Boston-based telemedicine provider American Well announced today that it landed $59.2 million in funding from insurer and asset manager Allianz Group's digital investment unit, Allianz X.
“Allianz X’s investment with American Well will result in better access, lower cost, and more connected care for our customers through a leading-edge health platform,” Solmaz Altin, chief digital officer of Allianz Group, said in a statement. “This collaboration emphasizes Allianz’s commitment to digitalization, our goal of investing in digital frontrunners, and encourages advancements within the whole healthcare ecosystem.”
The deal also means a partnership between the two organizations, the goal of which is to develop a digital product that will expand healthcare access, lower the cost, and improve healthcare quality. The pair plan to develop this digital tool by using American Well’s platform and building on Allianz’s expertise to combine wearable sensors, remote monitoring, and virtual visits, according to a statement.
As part of the deal an unnamed representative from Munich-based Allianz X will be joining American Well’s Board of Directors.
“Advancing global health digitally is a big mission, and one we know we cannot accomplish alone,” Dr. Ido Schoenberg, chairman and CEO at American Well, said in a statement. “Our scalable telehealth platform and partnership ecosystem are key to any global solution. We are encouraged by great support from across the healthcare industry thus far, and we invite companies and thought leaders across health, tech, and business to join our mission to advance the quality, accessibility, and economics of global healthcare through digital connectivity.”
American Well has been busy. Today the company also announced a partnership with technology giant, Philips. The partnership means a multi-year agreement to intergrate American Well's virtual care capabilites into Philips' consumer and professional digital health products, according to a statement. American Well's telemedicine services will be intergrated into the Philips Avent uGrow parenting platform, which aims to give parents 24-7 access to professional medical consultation.
“Partnering with American Well to deliver highly personalized virtual care solutions to consumers and healthcare professionals fits Philips' vision of 24-7, coordinated care across the health continuum — the right care delivered at the right time in the right place,” Jeroen Tas, chief innovation & strategy officer at Philips, said in a statement. “American Well already collaborates with many of the largest insurers and healthcare providers in the US, offering great opportunities for joint business development with the aim to create a better patient experience in this important new area of digital healthcare delivery.”
American Well has been in the news recently for its involvement in the Apple Heart Study, an Apple Watch-based ResearchKit study using the watch's heart rate sensor to look at potential arrhythmias. The company will provide telemedicine services for the study.
In October American Well also partnered with Medtronic Care Management Services, a remote patient monitoring company. This partnership will enable patient access to American Well’s telemedicine services on Medtronic Care Management Services’ video-enabled platform, and will allow bi-direction data flow between the two parties.