McKinney’s tech scene is set to grow as another startup receives funding to expand its operations in the city.
Local telehealth platform startup MyTelemedicine announced landing a grant from the McKinney Economic Development Corporation’s Innovation Fund to increase its headcount and office space. Financial terms of the deal were not disclosed.
“MyTelemedicine has been enhancing healthcare access through user-friendly, cloud-based technologies that connect patients with their healthcare providers well before the demand became what it is today,” MyTelemedicine Co-Founder and CEO Rey Colon said in a prepared statement. “We’ve seen nothing but enormous potential and growth prior to the elevated demand the telehealth industry has faced due to the COVID-19 pandemic.”
MyTelemedicine was launched in 2015. The company’s virtual health SaaS platform that helps health care providers connect with their patients and manage their data.
Colon is also the co-founder of Dallas-based AmeriDoc, which was acquired by Teladoc in 2013 for an undisclosed amount.
With the grant funding, MyTelemedicine is relocating its headquarters in the city, moving into a larger site at McKinney’s Cotton Mill, which is also home to a number of other tech companies like health care scheduling startup Blockit and volunteer engagement software organization VOMO. The new funding will also help MyTelemedicine expand its workforce from about 23 to more than 60 over the next three years.
MyTelemedicine has been growing recently, landing the No. 1,112 spot on the Inc. 5000 list, reporting 406 percent three-year growth.
“I don’t see demand within the industry ever decreasing as the offering continues to become a medical need. The scalability of our platform is a consistent upward trend,” Colon said. “The growth we’ve experienced as well as the awarding of an Innovation Fund grant, will only expedite our plans to scale.”
Since launching the Innovation Fund earlier this year, the MEDC has used it to lure a number of tech companies to the city, including Richardson based health care software startup Invene and Italian tech firm EnginSoft. According to MEDC senior VP Danny Chavez, MyTelemedicine is the largest company the organization has invested in with the fund.
The MEDC plans to use the fund to attract earlier stage companies to the city and help them create jobs and economic growth. With requirements like having a minimum number of employees and keeping your business in McKinney for at least three years, the McKinney EDC hopes it will help to diversify the local economy, as well as develop a high-density innovation ecosystem.
“Seeing success stories like these within our targeted industries for the fund, is proof of concept of our streamlined economic development process,” Chavez said in a statement. “We’re continuing the momentum and our team is hitting the mark on our goals for the fund in growing our technology ecosystem.”
