MDLive lands $50M, looks to expand its offerings

By Laura Lovett
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Looking towards growth, MDLive announced this morning that it has closed a $50 million investing round led by Health Velocity Capital with existing investors Cigna Corporation and Health Care Service Corporation. Novo Holdings A/S and Industry Ventures also participated in the round.

“As telehealth continues its rapid integration into the healthcare space, this financing has provided us with a significant opportunity to both continue our focus on providing a world-class consumer and clinician experience and accelerate the development growth of our existing health service offerings," Rich Berner, CEO of MDLive, said in an email to MobiHealthNews. "[These offerings] include behavioral, dermatological and medical consultations, as well as launch new offerings to help manage chronic conditions more proactively and predictably."

The company, which was founded in 2009, claims that it provides its services to 27 million Americans. Currently its healthcare services include certified doctors, counselors, psychiatrists, and dermatologists, although the company is now looking to grow in the field of proactive and predictive care. 

“We are shifting away from simply virtualizing consults to both automating and virtualizing MDLIVE’s services, enhancing efficiency and quality of care while allowing us to more nimbly scale with solutions like Sophie, our personal digital health assistant for our consumers." Berner wrote. "We plan to build our team and integrate more virtual care offerings into our platform that cater to bettering the user’s experience, as well as enhancing Sophie’s capability to help shift from reactive care to proactive, predictive health management, care, and intelligent routing." 

As part of the latest funding, representatives from HVC will be joining the board of directors while HCSC and Cigna will be joining as advisors. 

“We continuously scan the healthcare market to identify innovative partners. MDLIVE, which powers HCSC’s Virtual Visits product offering, helps our members gain improved access to quality healthcare, provides a superior customer experience, and helps lower the cost of healthcare,” Tom Meier, vice president of market solutions at HCSC, said in a statement. “We look forward to working with MDLIVE to virtualize, automate, and optimize much of the care our members receive via innovative solutions.”

Sunrise, Florida-based MDLive has already landed millions in funding. In 2015 the company scooped up $50 million from Bedford Funding, which at the time topped off its financing at $73.6 million. 

As Berner noted, the platform has been growing in its offerings. Notably, it launched Sophie in 2017. The chatbot can engage with users through text messages and help them through the registration process.