It’s no secret that the telehealth industry has undergone a dramatic transformation over the last year. Fueled by the pandemic, many healthcare providers were forced to quickly transition into the digital age as in-person doctor visits became less frequent and case numbers continued to fluctuate.
Now, St. Louis and Los Angeles-based telehealth startup SteadyMD has arrived on the scene to provide other caregivers the tools that they need to scale in response to increased demand.
“Telehealth has steadily grown for years and has been greatly accelerating across verticals and modalities in 2020 and 2021,” Guy Friedman, co-founder and CEO of SteadyMD, said in an email to Built In. “Almost everyone is now familiar with telemedicine — from those delivering the care and those receiving the care, and everyone in between.”
SteadyMD announced Tuesday that it’s receiving a fresh injection of capital to support its new mission. The $25 million Series B round will help the company fuel a shift from providing direct-to-consumer primary care to powering telehealth platforms for other major health providers.
“The pandemic has led to millions of people experimenting with digital health and many of them are finding tremendous benefits from it. This signals a major industry and societal shift toward accepting innovative digital health offerings, and that’s what sparked our focus on providing this additional service,” Friedman continued. “Digital companies came to us needing help to scale their businesses, and because of the infrastructure we’ve built, we were able to immediately jump in and help.”
SteadyMD’s B2B service enables telehealth providers across the country to scale by providing them access to a full clinician workforce, legal and regulatory guidance and accompanying technology.
The company will use the additional capital to continue building out its workforce. SteadyMD will hire “across all functional areas” of the business with a primary focus on expanding its product, technology and operations teams, according to Friedman.
SteadyMD will continue to seek out medical experts to join its team as well.
“Our clinicians are the backbone of everything we do, so we are always looking for great people in the medical field to join our team and gain access to the opportunity to build their own online practice,” Friedman said.
SteadyMD works with companies across the care spectrum, including those that cover behavioral health, digital pharmacy services, medical device and at-home lab services, to name a few.
The round was led by Lux Capital with participation from Sound Ventures and Acrew Capital, among others. Several prominent healthcare executives participated in the round as well, including Anne Wojcicki, co-founder of 23andMe.
SteadyMD has raised $35 million in venture capital financing to date, according to Crunchbase.
