CirrusMD, a Denver, Colorado-based startup offering a text-first telemedicine solution, has secured a $15 million Series B round led by Drive Capital, Colorado Impact Fund and other previous investors.
This brings the company’s total funding to $26 million to date, according to a news release.
The $15 million will help CirrusMD drive growth and product innovation. The startup will also use the money to support current and future partners.
“This funding round allows us to capitalize on what we’ve built, grow our team and continue innovating,” CirrusMD co-founder and CEO Andrew Altorfer said via email. “We are growing our team in all functional areas, including expansion of our physician network and branching into new specialties and use cases. We’re also growing our engineering, marketing, sales and account management teams to innovate faster and better support our customers.”
Founded in 2012, the Denver startup’s HIPAA-compliant, chat-first virtual care tool lets users connect to a physician. The solution enables them to share pictures or talk via phone or video as well. People can access the offering through the web or a mobile app.
Through its model, CirrusMD teams up with payers and integrated delivery networks to offer its solution to their members and patients.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The company has its own provider network of physicians. However, if a customer has its own provider network, it can still use CirrusMD’s platform.
Along with the new financing, the startup has revealed a new agreement with Iron Bow Technologies, which has a contract with the Department of Veterans Affairs. As part of the deal, veterans will be able to communicate with VA healthcare team members through the new VA Health Chat app. The tool will initially be rolled out to more than 200,000 patients across three of the VA’s medical centers.
Looking ahead, Altorfer said his startup’s goals include continuing expansion with its existing payer customers, partnering with other health plans and integrated delivery networks and evolving its physician network resources. The company also wants to expand its product offering into new areas, he noted.
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