Boston-based American Well has closed a Series C round at $81 million to expand its service that connects doctors with patients online for live video visits.
The company disclosed the new funding in an SEC filing and issued a press release saying it has added "new institutional, private equity, and corporate partners to its ownership roster." Investors included Anthem Health and Jefferson Health System.
SEC filings show American Well had initially raised $25 million in the financing round in 2010, and expanded the round to $37 million in 2012.
Filings show the company had raised at least $10 million in previous funding. Headquartered on State Street in downtown Boston, American Well employs 161, a spokeswoman said.
Here's the full news release:
Today, national telehealth leader American Well announced that it has raised additional capital and added new institutional, private equity, and corporate partners to its ownership roster. Among its strategic investors are now some of the largest health plans and academic medical centers in the nation who provide both financial support and strategic guidance to advance the company’s leadership in mobile and web services. American Well immediately connects U.S. board-certified physicians with patients for live, on-demand video visits 24-7, and handles all related administrative, security and record keeping functions.
“Telehealth is about to completely change how people get healthcare,” said Doug Wenners, Senior Vice President for Provider Engagement and Contracting at Anthem. “This is just the beginning of the revolution and we are proud to partner with and invest in American Well, the clear leader in this space.”
“Our number one job at Jefferson is to make people healthy,” said Stephen Klasko, MD, President and CEO at Jefferson Health System. “At this very moment, we have hospitals taking care of complicated patients, the patient gets discharged, something goes wrong, and then they’re back in the hospital. With American Well’s technology, the patient doesn’t have to wait to be really sick to engage with their doctor. We believe that telehealth can dramatically improve readmission rates and will play a major role in patient care now, and into the future.”
American Well founders and brothers, Drs. Ido and Roy Schoenberg, appreciate the critical importance of working closely with key healthcare stakeholders in developing telehealth services that consistently deliver an outstanding consumer healthcare experience. Rather than seek to “disrupt” the industry, American Well is partnering with leading health plans, employers, and delivery systems who are committed to improving access to quality care and to making it more affordable and transparent for consumers.
“Our mission is to transform healthcare from within by making it more convenient and less costly,” said Ido Schoenberg, MD, Chairman and CEO of American Well. “Together with our partners, we are now focused on expanding the role of telehealth to connect existing care teams with their patients and offer more services to chronically ill patients in their own homes.”
American Well is a secure, HIPAA-compliant platform that gives consumers direct access to their choice of U.S. board-certified clinicians for acute care, behavioral health, and nutrition counseling. Download the Amwell app for free from the iTunes or Google Play stores.
