Minneapolis startup Zipnosis, which has developed an online software-as-a-service diagnosis and treatment option for minor health conditions, has raised a seed round totaling about $1.5 million.
The company’s lead investor, Arthur Ventures, did not disclose it’s total investment, but the total seed value reaches roughly $1.5 million, according to CEO and co-founder Jon Pearce.
Zipnosis, founded in 2008, said it partners with health systems across the country to power virtual care services that are white labeled. By connecting patients and local clinicians online, Zipnosis hopes to make mainstream medicine both more affordable and easily accessible to anyone with a web-enabled device.
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The digital medicine startup cited research by Deloitte that noted 75 million “virtual” doctor visits, or 1 in 6, will occur this year alone. And revenue in the telehealth services industry is expected to increase by an annualized 30.7 percent to $320.2 million in the next five years, including revenue growth of 23.1 percent in 2014, according to a new report from market researcher IBISWorld.
“We recognize the increasing role telehealth will play in improving the country’s existing healthcare landscape,” said James Burgum, managing partner of Arthur Ventures, in a statement. Arthur Ventures, with locations in Minneapolis and Fargo, N.D., is a VC firm focused on software companies in the healthcare market.
Through the telehealth platform, Zipnosis said patients can receive prompt care for common medical conditions such as sinus infections, female bladder infections, pink eye, or cold, cough and flu through via mobile phone, computer and tablet—all for a flat-rate $25-$35 service fee payable by a credit card or health savings card
“Arthur Ventures’ investment will help accelerate our exponential, organic growth over the next two years,” Pearce said in a release.
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In addition to offering seemingly more convenient diagnoses for patients, Zipnosis said the platform attracts new patients for health systems, in turn boosting revenues without adding additional clinical headcount.
