K Health, an AI-enabled telemedicine app, closed a $132 million Series E funding round.
GGV Capital, Valor Equity Partners, and Kaiser Permanente pension fund led the latest funding round with participation from LTS Ventures, Atreides Ventures, 14W, Max Ventures, Pico Partners, Marcy Venture Partners, Primary Ventures, and Box Group.
As part of the funding, GGV Managing Partner Hans Tung and Valor founder and CEO Antonio Gracias will join the K Health’s board.
Founded in 2016, K Health has raised over $260 million to date, including a $42 million Series D funding round in November 2020, led by Valor Equity Partners. The company plans to use the new funds to expand its telehealth services.
K Health develops 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 offers telehealth services for almost all primary care conditions and anxiety and depression with customizable treatment plans.
K Health currently available in all 50 states in the U.S. The app has onboarded more than 4 million users to date. According to the company, 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.
“K Health is changing the equation of access to high-quality medicine,” said Allon Bloch, CEO & co-founder of K Health. “Our system opens access to the best doctors at a fraction of the cost and without the wait. This new funding and expansion to care for the whole family gives more people the break they need today.”
In 2020, Telemedicine companies raised $4.3 billion, a 139% increase YoY, compared to $1.8 billion in 2019, according to the latest Mercom Digital Health Funding & M&A report. Recently, mfine, an AI-enabled telemedicine app that provides instant healthcare services, raised $17.2 million in Series B funding.