US-based telemedicine technology provider American Well has raised $291m in funding from investors including electronics and healthcare equipment maker Philips, CNBC reported yesterday.
A regulatory filing from last week indicated the company has secured $291m of a funding round expected to reach $315m, and Philips invested in the wake of a strategic partnership formed in January this year.
American Well has created an online video-based platform that enables physicians to conduct consultations with patients remotely using computers or mobile devices. Doctors can use it to access a range of data options, and health systems can integrate the service into their existing offering.
The company formed a strategic alliance with Philips in January this year that will involve the companies collaborating on health systems worldwide.
Derek Ross, who leads Philips’ population health management division, has joined American Well’s board of directors in connection with the corporate’s investment, according to CNBC.
Allianz supplied more than $59.2m of funding for American Well, also in January, through its Allianz X and Allianz Partners units as part of a separate partnership, bringing the company’s total financing to $195m.
Pharmaceutical firm Teva had reportedly invested an eight-figure amount in American Well in 2014 as part of an $81.2m series C round backed by undisclosed institutional, private equity and corporate investors.
– Image courtesy of American Well.