San Mateo-based medical communications platform and physician referral engine Doximity raised $54 million in a round co-led by DFJ and T. Rowe Price Associates. Morgan Stanley Investment Management as well as returning investors Emergence Capital Partners, Morgenthaler Ventures, and InterWest Partners also participated in the round. This brings the company's total funding to $81 million.
CEO Jeff Tangney told MobiHealthNews in an email that he believes this funding puts Doximity in a position to reach every doctor in the United States.
Doximity allows physicians to create a profile and interact with other doctors on its network. Through the app, physicians can also send and receive faxes, post cases to discuss with colleagues, and update their professional profiles. Last year, Doximity entered into a partnership with US News & World Report to make its directory of 700,000 physicians available to consumers as well as other doctors to rank and rate physicians in the network.
In January 2013, Doximity launched a recruiting product and, according to the company, more than 100,000 job offers have been sent to Doximity members since then. By the end of that month, Doximity also announced that the company had its first cash-flow positive month. Tangney said that the revenue has allowed them to double the size of their team.
So far, Doximity sees an average of 20,000 peer-to-peer physician messages sent through the Doximity system every day. Since January 2014, the company has boasted a higher membership count than the American Medical Association (AMA) and now has 290,000 physician members.
Other similar companies, like SharePractice, which developed an app that lets physicians evaluate and comment on different treatments that clinicians suggest to their patients, and Figure 1, a platform for users to take pictures and share them with other doctors, have used Doximity's API to authenticate doctors on their platform.
"It's a win for these startups, because it solves a big development hurdle and allows them to focus on building the tools they want to," Tangney said. "It's a win for doctors, because it makes it easier to securely participate in new technologies. I like to see the health technology space moving forward together in this collaborative way."