UCM Digital Health, a provider of emergency telemedicine and virtual care solutions, completed a $5.5 million series A funding round led by Armory Square Ventures (ASV), with participation from Contour Ventures and River Park Ventures.
“The team at UCM Digital has pioneered an entirely fresh approach to emergency medicine and triage with its digital front-door,” said Somak Chattopadhyay, Managing Partner at Armory Square Ventures.
Somak Chattopadhyay added: “Over the course of the pandemic, digital health adoption rates have soared. UCM Digital Health is unique as it empowers providers to meet the increased patient demand while delivering its responsive healthcare solution to payers. We are thrilled to partner with the UCM Digital team as the company scales up its platform with new integrations and partnerships.”
Through its telemedicine platform, UCM Digital Health delivers specialized digital health services such as triage, urgent and emergent care, virtual primary care, home testing, or even virtual emergency medicine with 911/EMS. According to McKinsey, an estimated 20% of all emergency room visits could potentially be avoided via virtual urgent care offerings.
“We have created a mission-driven offering that enables all care to begin digitally, binding a highly trained emergency medicine team of physicians, PA’s, NP’s, EMT’s and care coordinators, with our technology,” said Keith Algozzine, CEO, and co-founder of UCM Digital Health.
Keith Algozzine added: “We are provider-led and patient-focused. Over the last five years, we have proven our value proposition through a data-driven model, comprised of over 500 clients and growing consistently by 100% year-over-year. We operate in all fifty states, and UCM Digital’s services today touch millions of lives. With support from our new investors, we are excited to continue our growth by expanding our network of health plans or employers’ plans.”
Telehealth companies raised $2.4 billion in Q1 2021 compared to $1.2 billion raised in Q4 2020, a 100% increase in QoQ. Year-over-year funding increased by 154% in Q1 2021 compared to $930 million raised in Q1 2020, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report.