CirrusMD, a provider of on-demand virtual care services, raised $20 million in a Series C funding round.
Announced Wednesday, the round was led by Blue Venture Fund, with participation from 7wireVentures, Drive Capital and the Colorado Impact Fund. The new round boosted CirrusMD’s total funding to $46 million.
The Denver-based company provides a telehealth solution through brokers, self-insured employers and health plans that connects patients to physicians on-demand.
“No waiting room, chatbots or need to schedule,” said Andrew Altorfer, co-founder and CEO of CirrusMD, in an email. “Patients are able to reach a real doctor who can assist with any medical concerns in under a minute.”
Text is the primary medium through which patients can communicate with physicians, though the platform also includes the option of sending images and connecting via video call. The platform connects patients to physicians in all 50 states and across specialties, including behavioral health.
CirrusMD will use the new funds to accelerate its product roadmap, grow its clinical network and scale its operations and processes, Altorfer said.
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“The Series C round of funding will continue the momentum the company experienced during 2020 — the company’s most significant year of growth,” he said. CirrusMD saw a 150% increase in active members on its platform and doubled the size of its provider network last year.
Looking ahead, the company plans to also focus on improving user experience for patients and clinicians, expanding its direct-to-employer channel and building tools and services to improve clinician accuracy and efficiency.
As the Covid-19 pandemic hit, providers rapidly pivoted to virtual care. Telehealth claim lines increased 2,980% nationally from September 2019 to September 2020, according to data from FAIR Health released in December.
This leap in telehealth usage signaled a wide new market for telehealth providers and a flurry of activity ensued. Over the past six months alone, Teladoc acquired Livongo in an $18.5 billion deal, Grand Rounds announced plans to merge with Doctor on Demand and, most recently, Amazon rolled out its highly anticipated telehealth service.
The telehealth provider market is undoubtedly crowded, but also full of opportunity, and Altorfer believes that CirrusMD will be able to set itself apart.
“There is no analog in the marketplace that replicates exactly what we’re doing,” he said. “CirrusMD is the only telehealth solution that allows patients to ‘text a doctor like they would text a friend.’ No waiting; no need for a quiet, private space; no need for a broadband connection; and no need to interact with a chatbot.”
Photo: nito100, Getty Images
