US Telemedicine company American Well raises total funding of $290 Million

US Telemedicine company

US Telemedicine company American Well raises total funding of $290 Million

Revealed in SEC June filing, the American Well has raised their funds to $290 million which is soon expected to $341.7 million.

American Well, telemedicine giant based in Boston has been in news lately. They provide with modern healthcare by doctors over the web and mobile services for patients in need. This is done by video calls through the internet. They handle all the security, administration, record keeping during the procedure. The company has been in this field providing healthcare services since 2006. Lately, the company has been dealing with other companies to increase their digital healthcare services.

The company raised funding of $290 million in funding by their virtual doctor business. On June 29, the company filled SEC filling revealing about their raised funds. The company destines for $314.7 million funds within this funding round. In 2014, when last time American Well did SEC filling their findings were around $81 million. The company proclaimed in January that their funds are landed to $59.2 million. The funds were given by Allianz Group’s digital investment unit.

However, Allianz X never commented about by the funds were given and if they were a part of this investment of June filling. That time both the companies Allianz and American Well stated that they are doing a partnership. The partnership between both the organizations was supposed to develop digital products to provide healthcare services.

Also, the company declared in January about the partnership with Phillips. Philips is a technology giant and the partnership was stated to be included in American Well’s virtual care service to Phillip’s consumers.

Also, this was a multi-year agreement to develop digital healthcare products according to what the companies had stated. Philips Avent uGrow is a platform seeks to provide 24*7 ingress for the medical advice. American Well will be providing it’s telemedicine services to increase Phillips uGrow platform.

The company had a deal with fellow telemedicine company Avizia in April. Avizia has specialized in their healthcare services and reliable also. The acquisition of Avizia over American was done to integrate American Well’s healthcare capabilities. The acquisition provided American Well approach to Avizia’s custom software workflows such as telebehavioral health services and telestroke.

Also, Avizia’s hospital-based cart lineup over and other healthcare facilities work upon 40 clinical specialities. The company is also doing some other additional business with companies like Medtronic and Samsung.

Dr. Ido Schoenber, co-CEO of American well stated at HIMSS18 that the company has been doing some hidden hardwork to improve their videos visit services.

And they are trying to establish the company strongly as a connector. So that they can work with various stakeholders in healthcare to work rapidly for faster services. He said the company aims to connect hospitals, employers, insurers, and consumers being invisible and stand out to face companies like Samsung and Apple delivering healthcare to all anywhere.

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