US-based telehealth platform operator American Well secured $59.2m in funding on Monday led by insurance provider Allianz’s digital investment unit, Allianz X, as part of a strategic partnership agreement.
Allianz Partners, the business-to-business-to-consumer arm of Allianz, also contributed funding, through its Health Innovation Center.
Founded in 2006, American Well operates a telehealth platform that allows patients to consult doctors, medical specialists and other healthcare providers through secure video chat.
The platform conforms to clinical, administrative and security requirements in the US, and its clients include hospitals, pharmacies, national health plans and employers across the country.
American Well will collaborate with Allianz to develop digital health products based on its existing technology, focusing in particular on applications for wearable sensors, remote monitoring and virtual visits.
An unnamed representative for Allianz X will join American Well’s board of directors. American Well signed a separate partnership agreement with health technology provider Philips on Monday but Philips does not appear to have invested in the company.
American Well had previously received a total of approximately $136m in financing, according to regulatory filings.
The company closed an $81.2m series C round in 2014 featuring unnamed institutional, private equity and corporate investors, including health plans, academic medical centres and pharmaceutical company Teva, which made an eight-figure investment according to Globes.
Solmaz Altin, Allianz’s chief digital officer, said: “Allianz X’s investment with American Well will result in better access, lower cost and more connected care for our customers through a leading-edge health platform.
“This collaboration emphasises Allianz’s commitment to digitalisation, our goal of investing in digital frontrunners and encourages advancements within the whole healthcare ecosystem.”