US-based telehealth technology provider Amwell completed a $194m series C round yesterday that was backed by pharmaceutical firm Takeda and Allianz X, insurance group Allianz’s digital investment arm.
Formerly known as American Well, Amwell has built a telehealth system used by some 2,000 hospitals, allowing care providers to remotely speak to and assess patients. It said use of the platform has increased significantly over recent weeks as patients seek diagnoses of possible Covid-19 symptoms.
The round included undisclosed other investors and strategic partners, and the funding will support the bolstering of its services and technology.
Ido Schoenberg, Amwell’s chief executive, said: “The past two months have accelerated telehealth by more than two years. We intend to build upon this momentum to transform healthcare with digital care delivery.
“Our strategic investors are providers, insurers, consumer gateways and healthcare innovators. Each of these partners play a key role in creating a more interconnected digital healthcare ecosystem, where our mission is to deliver greater access to more affordable, high quality care.”
Amwell raised $291m from investors including electronics and medical technology producer Philips in July 2018, six months after Allianz X led a $59.2m round that included another Allianz subsidiary, Allianz Partners, which invested through its Health Innovation Center.
The company’s earlier backers include pharmaceutical company Teva and it has now raised about $690m in funding altogether.
