CirrusMD's text-based virtual care service closes $20M Series C

The company hopes to maintain its momentum after a year of substantial growth.
By Dave Muoio
02:51 pm
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Photo by Adrianna Calvo, licensed under Creative Commons Zero

CirrusMD, a startup offering on-demand, text-first telehealth, has raised $20 million in a new Series C funding round that brings its lifetime funding to $46 million.

Blue Venture Fund led the raise, which also saw support from 7wireVentures, Drive Capital and the Colorado Impact Fund.

WHAT IT DOES

CirrusMD's approach to virtual care is focused on convenient and timely communication.

Offered exclusively to health plans, brokers and employers as a benefit, users who log into the digital service can request and within a minute be connected with a live doctor licensed to deliver care in their state. These encounters begin as test-based conversations, but can support video, voice or image communications if necessary.

The company's platform and multiple specialty network of physicians can address health needs beyond primary care concerns, or can navigate users toward the customer's other in-network befits and health services.

"Unlike any other telemedicine solution, CirrusMD's physician-directed, multi-specialty care model has proven scalable and effective in meeting the needs of this rapidly changing environment," said CirrusMD CEO Andrew Altorfer in a statement.

"Our goal is to meet the patient where they are, in the way they want to communicate. We've enhanced our technology and focused on exceptional user and physician experiences, while doubling the size of our physician network. Today we're providing collaborative virtual care for patients in all 50 states, across a wide range of conditions, including behavioral health, an area of increasing need during COVID-19."

WHAT IT'S FOR

CirrusMD said it had a particularly busy 2020, citing a 150% increase in active members with access to the platform, the aforementioned 100% increase to the size of its provider network and the addition of behavioral health and other new care offerings across clinical specialties.

Per the announcement, these funds will help the startup continue its growth momentum by supporting expanded capabilities, stronger user and provider experiences, greater scalability and other benefits for its customers.

"The last year has highlighted the importance of enabling fast, efficient communication between patients and providers, and CirrusMD has proven its ability to provide a solution that connects eligible members with a licensed doctor 24/7," Kelsey Maguire, managing director of the Blue Venture Fund, said in a statement.

"Health plans like Blue Cross and Blue Shield companies play an important role in shaping the next generation of patient care. We're excited to partner with CirrusMD as they modernize the consumer experience and advance care delivery."

MARKET SNAPSHOT

Text-first care services are also the calling card of virtual care competitors like 98point6. Unlike CirrusMD, however, 98point6 looks to artificial intelligence and machine learning to conduct an initial screener, build a patient profile and then put users in contact with a relevant clinician. The company raised multiple funding rounds last year, and added behavioral health to its offerings several weeks ago.

Also in the text-first conversation is K Health, a New York-based startup that pairs a free symptom checker with text-based telehealth and virtual primary care. That startup has also been raking in the money, announcing a $132 million Series E round in January after two other raises within the prior 12 months.

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