MDLIVE, the telehealth platform used by Walgreens and Cigna, has raised $50 million in a recent round of funding, bringing it to a total of $74 million. The MDLIVE investment came from private equity firm Bedford Funding which also funds Voalte. Last fall MDLIVE broadened its reach by acquiring Breakthrough Behavioral, a leading provider of online mental health services, which had already raised $5.9 million on its own. Breakthrough has been offering it services since 2009 and serves 12 states.
This follows a wave of telehealth funding, including an $80 million Series C by Boston-based American Well in December 2014, a $50 million by Dallas-based Teladoc in September 2014, a $50 million in Series B funding by the Dr.-Phil-supported Doctor on Demand in June 2015, and $1.7 million by 1DocWay for telepsychiatry networks in July 2015.
In fact, digital health funding is having another exciting year. Last year, investors blew an unprecedented $4 billion on digital health, up $2.2 billion from 2013 and are projected to spend $6.5 billion by 2017.
Experts say that doctor consultations over video will continue to increase by 20 percent per year, eventually surpassing 150 million in 2020. In light of this, all eyes are glued on Teladoc which announced its decision to go public earlier this year.
VSee provides HIPAA-secure video chat for MDLIVE, as well as its mobile app, and we’re super excited to be along for the ride.