LetsGetChecked Secures $30 Million Series B Funding with Qiming Venture Partners Participation, Files for IPO

VCBeat (WeChat Official Account: vcbeat) learned from foreign media reports that the startup diagnostics company LetsGetChecked completed a $30 million Series B financing round on May 10. The round was led by Lerink Transformation Partners (LTP), with participation from Optum Ventures and Qiming Venture Partners USA.

The funds raised in this round will be used to enhance LetsGetChecked’s home diagnostic platform and strengthen its marketing capabilities.

It is reported that LetsGetChecked previously completed a $12 million Series A financing round in March 2018, led by Optum Ventures and Qiming Venture Partners. To date, the company has raised a total of $42 million.

LetsGetChecked, founded in 2014, is a New York-based provider of convenient personal health testing. Its medical technology platform offers personalized laboratory health testing services globally—including tests for sexually transmitted infections/diseases (STI/STD), fertility, cancer, and general health—enabling customers to easily and quickly manage and track their clinical test results by ordering test kits through their personal online accounts. LetsGetChecked products are currently available in the United States, Canada, and Europe.

Customers can purchase testing kits on the LetsGetChecked website or through its retail partners, including CVS and Walmart. After completing an online order, the testing kit is shipped the next day by an ISO-certified facility. The testing platform assigns a unique barcode to each customer for subsequent retrieval of test results. Customers track the shipment of their testing kit via SMS or email notifications until delivery is completed. The testing kit includes instructions on how to collect the sample and mail the kit containing the sample back.

After activating the test on the platform, customers will answer some health-related questions. They do not need to collect samples according to the working hours of doctors or laboratories, but are free to collect them. After completing the collection, the platform provides a prepaid shipping label and returns the sample to a CLIA-certified laboratory for analysis within 24 hours, with the test results sent back to the company’s physicians.

By leveraging smart, barcode-based, and automated technologies, samples are processed anonymously in a timely manner, with results released within two days. LetsGetChecked physicians can access customers’ health records in real time to provide additional medical support accordingly. Subsequently, the LetsGetChecked care team will contact customers by phone to explain their test results and offer treatment plans, serving as a basis for lifestyle adjustments and prescribed therapies.

Customers can also import health data from other devices (such as wearables) into the platform, enabling the system to provide more in-depth health analysis. Through the platform, customers can access their personal health accounts to track and improve their health status.

Todd Cozzens, Managing Partner at LTP, stated, “LetsGetChecked brings laboratory testing and personal health management into the home by closely integrating with existing certified reference laboratories and logistics platforms. This enables convenient, continuous health monitoring, allowing users to receive timely test results, professional guidance, and follow-up care.”

LetsGetChecked CEO Peter Foley positions the company as a manufacturer of personalized health products driven by customer needs. Foley stated, “The healthcare industry is undergoing a significant transformation, with greater emphasis on personalized care and convenience. We believe in empowering everyone to conduct routine tests at home and receive clinical support, enabling health assessments and interventions based on the results obtained. Early detection of chronic diseases and other common health issues allows physicians to intervene and initiate treatment sooner, which is why diagnostics serve as a critical step in improving clinical outcomes.”

LetsGetChecked’s strong competitors include EverlyWell and Healthy.io. EverlyWell also offers a digital health platform for at-home health testing and laboratory results, having secured $50 million in funding to help expand its retail market presence. Earlier this year, Healthy.io, an Israeli startup specializing in smartphone-based urinalysis, announced the completion of an $18 million financing round to prepare for entry into the U.S. market. Healthy.io has achieved medical innovation by transforming everyday smartphone cameras into clinical-grade medical devices.

LTP is a private equity investment firm focused on investing in companies at the profitability stage. Its primary investment targets are private innovative enterprises in the healthcare sector that provide technology-enabled services and novel direct patient care models. The LTP team not only provides capital but also helps portfolio companies connect with investors who possess deep industry expertise and company-building skills. With decades of experience in healthcare investment, company building, and operations, the firm has established a robust network of relationships across the entire healthcare ecosystem.

Optum Ventures is a venture capital firm headquartered in Boston, USA, primarily investing in startups that offer data-driven technologies and services in the healthcare sector. The company is dedicated to optimizing healthcare delivery and driving transformation in the medical industry by providing funding and strategic guidance to innovative companies.

Qiming Venture Partners, established in 2006, is a venture capital firm headquartered in Shanghai, China. It maintains offices in Shanghai, Beijing, Suzhou, Shenzhen, and Hong Kong in China, as well as in Seattle, Boston, and Palo Alto in the United States. Qiming currently manages seven U.S. dollar funds and five RMB funds, with total assets under management amounting to $4 billion.

Since its inception, the company has supported more than 250 young innovative enterprises across China in the fields of internet consumerism, healthcare, information technology, and clean technology, including Xiaomi, Meituan-Dianping, TutorGroup (VIPABC), Meili United Group (Mogu Street), Meitu, Bilibili, and Tigermed.

(Compiled by Tang Lulu)