98point6, a provider of on-demand text-based primary care service through a mobile app, raised $43 million Series D funding. The company did not disclose any of its investors in its release. The company did not name any of its investors in its announcement. The company plans to use new funds to expand its virtual care service offerings intended to address coronavirus.
Founded in 2015, 98point6 has raised $129 million to date, including a $50 million in a round in 2018, which was led by Goldman Sachs’ Merchant Banking Division and a $19.5 million Series B round in 2017. The company has over 200 commercial contracts with employers, health plans and retail partners, and has provided over 3 million telehealth services so far.
98point6 offers on-demand primary care services, private text-based diagnosis, and treatment via its AI-enabled mobile app. The app collects information about the user and builds a patient profile before matching them with a provider. Later, patients can review a personalized care plan within the mobile app that includes prescription and lab reports. The service may also connect them to in-person care if relevant.
“The priority for everyone right now is working together to ensure the health and safety of ourselves, our loved ones, and our communities,” said Robbie Cape, chief executive officer and co-founder of 98point6. “Challenging times like this often bring out the best in all of us, and there is no greater example of that than what we’re seeing from medical professionals and every individual practicing physical distancing to stop the spread. We’re going to get through this, stronger, together.”
The global telehealth market is projected to reach $267 billion by 2026, from $50 billion in 2018, growing at a compound annual growth rate of 23.4%, according to Fortune Business Insights.
Thirty-five telehealth companies raised $930 million in Q1 2020 compared to the $216 million Q4 2019, according to Mercom Q1 2020 Digital Health Funding Report. Recently this year, KRY, a Swedish on-demand medical consultations service provider, raised $155 million, and in another deal, Chinese online teleconsultations with doctors, Zhiyun Health raised $144 million.