MDLive, the US-based virtual healthcare provider backed by corporate investors Sutter Health, Novo, Sentara, Cigna and Health Care Service Corporation (HCSC), received $50m in funding on Monday
The funding came from Sixth Street Growth, a subsidiary of investment firm Sixth Street. It was secured alongside a $25m expansion in the company’s debt facilities.
Founded in 2009, MDLive runs an artificial intelligence-equipped online platform that allows users to book online consultations with physicians through a video system. The service has more than 45 million members and the Sixth Street funding will go to further development of the platform.
The company secured $23.6m in a 2014 round co-led by health system Sutter Health and venture capital firm Heritage Group that included care provider Sentara, Kayne Anderson Capital Advisors and private investor John Sculley.
Private equity firm Bedford Funding added $50m the following year before health insurers Cigna and HCSC joined Health Velocity Capital to co-lead a $50m round in August 2018 also featuring Novo Ventures, a subsidiary of pharmaceutical firm Novo, and Industry Ventures.
Charles Jones, chairman and CEO of MDLive, said: “With this $50m crossover investment and the healthcare leadership of Sixth Street, MDLive will be able to fulfil its caring vision of cost containment, convenient, contagion-free healthcare delivery.
“As the demand for MDLive’s offerings has reached all-time highs, we remain focused on the expansion of a single, proven technology platform with the flexibility to integrate with devices and the capacity to leverage AI and ingest vast volumes of data necessary for proactive and pre-emptive care.”
