Just two months after closing its Series B funding, Truepill, a digital pharmacy that focuses on APIs, telehealth practitioners and pharmacy fulfillment services, announced a new $75 million Series C funding round.
The funding, which will help kick off the company's at-home lab testing efforts, was led by Oak HC/FT with participation from Optum Ventures, TI Platform Management, Sound Ventures and YCombinator.
WHAT THEY DO
The company works with digital health brands, pharma manufacturers and health plans, to connect patients to telehealth and digital pharmacy services. Its clients include Nurx, Hims and GoodRx.
It has an API connected healthcare infrastructure that can help with patient onboarding, telehealth connections, and filling and delivering prescriptions.
Its telehealth platform can connect with a client’s patients via asynchronous video or in-person visits and has its own EHR.
WHAT IT’S FOR
The company plans to use the funds to roll out a new at-home lab testing. The idea is that the company will combine testing, telehealth services and digital pharmacies. It's planning to team up with third-party providers.
The focus will be primarily on chronic conditions, including diabetes, heart disease, chronic kidney disease and others.
“By adding diagnostics to our suite of solutions, we’ll be able to deliver direct-to-patient healthcare at scale through one platform – Truepill. We envision a future where 80% of healthcare is digital. With diagnostics, telehealth and pharmacy built on our foundation of API-connected infrastructure, Truepill will power that reality,” Truepill cofounder and president.
THE LARGER TREND
Testing is becoming just one more facet of the digital health space. Healthy.io, an Israeli company which made a name for itself in urinalysis, scored $60 million in Series C funding last year. Since then, it has acquired its competitor Inui Health. Scanwell, another company in the home testing space, recently scored $3.5 million in funding.
Some of the established home-testing companies like Everlywell and Nurx were looking to get into the COVID-19 testing space. While the FDA loosened regulations for COVID-19 testing, home testing was not exempt from going through the FDA’s EUA process. Everlywell did gain FDA clearance eventually, but Nurx appears to have stopped its efforts.