Amwell (formerly known as American Well), a Boston-based telemedicine company founded in 2006, has raised a whopping $194 million in Series C funding as telehealth experiences a national surge amid the coronavirus pandemic.
The round was funded by "many early investors and strategic partners," including Allianz X and Takeda, Amwell said in a statement on Wednesday.
Amwell has seen a significant uptick in the use of its flagship Amwell Platform in recent months. The company says it has facilitated as many as 45,000 telehealth visits per day across the Amwell Platform since March.
"The past two months have accelerated telehealth by more than two years," Amwell co-CEO and chairman Ido Schoenberg said in the statement. "We intend to build upon this momentum to transform healthcare with digital care delivery."
The Series C round was raised in two tranches, the first of which we reported on in March when the company disclosed in a securities filing that it had raised $60 million in equity. The second tranche, in the amount of $134 million in equity, was disclosed in a filing on Wednesday, as we reported in the Beat.
In an interview with BostInno in February, Amwell co-CEO and president Roy Schoenberg—Ido's brother—said that Amwell was “growing very fast” as physicians and hospital groups began to realize the benefits of remote care.
“Until a few years ago, you still had to explain to people that [telemedicine] is good health care,” he said. “Now, everybody’s getting creative about how we can use telehealth. There are cancer programs. There are programs for high-risk pregnancy follow-ups. There are opioid management programs, behavioral health programs. Literally everything under the sun that used to happen in physical, brick-and-mortar places is now taking place remotely.”
Amwell plans to use the funding expand its investment in technology and services allow doctors and patients to connect securely at scale.
Earlier this year, the company launched a national Covid-19 telehealth response program, establishing an always-on-call infection control officer, Covid-19-specific workflows for clinical operations and a Covid-19 Readiness Team.
Amwell’s client base includes more than 240 health systems, including 2,000 hospitals and 55 health plan partners with more 36,000 employers, according to a statement.
