CirrusMD announces $20M in Series C funding
Thursday April 1, 2021
DENVER -- CirrusMD today announced it raised $20 million in a Series C round of funding led by Blue Venture Fund, with participation from 7wireVentures, Drive Capital and the Colorado Impact Fund, bringing total funding to $46 million.
This round of funding will carry the company through its next phase of growth, as it continues to expand solution capabilities, enhance user and provider experiences, increase scalability, and drive innovation to support employer and health plan customers.
"The last year has highlighted the importance of enabling fast, efficient communication between patients and providers, and CirrusMD has proven its ability to provide a solution that connects eligible members with a licensed doctor 24/7," said Kelsey Maguire, managing director of the Blue Venture Fund.
"Health plans, like Blue Cross and Blue Shield companies, play an important role in shaping the next generation of patient care. We're excited to partner with CirrusMD as they modernize the consumer experience and advance care delivery."
"CirrusMD's text-first virtual care platform finally provides consumers with the ability to connect with a provider on their own terms – receiving healthcare when and where they want it," said David Schonthal, operating partner at 7wireVentures.
"We have been impressed with CirrusMD's unwavering commitment to improving the consumer experience, their superior ongoing engagement rates, and the extensive relationships they have built with leading health plans and employers across the country.
“We know that CirrusMD will play a critical role in the transformational story of virtual care."
With the burgeoning demand for telemedicine, CirrusMD said it has demonstrated unique scalability, keeping the average time to connect a patient with a board-certified physician to less than a minute.
While other virtual care solutions replicate the traditional office visit and introduce familiar barriers, such as appointment scheduling and standing-by in a virtual waiting room, CirrusMD care is always available on-demand, the company said.
"Unlike any other telemedicine solution, CirrusMD's physician-directed, multi-specialty care model has proven scalable and effective in meeting the needs of this rapidly changing environment," said Andrew Altorfer, CEO, CirrusMD.
"Our goal is to meet the patient where they are, in the way they want to communicate. We've enhanced our technology and focused on exceptional user and physician experiences, while doubling the size of our physician network.
“Today we're providing collaborative virtual care for patients in all 50 states, across a wide range of conditions including behavioral health, an area of increasing need during COVID-19.
"Based on the millions of encounters that we have managed, we have built an entirely unique data set due to our text-first workflow. Nearly every encounter is fully transcribed.
“This provides us with a very interesting data opportunity to move telemedicine from being a reactive solution into one that is proactive. We can create cohorts that will allow us to better engage patients across disease states and help them manage their medical needs through analytics and proactive interactions.