York, provides AI-powered virtual physical rehabilitation, pain management, pelvic health, and now mental health solutions through wearables like the M-band and platforms such as Mind, which combines AI with clinicians for proactive care to reduce healthcare costs and prevent unnecessary surgeries. The company raised $40 million on June 17, 2025, in a round led by General Catalyst, with participation from Khosla Ventures, Comcast Ventures, Lince Capital, Oxy Capital, Armilar Venture Partners, Indico Capital Partners, and Shilling, bringing total funding to $380 million and post-money valuation to $4 billion, up from $3 billion in the prior $130 million Series E. Funds will support global expansion, AI development across care areas, and M&A acceleration, including the recent all-equity acquisition of UK-based Surgery Hero for surgical outcome tools. Sword Health reports a $240 million annual revenue run rate and is cash-flow positive, with CEO Virgílio Bento pushing IPO plans to at least 2028 while anticipating a larger future round, amid a trend of VC interest in AI healthcare startups like Hinge Health and Omada. |
| Jun 2024 | Secondary | Khosla Ventures | $100M | $3B | Sword Health develops an AI-powered virtual physical therapy platform that combines clinician expertise with proprietary AI to deliver personalized musculoskeletal (MSK) care, aiming to free two billion people from pain. The platform has delivered over three million AI sessions to members from more than 10,000 employers across three continents. On June 4, 2024, Sword Health raised $130 million in a mix of $30 million primary and $100 million secondary sale, with participation from Khosla Ventures, General Catalyst, Founders Fund, and others, increasing its valuation to $3 billion—a 50% rise from the $2 billion Series D valuation in November 2021. The secondary portion provided liquidity to current and former employees and early investors, while the primary funds are held in reserve. Total funding raised reached $340 million. The company reported nearly tripled revenue growth in the prior year leading up to the round and forecasts profitability by year-end 2024. Sword Health competes with Hinge Health and plans a potential IPO by 2025. Khosla Ventures, an early backer since the $8 million Series A in 2019, continues to support its AI Care expansion. |
| Jun 2024 | Series E | - | $30M | $3B | Sword Health is an AI-powered digital healthcare company providing virtual physical therapy, musculoskeletal care, and pain management through motion sensor wearables and AI care programs, shifting from human-first to AI-first healthcare delivery. It serves employers and health plans like Cisco, Domino’s, and Highmark, with over 10,000 employers across three continents, 37 patents, and FDA-listed products. In June 2024, Sword raised $130 million in a mix of $30 million primary and $100 million secondary sales, boosting its post-money valuation to $3 billion from $2 billion in its 2021 Series D, led by investors including Khosla Ventures, General Catalyst, BOND, and Founders Fund; total funding reached $340 million. CEO Virgílio Bento noted the company was cash-rich, forecasting profitability by year-end, and used the round to provide liquidity to employees and signal market strength amid tough fundraising conditions without needing funds for operations. Sword competes with Hinge Health (valued at $6.2 billion in 2021) in virtual therapy and has pursued growth through AI advancements like Phoenix, an independent clinical-grade AI care solution, and acquisitions such as UK-based Surgery Hero in January 2024. The company aimed for an IPO by 2025 if market conditions allowed. In June 2025, Sword raised $40 million led by General Catalyst with participation from Khosla Ventures, Comcast Ventures, Lince Capital, Oxy Capital, Armilar, Indico Capital, and Shilling, achieving a $4 billion valuation and total funding over $380 million. Funds supported global expansion, AI model development across care areas including mental health (launching Mind solution), and M&A momentum. Previously valued at $3 billion in the 2024 round, this marked further growth for the Portugal-founded firm backed by high-profile VCs. |
| Nov 2021 | Series D | Sapphire Ventures (lead); Sozo Ventures; ADQ; Green Innovations; General Catalyst; LocalGlobe; Willoughby Capital; Khosla Ventures; Nancy Xiao; Founders Fund; Transformation Capital; Bond | $163M | $2B | Sword Health is a digital musculoskeletal (MSK) care provider offering AI-powered virtual physical therapy, including an FDA-listed Digital Therapist, wearables for posture correction, and end-to-end clinical platforms connecting patients to physical therapists around-the-clock. Founded in 2015, the company targets self-insured employers and health plans with solutions for MSK condition prevention, treatment, and post-surgical care, aiming to free two billion people from physical pain. In November 2021, Sword Health raised $163 million in a heavily oversubscribed Series D primary round led by Sapphire Ventures, with participation from new investors Sozo Ventures, Willoughby Capital, ADQ, LocalGlobe, and existing backers including General Catalyst, Khosla Ventures, Founders Fund, Bond, Transformation Capital, Green Innovations, and others like Nancy Xiao. An additional $26 million secondary transaction followed, bringing total round-related investments over $320 million (including prior raises totaling around $324 million) and catapulting the company to unicorn status. Sources report the primary round valuation at $1.8 billion post-money, with the secondary pushing it to $2 billion, highlighting rapid growth like 12x customer expansion and strong clinical outcomes with cost savings for clients. The funds supported accelerated product development, global operations expansion, and recent acquisitions like Vigilant Technologies for workplace injury prevention wearables. Sword Health demonstrated exceptional traction as the fastest-growing digital MSK company, with nearly $300 million raised that year alone, positioning it ahead in value-based care through its unique PT + Digital Therapist model that gained significant market acceptance. Subsequent developments included further funding, such as a $40 million round in 2023 at $4 billion valuation for AI advancements and mental health expansion, building on the 2021 momentum. |
| Nov 2021 | Secondary | - | $26M | $2B | Sword Health is a virtual musculoskeletal (MSK) care provider delivering 100% of care through Doctors of Physical Therapy and the FDA-listed Sword Health Digital Therapist, targeting prevention, acute conditions, chronic pain, and post-operative recovery. On November 22, 2021, it closed an oversubscribed Series D round, raising $163 million in primary funding led by Sapphire Ventures, with participation from Sozo Ventures, Willoughby Capital, ADQ, Localglobe, General Catalyst, Khosla Ventures, Founders Fund, Bond, Transformation Capital, and Green Innovations. An additional $26 million secondary transaction propelled the company's valuation to $2 billion, up from $1.8 billion pre-secondary. This Series D brought Sword Health's total funding to over $320 million, following a $25 million Series B in January 2021 and $85 million Series C in summer 2021. The company serves self-insured employers and health plans such as Cisco, Domino’s, Highmark, Danaher Corp., and Concordia Plan Services, operating across three continents with thousands of members globally. Sword differentiates in the competitive digital MSK market through its PT + Digital Therapist model, wearable sensors for movement correction, an app with educational content, and recent acquisition of Vigilant Technologies for posture correction devices. It holds 37 patents and plans to expand personalized MSK offerings and global operations with the new capital. |
| Jun 2021 | Series C | General Catalyst (lead); Green Innovations; Spearhead; Highmark Ventures; Khosla Ventures; Nancy Xiao; BPEA; Founders Fund; Transformation Capital; Bond | $85M | $485M | Sword Health is a virtual musculoskeletal (MSK) care platform founded in 2015, providing AI-powered digital therapy solutions that enable patients to recover at home for conditions like lower back, shoulder, neck, and knee issues, aiming to reduce reliance on imaging, surgery, or opioids. In June 2021, the company closed an $85 million Series C funding round led by General Catalyst, with participation from BOND, Highmark Ventures, BPEA, Khosla Ventures, Founders Fund, Transformation Capital, and Green Innovations. This followed a $25 million Series B in January 2021, bringing total funding in six months to $110 million and overall to $135 million at that point. The round was driven by accelerated adoption of digital MSK solutions amid rapid growth, with plans to fuel global expansion and build value-based care models. CEO Virgílio Bento noted the company had not planned to raise until late 2021 or early 2022 but proceeded due to strong demand. General Catalyst's Chris Bischoff highlighted Sword Health's innovative combination of hardware, software, and physician-directed care to improve outcomes and cut costs for payers, employers, and providers in MSK care. The platform competes in a booming MSK digital health space with peers like Hinge Health (valued at $3B in prior rounds) and Kaia Health. Subsequent rounds provide context: a Series D in November 2021 raised $163 million at $1.8 billion valuation, followed by $26 million secondary pushing to $2 billion; later a 2025 $40 million round at $4 billion valuation led by General Catalyst. |
| Jan 2021 | Series B | Transformation Capital (lead); Green Innovations; Khosla Ventures; Founders Fund; Vesalius Biocapital Partners; Faber | $25M | $110M | Sword Health, a virtual musculoskeletal (MSK) care provider, raised $25 million in a Series B funding round announced around February 1, 2021, led by Transformation Capital with participation from existing investors Khosla Ventures, Founders Fund, Green Innovations, Vesalius Biocapital, and Faber. This brought the company's total funding to $50 million after a prior round, aimed at accelerating global expansion and enhancing its AI Care Platform to reach more members. The company reported rapid growth, expanding its client footprint and revenue dramatically, and being selected in 75 percent of employer evaluations for MSK care. Sword Health positions itself as the fastest-growing provider of virtual MSK care, offering a clinically comprehensive digital health solution addressing musculoskeletal pain, a leading global health issue. The funding supports its mission to provide high-quality, accessible care to over two billion people worldwide through its AI-powered platform, including Doctors of Physical Therapy and digital therapists. Transformation Capital highlighted Sword's market leadership based on research with employers, payers, and partners confirming its standard-of-care status for broad MSK conditions. Sword continued aggressive expansion in later years, achieving unicorn status and focusing on AI-driven care across physical pain, mental health, and beyond. |
| Feb 2020 | Series A | Khosla Ventures (lead); Green Innovations; Founders Fund; Vesalius Biocapital Partners; Lachy Groom; Faber | $9M | - | Sword Health raised USD 9 million in a Series A round in February 2020 led by Khosla Ventures. The valuation was not publicly disclosed. This followed a prior Series A of USD 8 million in April 2019 also led by Khosla Ventures and a Seed round of USD 4.6 million in April 2018 led by Vesalius Biocapital Partners. |
| Apr 2019 | Series A | Khosla Ventures (lead) | $8M | - | Sword Health raised $8 million in its Series A funding round in April 2019, led by Khosla Ventures. The funding supported expansion of market reach and enhancement of its AI-powered physical therapy technology. This followed a $4.6 million seed round in April 2018 led by Vesalius Biocapital Partners to develop and launch its solutions. Sword Health provides AI-powered digital physical therapy for musculoskeletal care, including prevention, acute conditions, chronic pain, and post-operative recovery. The company launched in the U.S. in January 2020 and secured its first U.S. customer, Concordia Plans, later that year. Subsequent rounds included a $9 million Series A extension in February 2020 from Khosla Ventures and Founders Fund, followed by larger financings such as $25 million Series B in 2021, $85 million Series C, $163 million Series D at $2 billion valuation, $130 million Series E at $3 billion in 2024, and $40 million at $4 billion in 2025. |
| Apr 2018 | Seed | Vesalius Biocapital Partners (lead); Green Innovations; Startup Braga; Iberis Capital | $5M | - | Sword Health raised a $4.6 million seed round on April 16, 2018, led by Vesalius Biocapital Partners with participation from Green Innovations, Iberis Capital, and Startup Braga. This seed funding supported the early development of its tech-enabled musculoskeletal care platform, founded in 2015 to provide digital physical therapy solutions. The company focused on rigorously testing its therapeutic intervention clinically, proving it outperformed human therapists by 30% in trials for preventive, chronic, and post-surgical pain. Following the seed, Sword Health extended its Series A to $17 million by February 2020, with the first Series A closing led by Khosla Ventures in April 2019 and an additional $9 million from Khosla Ventures, Founders Fund, Green Innovations, Lachy Groom, Vesalius Biocapital, and Faber Ventures, bringing total funding to $22 million. The funds expanded market footprint, distribution, partnerships, sales, marketing, and product improvements. |
| Apr 2015 | Seed | Horizon 2020 (lead) | $2M | - | - |
Who has invested in Sword Health?
28 investors have backed Sword Health across its funding rounds, including Khosla Ventures, Green Innovations, Founders Fund, General Catalyst, Transformation Capital and Vesalius Biocapital Partners.
Lead investors include General Catalyst, Sapphire Ventures, Transformation Capital, Khosla Ventures, Vesalius Biocapital Partners and 1 other investor.
Sword Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 7 | Lead | Apr 2019 | ||
| 5 | Participant | Apr 2018 | ||
| 4 | Participant | Feb 2020 | ||
| 3 | Lead | Jun 2021 | ||
| 3 | Lead | Apr 2018 | ||
| 3 | Lead | Jan 2021 | ||
| 2 | Participant | Jun 2021 | ||
| 2 | Participant | Feb 2020 | ||
| 2 | Participant | Jun 2021 | ||
| 1 | Participant | Nov 2021 | ||
| 1 | Participant | Nov 2021 | ||
| 1 | Participant | Nov 2021 | ||
| 1 | Participant | Jun 2025 | ||
This data is available for Pro users. Sign up to see all 28 Sword Health investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Sword Health
Sword Health has acquired 3 companies to date.
Last acquisition by Sword Health was on January 28th 2026. Sword Health acquired Kaia Health for $285M.
Latest Acquisitions by Sword Health
| Description | Kaia Health is a Brooklyn-headquartered digital therapeutics firm founded in 2016. The company develops app-based programs for back pain and COPD management using machine learning for personalized interventions. Patients access exercises, education, and coaching via smartphones or tablets. Kaia Health collaborates with medical experts and holds FDA clearance for its back pain solution. The platform operates in the United States and Europe. | - | Vigilant Technologies is a healthtech company under VIT Initiative developing wearables for proactive wellness monitoring. Products analyze biometric patterns to predict issues like stress-induced conditions. Headquartered in San Francisco, it launched in 2021 targeting corporate wellness programs. |
| HQ Country | |||
| HQ City | New York City, NY | - | Pittsburgh, PA |
| Deal Date | 28 Jan 2026 | 23 Jan 2025 | 5 Oct 2021 |
| Valuation | $285M | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Sword Health acquisitions and their M&A valuation multiples. Start Free Trial | |||
Sword Health Competitors
Sword Health competitors include listed companies like Tempus AI and XtalPi, and private ones like Hippocratic AI, Abridge, Commure and EliseAI.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $3.5B | - | ||
| Private | $117M | - | $5.3B | 45.3x | ||
| Private | $200M | - | $7B | 35.0x | ||
| Private | $100M | - | $2.2B | 22.0x | ||
| Publicly listed | $1.3B | ($131M) | $15B | 10.1x | ||
| Publicly listed | $120M | $22M | $3.8B | 21.5x |
Sword Health Public Comps
Sword Health is still privately-owned, but its public comps include Tenable, XtalPi, CorVel, Fermi, Infleqtion, Shenzhen Intellifusion, SoundHound, Intsig Information, Presight AI and SenseTime Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $999M | $31M | 4.1x | 3.9x | 129.9x | 15.3x | |||
| $120M | $22M | 24.8x | 21.5x | 134.0x | (141.6x) | |||
| $959M | $175M | 3.5x | - | 19.1x | - | |||
| - | ($490M) | - | 281.8x | (7.5x) | (63.2x) | |||
| $29M | ($52M) | 92.3x | 64.5x | (50.9x) | (60.0x) | |||
| $200M | ($3M) | 14.3x | 14.6x | (952.5x) | (1086.5x) | |||
| $169M | $19M | 14.6x | 11.3x | 132.5x | (35.5x) | |||
| $270M | $83M | 7.8x | 6.6x | 25.2x | 23.6x | |||
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Common questions about Sword Health
| When was Sword Health founded? | Sword Health was founded in 2015. |
| Where is Sword Health headquartered? | Sword Health is headquartered in New York City, NY, United States. |
| Is Sword Health publicly listed? | No, Sword Health is a private, VC-backed company. |
| What is Sword Health's valuation? | Sword Health was last valued at $4B in its undisclosed-stage round in June 2025. |
| How much funding has Sword Health raised? | Sword Health has raised $366M across 9 funding rounds. |
| What was Sword Health's last funding round? | Sword Health's last funding round was a $40M undisclosed-stage round in June 2025, led by General Catalyst. |
| Who are Sword Health's investors? | Sword Health's investors include Khosla Ventures, Green Innovations, Founders Fund, General Catalyst, Vesalius Biocapital Partners, Transformation Capital, Nancy Xiao, Faber, Bond, Sozo Ventures and 18 others. |
| What is Sword Health's revenue? | Sword Health's latest recorded revenue is $240M (June 2025). |
| What is Sword Health's revenue multiple? | Sword Health's latest valuation implies a 16.7x revenue multiple ($4B valuation on $240M of revenue). |
| Which companies are comparable to Sword Health? | Companies comparable to Sword Health include Hippocratic AI, Abridge, Commure, EliseAI, Tempus AI and XtalPi. |
| How many companies has Sword Health acquired? | Sword Health has acquired 3 companies, including Kaia Health, Surgery Hero and Vigilant Technologies. |
| What was the largest acquisition by Sword Health? | The $285M acquisition of Kaia Health in January 2026 is the largest acquisition Sword Health has made to date. |
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