Cloudbreak Health, a provider of telemedicine and video remote interpretation solutions, secured $10 million growth investment from Columbia Partners Private Capital, an institutional investment firm that invests $10-$30 million in debt and preferred equity in privately-held growth companies.
As part of the investment, Saul Waller, vice president at Columbia Partners Private Capital, will join Cloudbreak’s board as an observer.
Cloudbreak Health combines telehealth and integrated language services intended at helping patients with limited English knowledge or who are challenging of hearing. The platform looks to provide patients with specialty care such as psychiatry, stroke, and acute care. The company says it provides over one million minutes of telemedicine consultation each month. Cloudbreak performs over 85,000 encounters per month on over 10,000 video endpoints at over 1,200 healthcare venues nationwide.
“Partnering with Columbia allows us to invest in the further expansion of our telemedicine solutions while expanding our IT, sales, and customer service teams,” said Cloudbreak CEO Jamey Edwards, in a company press release. “In line with our mission to resolve healthcare disparities, we will add resources to our interpreter network and expand our technical team to support innovation in the next phase of scalability, product development, and interoperability.”
According to Mercom 2019 Digital Health Funding and M&A Report, Telehealth companies raised $1.8 billion in 2019 compared to $1.3 billion in 2018, a 42% rise Year-over-Year. According to Mercom Data, telemedicine companies have raised $5 billion since 2010.
“Cloudbreak brings unique insight into the nuances of delivering care to improve patients’ lives,” said Saul Waller, vice president at Columbia Partners Private Capital, in a company press release. “Cloudbreak’s track record of enabling care delivery in a way that is more caring and more cost-effective was a critical factor in our decision to invest.”
Cloudbreak will use the new funds to develop its telehealth solutions and grow its team.