TimeDoc, a software platform for virtual care management programs, completed a $5.7 million Series A financing round.
Using the virtual care platform, healthcare providers can conduct virtual check-ins and provide medical supervision and customized health programs to patients. The platform has over 20,000 patients onboard, according to the company.
“Our software solutions support our provider clients and their patients in a significant way during this pandemic. This success has been a silver lining for our team in what has been an otherwise challenging time for us all,” said Will Boeglin, CEO of TimeDoc.
According to the company, the new funds will help to roll out the company’s electronic health records integrated remote patient monitoring platform and further expand sales resources.
Vocap Investment Partners, an early-stage venture capital firm focused on growth-oriented technology businesses, led the financing round. As part of the investment, Vinny Olmstead, Managing Director at Vocap Investment Partners, will join the company’s board of directors.
Existing and new investors, including Grand Ventures, Waterline Ventures, Serra Ventures, Impact Engine, Chaifetz Group, Break Trail Ventures, and Pat Welsh, co-founder of Welsh, Carson, Anderson & Stowe, also participated in the funding round.
The company, founded in 2016, has raised over $8 million to date, including a $2.5 million seed funding in 2019, which was led by Grand Ventures with participation from other investors.
Telehealth companies raised $930 million in Q1 2020, according to Mercom Q1 2020 Digital Health Funding Report. Recently, Vida Health, a virtual care platform designed to treat multiple chronic health diseases such as asthma, chronic obstructive pulmonary disease (COPD), hypertension, and obesity, raised $25 million in a funding round which was led by Ally Bridge Group (ABG), with participation from existing investors, including, Aspect Ventures, Canvas Ventures, AME Cloud Ventures, Webb Investment Network, Workday Ventures, and NGP Capital.