Teladoc announced this week a round of funding totaling $18.6 million, led by Kleiner Perkins Caufield & Byers (KPCB). Other investors in the funding round include Cardinal Partners, HLM Venture Partners, Trident Capital, and New Capital Partners.
Teladoc offers consumers remote consultations with licensed physicians for routine medical issues. The visits are on-demand and can be scheduled any time — day or night — and any day of the week. Currently the consultations can take place over the phone or via a video chat online. According to Teladoc, a consultation request is answered, on average, in 22 minutes, and averages $38 or less per session.
“The telehealth industry has reached an inflection point in its growth curve,” stated Teladoc CEO Jason Gorevic in a press release. “This capital from KPCB and our existing investors distinguishes Teladoc as the clear leader in this emerging space. Our entire business model is focused on solving the greatest challenges we face in healthcare – access, cost and quality. We look forward to partnering with KPCB to leverage their expertise in building great companies.”
In May, MobiHealthNews reported on plans (revealed by Teladoc CEO Jason Gorevic during a presentation at the Wireless Life-Sciences Alliance (WLSA) Convergence Summit) to offer Apple FaceTime consultations between doctors and patients. The feature has yet to be announced.
“KPCB seeks to identify industry leaders in markets that address significant unmet needs and are poised for explosive growth,” stated Dana Mead, partner at KPCB, in this week's press release. “Teladoc and telemedicine clearly meet these criteria. We look forward to partnering with Teladoc to make a meaningful impact on the U.S. healthcare system.”
Read the investment press release after the jump.
PRESS RELEASE -- Teladoc, the nation’s first and largest telehealth provider, today announced that it has secured $18.6 million in funding led by Kleiner Perkins Caufield & Byers (KPCB). The investment signals confidence in Teladoc’s market-leading position and confirms telehealth as an industry-changing solution. Current investors Cardinal Partners, HLM Venture Partners, Trident Capital, and New Capital Partners are also participating in this latest round of funding.
“The telehealth industry has reached an inflection point in its growth curve,” said Jason Gorevic, Teladoc’s chief executive officer. “This capital from KPCB and our existing investors distinguishes Teladoc as the clear leader in this emerging space. Our entire business model is focused on solving the greatest challenges we face in healthcare – access, cost and quality. We look forward to partnering with KPCB to leverage their expertise in building great companies.”
Teladoc meets the needs of health plans, employers, unions, associations and consumers as an innovative complement to non-emergency primary care by providing accessible, high-quality care at an affordable cost. Teladoc connects members to U.S.-based, board-certified physicians 24/7 via telephone or secure online video. Upon requesting a consultation, patients receive a call back from a doctor within an average of 22 minutes for $38 or less per session. Each consultation includes a comprehensive review of a patient’s electronic health record. Teladoc physicians treat a variety of conditions and if medically appropriate, prescribe medication. With approval, Teladoc can send a record of the consultation to the patient’s primary care physician.
By delivering fast and convenient access to quality care without having to leave the home or office, Teladoc improves employee productivity and significantly reduces utilization of more costly alternatives, such as emergency rooms or urgent care facilities.
“KPCB seeks to identify industry leaders in markets that address significant unmet needs and are poised for explosive growth,” said Dana Mead, partner, KPCB. “Teladoc and telemedicine clearly meet these criteria. We look forward to partnering with Teladoc to make a meaningful impact on the U.S. healthcare system.”
About Kleiner Perkins Caufield & Byers
Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in more than 500 ventures, including AOL, Amazon.com, Citrix, Compaq, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Sun, Symantec, Verisign, webMD and Zynga. KPCB portfolio companies employ more than 250,000 people worldwide. More than 150 of the firm's portfolio companies have gone public, and many other KPCB ventures have achieved success through mergers and acquisitions. KPCB focuses its global investments in three practice areas - digital, greentech and life sciences - and provides entrepreneurs with company-building expertise out of its offices in Silicon Valley, Beijing and Shanghai.
About Teladoc
Founded in 2002, Teladoc is the nation’s first and largest provider of telehealth services. With more than 3 million members nationwide and an average response time of 22 minutes, Teladoc enhances access to affordable, high-quality medical care for adults and children via videoconferencing or telephone consultations 24/7. The company’s U.S.-based, board-certified physicians meet or exceed National Committee for Quality Assurance (NCAO) standards and deliver a 97 percent patient satisfaction rate. Teladoc partners with payers, corporations, organizations and patients that seek accessible and affordable high-quality medical care. For more information, please visit www.Teladoc.com.
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