The pandemic has drawn the world's attention toward the need for reliable virtual healthcare technology, an awareness causing many firms to invest large sums in telehealth startups.
Thrive Earlier Detection closed a $257 million series B funding round, which was led by venture funds Casdin Capital and Section 32, in July. The Cambridge, Mass.-based telehealth company seeks to incorporate cancer detection technology into routine medical care to increase the likelihood that cases will be cured, as most cancer cases are detected in a late stage after the patient shows symptoms. Thrive is developing its blood test, CancerSEEK, to integrate into routine care settings.
Also in July, Ro secured $200 million in a series C funding round led by venture fund General Catalyst. Founded in 2017, Ro is the New York City-based parent company of telehealth apps Roman, which provides services for men experiencing issues such as erectile dysfunction and baldness, as well as Rory, which comprises products for menopausal women. The young telehealth company also leads a digital health brand called Zero, which aims to help customers quit smoking. Ro said it will use the new funding to create technology to address healthcare affordability and access disparities.
In May, Amwell received $194 million in a series C funding round. Amwell is a Boston-based telehealth platform that seeks to connect providers, insurers and patients and innovators, as well as increase access to affordable, quality healthcare. It plans to use this round of funds to improve and expand its technology and services to ensure a convenient and effective user experience.
DispatchHealth garnered $135.8 million in a series C funding round, which was led by Optum's venture capital arm, in June. The Denver-based company offers on-demand telehealth services and in-person emergency room and hospital substitutions. It said it will use the funding to expand its market and create new services to reach more at-risk patients.
Heal received $100 million in series D funding from Humana in July. Founded in 2014, the Los Angeles-based company provides patients with a telemedicine and an Uber-esque service for on-call physicians. It recently launched a virtual therapy service for patients experiencing a greater need for mental healthcare amid the pandemic. Heal plans to use this round of funding to expand into new markets such as Chicago, Houston and Charlotte, N.C.