K Health, an AI-enabled telemedicine app, closed a $42 million Series D funding round, led by Valor Equity Partners.
Additional investors include Marcy Venture Partners, Atreides Management, PICO Venture Partners, and existing investors 14W and Max Ventures.
As part of the investment, Valor Equity Partners’ founder and CEO Antonio Gracias, who sits on the boards of SpaceX and Tesla, will join K Health’s board as an observer.
The latest funding announcement comes Eight months after a $48 million Series C funding round in February 2020.
Founded in 2016, K Health has raised a total of $139.3 million to date. The company plans to use the new funds to develop its telehealth component platform.
K Health developed a symptom checker app that uses AI to suggest potential diagnoses for consumers who enter symptoms and consider the user’s medical history, age, and gender.
After users go through K Health’s symptom checker, they can chat with a specialist for a $20 flat fee or a $9 per month subscription. The company currently offers telehealth treatment for most acute conditions and can write prescriptions.
K Health recently announced a telehealth program for anxiety and depression, at $20 per month. The program does not currently offer cognitive behavioral therapy, so users would be paying for access to a physician who can prescribe medication or refer them out to a specialist.
The company’s service is available in all 50 states in the U.S. The app has onboarded more than 4 million users to date. More than 1 million new people have turned to K Health for their primary care and mental health needs since the onset of the COVID-19 pandemic, the company said.
K Health VP of marketing Danielle Eddleston told VentureBeat, “We are proud of our swift decisions and product rollouts to give people the peace of mind to find the right places for testing, the right COVID assessment tools, and the right information to treat the worried well at home. In March, K Health offered free one-on-one remote conversations with board-certified U.S. doctors for people with questions or concerns about what to do next and a free COVID-19 Risk Assessment. Additionally, K Health rolled out a test map that shows where people are reporting symptoms and a nationwide map that shows all COVID-19 testing centers.”
According to the latest Mercom digital health funding report, Telemedicine companies raised a whopping $3.3 billion in the first nine months of 2020. Recently, Virtual care app Carbon Health secured $100 million in Series C funding.