US-based digital consulting technology provider AristaMD has increased its series B round to $24m, adding $6m from investors including Ascension Ventures, the venture capital firm launched by healthcare provider Ascension.
The second tranche included VC firm .406 Ventures and it followed a March 2020 first tranche co-led by care provider MemorialCare Health System and health services firm Cigna through Cigna Ventures and MemorialCare Innovation Fund respectively.
The round is also backed by University of Colorado Anschutz Medical Campus’s CU Healthcare Innovation Fund affiliate as well as medical clinic operator Stanford Health Care and VC firm Avalon Ventures.
AristaMD has created a telemedicine system called eConsult which enables primary care providers to carry out digital consultations in order to reduce the need for patients to travel. The cash will go to improving the eConsult platform and bolstering commercial growth.
Brooke LeVasseur, AristaMD’s chief executive, said: “Delivering more timely care to patients has become even more crucial during the Covid-19 pandemic and will remain important in the future, as we must reserve precious in-person specialty appointments for those who critically need them.
“This additional funding will help us accelerate our vision and contribute to shaping a world where all patients have timely, cost-effective access to healthcare.”
The company has now raised a total of $52.3m in debt and equity financing, $11m of which was supplied by investors including Avalon Ventures and Correlation Ventures in 2016. Its backers also include Philadelphia College of Osteopathic Medicine’s Primary Care Innovation Fund.
