Remedy Secures $10 Million Series A Funding to Expand On-Demand Emergency and Telehealth Services

On June 26, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that healthcare services company Remedy had completed a $10 million Series A financing round. The round was led by Santé Ventures. Two managing directors of Santé Ventures—Joe Cunningham, M.D., a recognized expert in U.S. healthcare delivery systems, and Doug French, a fellow of the American College of Healthcare Executives—will join Remedy’s board of directors. Remedy plans to use the proceeds to aggressively recruit talent and to enhance and expand its technology platform.

It is reported that Remedy previously completed a $750,000 angel round in February 2016, raised $1.8 million in an undisclosed round on June 9, 2017, and secured a venture capital financing round in April 2018 (with the specific round and amount undisclosed).

Headquartered in Austin, Texas, USA, Remedy was founded in 2015 and is led by its founder and CEO, Dr. Jeremy Gabrysch. The company aims to provide convenient and rapid access to urgent and primary care through services such as proprietary technology-enabled telemedicine, modernized physician visits, and walk-in clinics.

Regardless of whether customers are at home, in the office, or in a hotel, Remedy can deliver emergency medical services to their location via smartphones. Users are required to pay a fee when booking Remedy’s services. The company provides on-site medical care according to customer requests and bills the insurance provider.

Individual patients and corporate clients can connect with nurses and laboratories through Remedy to access remote and home-based healthcare services.

Remedy provides same-day in-home medical services, ensuring that customers receive timely treatment at home within two hours and have their prescriptions delivered directly to the pharmacy. When booking the service, customers are required to pay a $49 dispatch fee; all remaining medical service fees will be billed by the company to the insurance provider (applicable to users with standard plan limits/deductibles/coinsurance). Remedy will send customers a detailed statement of any unreimbursed medical expenses at least seven days in advance.

Remedy’s on-demand video consultations ensure that patients can access secure remote consultation services within minutes. For users with standard plan limits, deductibles, or coinsurance, there is no additional fee for these services; uninsured customers are charged $49.

Currently, Remedy has entered into cooperation agreements with numerous healthcare service companies, including UnitedHealthcare, Blue Cross Blue Shield, and Aetna.

Santé Ventures, founded in 2006 and headquartered in Austin, Texas, USA, is a venture capital firm. The company primarily focuses on early-stage investments in the life sciences sector, targeting companies that develop innovative medical technologies or healthcare service models.

Santé Ventures manages three funds with over $500 million in capital. Since its inception, the Santé team has invested more than $340 million in over 50 healthcare companies.

(Compiled by Tang Lulu)