Medici's app-based telehealth platform closes $24M Series B

Like many other virtual-care services, the company has seen its audience spike within the past few months.
By Dave Muoio
12:48 pm
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Telehealth and medical messaging startup Medici has tied off a $24 million Series B financing round.

Announced yesterday, the raise was driven by the company's existing investors: Barry Sternlicht, from Starwood Capital Group; Kenneth Griffin, from Citadel; Nathan Kirsh, from the Kirsh Group; Howard Jenkins, from Publix; and Tom Meredith, formerly of Dell.

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While Medici's mobile platform is a telehealth service bolstered by a range of messaging and billing features. Clinicians can use the tool to more easily communicate with their existing patients, or through a different package expand their practice to virtual visits with new patients seeking care on the platform.

"Unlike Zoom or FaceTime, Medici allows you to text, ePrescribe, refer, group chat, bill, translate, triage, keep your number private, your consults organized, and gives $1 [million] liability insurance to physicians," CEO Clint Phillips said in a statement.

The funds come at a time of growth for the startup. In addition to the 25,000-plus providers Medici says are using its virtual platform, yesterday's announcement highlighted a 1,409% boost in patient registrations between February and April.

The company also completed a couple of acquisitions within the last 18 months: fellow medical communication company DocbookMD in late 2018, and Texas telemedicine startup Chiron Health in early 2019.

WHAT IT'S FOR

Medici offered slim details on how its new funds would be spent, other than to say that the money would help accelerate its growth both during and after the COVID-19 crisis.

"This investment will allow us to invest further into our team and technology to truly impact global healthcare," Phillips said. 

MARKET SNAPSHOT

With the COVID-19 pandemic thrusting telehealth into the spotlight, Medici isn't the only virtual-care company planning to leverage its momentum for the future. The last month alone has seen Tyto Care, SteadyMD and 98point6 each announce funding rounds for their respective telehealth-enabled platforms.

ON THE RECORD

"We're very excited to be a part of the continued growth of Medici," Sternlicht, of Starwood Capital Group, said in a statement. "We feel Medici is exceptionally well positioned to transform healthcare and be a household name. We anticipate this funding will help spearhead the continued innovation and commitment that Medici has for recreating the doctor-patient relationship."