eVisit, an Arizona-based SaaS telehealth company, just landed $14 million in Series A funding. TVC Capital led the funding round with participation from Kickstart Seed Fund, University Growth Fund and Jeremy Andrus.
WHAT IT DOES
The company provides a telehealth platform that includes several facets, including a scheduling, intake, waiting room management and discharge function. Its main customers are hospitals and health systems.
First founded in 2013, the tool is able to integrate with EHRs and analytics platforms. The company announced receiving $2 million in 2017 from KickStart Seed Fund, Arizona Founders Fund and an angel investor.
WHAT IT’S FOR
eVisit said the new funds will be put towards expanding its technology platform and scaling its operation.
“This funding will further eVisit’s rapid expansion within the telehealth industry by providing greater resources to our technology platform and customer care activities during this pivotal time for telehealth – in the ever-changing COVID-19 landscape and beyond. In addition to scaling our organization with exceptional talent, we are planning to further enhance our marketing and sales outreach to support our focused go-to-market strategy,” Bret Larsen, cofounder and CEO of eVisit, said in a statement.
“This new round is a testament to the collective confidence from these partners in our ability to power the virtual care strategies and execution for hospitals and health systems across North America.”
THE LARGER TREND
It’s no secret that during the coronavirus pandemic and subsequent lockdown the telemedicine market thrived. For example, in Q2 industry titan Teladoc reported a 203% YoY increase of total telemedicine visits, and an 85% revenue growth. Fellow telemedicine company Amwell took advantage of the environment and went public in September.
We’re also seeing more health plans seek out telemedicine for their practices and use it more regularly. For example, the AMA reported that during the months of April and May about 70% to 80% of patient encounters at the Cleveland Clinic were completed virtually.