US-based virtual healthcare provider Doctor On Demand completed a $74m series C round that included mobile semiconductor technology producer Qualcomm, which invested through its corporate venturing unit, Qualcomm Ventures.
The round was co-led by investment firm Princeville Global and investment banking firm Goldman Sachs’ Investment Partners unit, and included Venrock, Shasta Ventures, Tenaya Capital, Blue Cloud Ventures, Ridgeview Asset Management, Lerer Hippeau, Sherpa Ventures, World Innovation Lab and private investor Richard Branson.
Doctor on Demand has built an app that allows physicians, psychiatrists and psychologists to conduct remote consultations with patients through computers or mobile devices, on behalf of approximately 25 health provider partners.
Hill Ferguson, chief executive of Doctor On Demand, said: “This latest funding round is a strong vote of confidence in our growth, market position and vision for a high quality, patient-centric healthcare experience.
“By focusing on the quality of the doctor-patient relationship and offering a unique business model that results in immediate [return on investment] and cost savings, we are building a new way of accessing care – for consumers, payers and providers.”
The round took the company’s total funding to $160m, it said. It raised $50m in a 2015 series B round led by Tenaya Capital and backed by Qualcomm Ventures, care provider Dignify Health, Venrock, Shasta Ventures, Branson and fellow private investor Anne Wojcicki.
Doctor on Demand’s earlier investors include GV, the corporate venturing unit formerly known as Google Ventures, and Andreessen Horowitz, both of which backed its $3m seed round in 2013 alongside Venrock, Shasta, Lerer Hippeau and various angel investors.