Messaging-based primary care provider 98point6 has brought in $50m in new investment in its latest funding round, led by the Merchant Banking Division of Goldman Sachs. The Seattle-based company has previously raised over $36m in funding since founding in 2015.
The company will use the funding to scale and fulfill commercial demand for its text-based service, growing both its product and physician teams, expanding the capabilities of the platform and building out new channels.
The service is available in 40 states and Washington DC, reaching 92 per cent of the US adult population, and the company plans to be available nationwide in the US by early 2019. The new funding will not only allow for expansion into new regions, but also new markets, including health plans, health systems and higher education.
"Primary care is the main entry point for individuals into an increasingly complex healthcare system, making it the ideal setting for providing patient education, encouraging preventive care and controlling downstream costs," said Jo Natauri, global head of healthcare investing at the Goldman Sachs Merchant Bank Division. "We are excited to partner with 98point6 because they are dedicated to improving the physician and patient experience - empowering board-certified physicians with technology to enhance care delivery and drive patient engagement."
98point6's service combines AI with licenced physicians to deliver affordable healthcare to users' smartphones. Its technology assists doctors by automating and completing tasks that don't require direct physician interaction, enabling them to focus more on treating patients. The service boasts a 97 per cent in-app resolution rate, with more than one-third of users receiving care in non-traditional locations such as at work, in transit or while out in public.
"We set out to make primary care accessible and affordable for everyone, to address a crisis in America that has led to nearly one-fifth of the population not having a relationship with primary care," said Robbie Cape, CEO and co-founder of 98point6. "The phenomenal demand we've seen in just a short period of time reaffirms the need for 98point6 and this latest investment will enable us to deliver on our vision, driving deep engagement with our patients and empowering them to take control of their health."