SteadyMD's relationship-focused telehealth services collect $6M Series A

The raise will help SteadyMD further develop its technology platform and online services.
By Dave Muoio
11:25 am
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SteadyMD, a nationwide telehealth provider focused on continuous care, has raised $6 million in Series A funding. Pelion Venture Partners and Next Ventures co-led the round, alongside contributions from First Trust Capital Partners, the Daube Family Office, Crosscut Ventures, M25, Wild Ventures, and Hyde Park Venture Partners.

WHAT THEY DO

SteadyMD's virtual care service connects members to text, phone and video care from board-certified primary care, pediatrics and functional-medicine doctors. The emphasis is on building long-term relationships between patients and a consistent provider, with additional staff in place to assist members with record management, prescriptions, specialist referrals and other challenges relevant to their care.

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These patient-provider pairings are made by the company's "intelligent matching engine," which SteadyMD says will seek out key attributes to enable better connections. The company's tech platform then supports these relationships through a simplified member app, a provider app with patient management support and an analytics and business-focused layer for management.

WHAT IT'S FOR

The St. Louis and Westlake Village, California-based company said these funds will further develop its technology platform and online services.

“When we start working smarter and using technology in healthcare, you can see the great advantages of telehealth,” Dr. Darren Phelan, a senior advisor for Next Ventures who will be joining SteadyMD's board, said in a statement. “This next round of investment is a testament that SteadyMD is a leader in system level change – empowering doctors to do what they do best: to provide human care to people.”

MARKET SNAPSHOT

SteadyMD's funding comes at a time of renewed appreciation for telehealth services. Major names and provider organizations alike have noted increased demand for the technology as traditional face-to-face visits become more risky. Policymakers, meanwhile, have opened up the floodgates by reducing practice and reimbursement restrictions, as well as by channeling public funds toward new programs.

ON THE RECORD

"The coronavirus has shown the importance of a solid primary care foundation with a doctor who knows their patient’s history and is familiar with their lifestyle and conditions,” Guy Friedman, CEO and cofounder of SteadyMD, said in a statement. “SteadyMD is on a mission to provide a dedicated relationship between a member and physician for anyone who wants access to care, anywhere in the world.”

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