Austin Telemedicine Company Medici Raises $24 Million

Telehealth company Medici raised $24 million in Series B financing round from existing investors, including Barry Sternlicht, chairman of Starwood Capital Group; Kenneth Griffin, CEO of Citadel; Howard Jenkins, founder of Publix, and Nathan Kirsh, head of Jethro.

The Austin, Texas-based startup offers a secure virtual healthcare platform for over 20,000 healthcare providers and their patients to securely communicate via video, voice, text, or chat.

Medici serves as an all-in-one platform for messaging, voice calls, and video chat. The platform connects patients with doctors and other health care providers through the mobile app, while doctors can choose to receive fees for their telehealth visits directly through the app.

Doctors using Medici usually charge around $45 per visit.

The company has recently seen a significant uptick in patient registrations, and consultations as more people look to telehealth for their healthcare needs in light of Covid-19. The company witnessed a 1,409% increase in patient registrations from February to April.

Medici has also grown through the strategic acquisition of two Austin-based VC funded companies. It acquired healthcare messaging app DocbookMD in 2018, and telemedicine startup Chiron Health in 2019.

Medici, founded in 2016, has raised over $70 million, including a $22 million Series A funding round in 2018, and a $24.16 million initial round in 2016.

“We are thrilled to have remarkable investors who want to see lives and healthcare transformed,” says Clint Phillips, CEO of Medici. “Unlike Zoom or FaceTime, Medici allows you to text, ePrescribe, Refer, group chat, bill, translate, triage, keep your number private, your consults organized and gives $1 million liability insurance to physicians. This investment will allow us to invest further in our team and technology to impact global healthcare.”

The company plans to use the new funds to monetize its platform and further accelerate its growth.

Telehealth companies raised $930 million in Q1 2020, according to Mercom Q1 2020 Digital Health Funding Report. Recently telehealth startup Goodpath raised $4 million in seed funding. Global Founders Capital (GFC) led the financing round with participation from Indicators Ventures, Switch Ventures, and Blindspot Ventures.