American Well has raised $81M since 2010 for its video visits service

By Aditi Pai
10:53 am

AmWellSince 2010 Boston-based video visits company American Well has raised $81 million in a mix of equity, options, and securities, according to an SEC filing. According to the filing, the investment closes out a round of funding that included tranches in 2010 ($25 million from equity) and 2012 ($12 million more from equity). So the most recent funding apparently totaled $44 million (and included options and securities).

A company representative told MobiHealthNews in an email that strategic investors Anthem and Jefferson Health System contributed to the round along with other undisclosed investors.

American Well offers its services both direct-to-consumer and through other organizations like payers, employers, universities, and providers. American Well’s offering lets patients set-up on demand, video-enabled visits with physicians via their computers or through an iPad, iPhone, or Android device.

“Our mission is to transform healthcare from within by making it more convenient and less costly,” American Well Corp. Chairman and CEO Ido Schoenberg said in a statement. “Together with our partners, we are now focused on expanding the role of telehealth to connect existing care teams with their patients and offer more services to chronically ill patients in their own homes.”

American Well's apps include LiveHealth (which they created with WellPoint's HMC), NowClinic (created in partnership with Optum), and Online Care Anywhere (created for BCBSMN). 

Ido's brother Roy Schoenberg, who is the CEO and President of American Well Services, spoke at an event earlier this year where he said that he's seen an increase in adoption because of their mobile app launch.

“We’ve been offering telehealth services in a variety of different ways through the web to patient populations,” he said. “And then just about a year ago we turned on access through your mobile device, and we’re seeing a hundredfold increase. … The reality is how people use telehealth has completely changed because of a single thing they have in their pocket. Sometimes the solution is not having flashier statements and better communication, it’s just by making that little tweak that makes it part of the fabric of people’s lives.”

This year, American Well launched a rebranded version of their direct-to-consumer app, now called Amwell, which also pulls data from Apple's HealthKit platform. If users have both Apple's Health app, and Amwell, they can integrate different health-related data points into the video visits app including heart rate, blood pressure, body temperature, blood glucose levels, weight, nutritional information, and respiratory rate.


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