Sitka, a telehealth platform embedded with a remote specialty provider network, raised $14 million in Series A financing led by Venrock. Existing investors Optum Ventures, Homebrew, First Round Capital, and Lifeforce Capital also participated in the round.
The company plans to use the new funds to accelerate product development, expand growth with new and existing partners, and recruit new talent across business development, product, and engineering.
Sitka’s telehealth platform and specialist network provide recommendations through vConsults. In the recent past, Sitka has secured national healthcare partnerships with healthcare systems and primary care providers, including ChenMed, a primary care group, and Medicare Advantage plan, to help transform specialty care and utilization. Sitka allows healthcare organizations and providers to quickly adapt to the evolving healthcare landscape and connect patients to clinicians in an expedient HIPAA-compliant environment.
“We started Sitka to separate the economic incentives specialty providers have to deliver fee for service care and bring specialty care into a value-based care system that works better for primary care providers, specialists, and most importantly, for patients. This year, the pandemic accelerated the adoption of digital healthcare delivery, and we are excited to partner with health plans, provider groups, and healthcare leaders to make meaningful improvements in healthcare delivery and management of Part B spend”, said Kelsey Mellard, CEO of Sitka.
“We are thrilled to partner with such a talented and knowledgeable team and the addition of Dr. Sanghavi furthers our excitement,” said Bob Kocher, MD, Partner at Venrock. “While the pandemic has fundamentally changed our country’s healthcare system, we are seeing telehealth’s role in expanding access to specialty providers across communities in the U.S. Sitka is on its way to becoming the preeminent specialty care provider.”
Recently another telehealth company Folx Health raised $25 million for the LGBTQIA+ community.
Telemedicine companies led the digital health financing activity in 2020, raising a record $4.3 billion. The funding amount was a 140% increase in 2020, compared to $1.8 billion raised in 2019.