Telemed Startup K Health Partners With Mayo Clinic, Closes $42M Funding Round
New York-headquartered Tel Aviv telemed startup K Health announced that it has partnered with Mayo Clinic and separately closed a $42 million Series D funding round led by Valor Equity Partners, according to a VentureBeat report on Wednesday (Nov. 18).
The new investment raises K Health’s total funding to $139.3 million. Additional new investors included Jay-Z’s Marcy Venture Partners, Atreides Management, and PICO Venture Partners. Previous investors participating in the Series D included 14W, Mangrove Capital, Lerer Hippeau and Max Ventures.
The startup’s collaboration with Mayo Clinic adds to its existing partnerships with Anthem health insurance and the Israeli health maintenance organization (HMO) Maccabi. K Health is also funded in part by Maccabi, the second largest HMO in Israel, and its tech incubation arm, Morris Kahn Institute for Research and Innovation.
Founded in 2016 by Adam Singolda, Allon Bloch, Israel Roth and Ran Shaul, the telehealth platform offers remote access to healthcare services via patients’ smartphones and taps artificial intelligence (AI) to analyze symptoms and diagnose medical problems.
K Health leverages more than 20 years of health data collected by Maccabi and accumulated by tracking billions of anonymized medical events. The platform’s predictive model compares people with similar characteristics, symptoms, and medical histories to offer health insights.
“Since the onset of the COVID-19 pandemic, more than one million new people have turned to K Health for their primary care and mental health needs. K Health has grown 1,000% just this year alone,” Danielle Eddleston, vice president of marketing, K Health, told VentureBeat.
Aside from offering a complimentary COVID-19 risk assessment, K Health has a test map that outlines “where people are reporting symptoms” and a national map of testing facilities, Eddleston added.
In a PYMNTS podcast interview, Bill Marvin, chief executive officer of InstaMed, said that as telemed technologies become more widely accepted by the industry, digital payments for patients will be advanced. COVID-19 has helped accelerate the concepts but regulations unique to the industry make for a slower changeover, he said.
Telemedicine may have been spurred by the pandemic but it is predicted to remain a mainstay even after life returns to normal. Ryan Krause, vice president at healthcare software company Epic Systems, told PYMNTS that 2.5 million telemed appointments were enabled by its software system in April. Comparatively, there were less than 50,000 appointments in February pre-pandemic.