Telemedicine Innovator Lemonaid Health Raises $11 Million in Series A Funding
Leading a second wave of telehealth where algorithms will power quality care
May 22, 2017, 08:03 ET
SAN FRANCISCO, May 22, 2017 /PRNewswire/ -- Lemonaid Health, the simplest and fastest platform for online healthcare, today announced $11 million in new funding to support continued innovation in affordable online healthcare. The Series A funding round was led by Novartis Venture Fund and Hikma Ventures and joined by Correlation Ventures, Adaptive Healthcare Fund, Vega Ventures and 415 Ventures.
"Millions of people are looking to lower their healthcare costs and gain more convenient access to physicians and the medicine they need," Lana Ghanem, managing director of Hikma Ventures, said. "Lemonaid Health's technology, algorithms and machine learning opportunities will improve the quality of care while decreasing the time and hassles required to get it. We look forward to working with the Lemonaid Health team and co-investors in expanding the platform to include more services with even greater reach."
Now available in 14 states, Lemonaid Health leverages evidence-based guidelines and the most up-to-date clinical protocols to provide quality care for less than typical co-pays. In just a few minutes, Lemonaid enables patients to get care for conditions like acid reflux, erectile dysfunction, flu, hair loss, urinary tract infections (UTIs) and for birth control medication. If appropriate, Lemonaid Health's board-certified doctors recommend a treatment and send a prescription to the pharmacy of choice.
"We know there's an increasing shortage of physicians in parts of the US," Campbell Murray, a managing director at the Novartis Venture Fund, said. "Lemonaid Health gives patients better access to physicians and care providers, supporting the overburdened healthcare system while delivering high quality care."
To streamline administration, the entire telehealth practice is powered on the custom-built Lemonaid Health platform. To ensure maximum access, the service can be accessed from any modern web browser or on the iOS or Android app.
"This new capital will accelerate our development of future product capabilities while expanding Lemonaid's operating footprint," Paul Johnson, Co-CEO of Lemonaid Health, said. "We're using technology to augment physicians' ability to provide standardized and streamlined quality care at scale. We're thrilled that our partners can see how machine learning and other technologies will increase access to timely care and improve affordability."
To streamline the process further, Lemonaid Health's partnership with Phil, Inc. allows users to have prescriptions delivered to their home. A process that typically takes months (from appointment booking to prescription pick-up), now only takes a couple of hours. It's another reason why Lemonaid Health now has an 89 Net Promoter Score (NPS) — more than three times the industry average — for the patients it treats.
About Lemonaid Health
Lemonaid Health is leading the next wave of telemedicine innovation. We use clinical algorithms to augment our physician's knowledge as the basis for our platform that enables patients to quickly, safely and inexpensively get care and prescriptions for a variety of common medical conditions. We're focused on improving the patient experience and optimizing our algorithms with new advancements in machine learning and AI. Our medical team, simple website and mobile app have garnered an industry-leading Net Promoter Score of 89 and our telehealth practice has processed more than 48,000 doctor visits in 14 states. Visit lemonaidhealth.com for details and @lemonaidhealth on Twitter for breaking news.
About Novartis Venture Fund
The Novartis Venture Fund (NVF) manages over $700 million in committed capital. NVF invests in companies that have the potential to change a core therapeutic field or explore new business areas that will be critical to patient care. NVF's primary interest is in the development of novel therapeutics and platforms as well as medical devices, diagnostics, and delivery systems. The Funds invest for financial objectives at all stages, but prefers to invest in the early-stages of company development. With investment professionals located in Basel, Switzerland, San Francisco (CA) and Cambridge (MA), the team has extensive experience in pharmaceutical R&D and venture capital. nvfund.com
About Hikma Ventures
Founded in August 2015, Hikma Ventures operates as the corporate venture capital arm of Hikma Pharmaceuticals. Hikma Ventures invests in global start-ups where Hikma's expertise can accelerate revenue growth and enhance value creation by providing ventures with access to the resources of a multinational pharmaceutical company. For more information, visit www.hikmaventures.com
SOURCE Lemonaid Health