Antidote Health, a telehealth company, raised $12 million in seed funding to build an AI-based virtual health maintenance organization (HMO).
The round was led by iAngels, Well-Tech Ventures, and Flint Capital, with participation from other angel investors.
Antidote Health offers a B2C telehealth platform that provides uninsured and underinsured Americans with a virtual HMO via artificial intelligence that connects users to doctors with an intelligent chatbot and through video calls. The company offers individuals telehealth coverage for $29 per month.
Avihai Soudri, Antidote Health’s Co-founder and CEO, said, “The convergence of two disciplines – AI-based virtual healthcare and Fin-tech (Insure-tech) applicational layers is unique in the technological-medical landscape in that it provides a disruptive force in the market. The melding of advanced technologies and the social impact Antidote produces are part of our organizational DNA and manifest in every action we take.”
With this first funding round, the company plans to expand nationwide and fuel its marketing initiatives to educate potential users of their healthcare options. The company launched a 24/7 virtual acute and primary care service across New York, New Jersey, Florida, Michigan, and North Carolina in January 2021. It plans to roll out to more states through 2022, offering affordable telehealth services for individuals and families.
“If there is anyone industry for which COVID-19 highlighted the major gaps and necessary advances, it is the need for access to telehealth. In the wake of a global pandemic, and as an Israeli who can take for granted access to national healthcare, it is mind-boggling that as many as 1 in 4 Americans do not have access to equitable and affordable healthcare. We are proud to lead Antidote Health’s financing round and to play a role in their journey to level the field for all Americans to receive adequate telemedicine,” said Shelly Hod Moyal, iAngels Founding Partner.
Telehealth companies raised a record $5 billion in 1H 2021, a 150% increase year-over-year compared to $2 billion raised in 1H 2020. This was the highest amount received by any digital health category since 2010, according to the recently released Mercom’s 1H 2021 Digital Health Funding and M&A Report.