Total amount raised
$35 Millions
Latest funding date
05/01/2023
Location
SteadyMD has successfully raised funds through multiple rounds, with its latest funding round occurring on May 4, 2023. The company is backed by 19 investors, including notable names like Cencora and Sound Ventures.
SteadyMD offers a comprehensive telehealth platform that includes a clinical workforce, clinical operations, and supporting technology, designed to scale services across all 50 states. Keep reading to explore the intricacies of SteadyMD's fundraising journey and the investors backing this innovative platform.
What Is SteadyMD?
SteadyMD, founded in 2016 by Guy Friedman and Yarone Goren, is a B2B telehealth infrastructure provider based in St Louis, Missouri. The company operates within the health care, medical, and wellness industries.
With a workforce of 51-100 employees, SteadyMD powers telehealth services across all 50 states. The company offers a comprehensive platform that includes a clinical workforce, clinical operations, and advanced technology solutions, enabling partners to scale their telehealth offerings nationwide.
How Much Funding Has SteadyMD Raised?
- Convertible Note
- Amount Raised: $1.5M
- Date: April 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure initial funding for developing the telehealth platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and launch the telehealth services.
- Seed Round
- Amount Raised: $2.5M
- Date: March 2018
- Lead Investors: Pelion Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the telehealth platform and increase market reach.
- Series A
- Amount Raised: $6M
- Date: April 2020
- Lead Investors: NEXT VENTŪRES, Pelion Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage technology and clinician network to support digital health companies and employers.
- Series B
- Amount Raised: $25M
- Date: March 2021
- Lead Investors: Lux Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform services and support telehealth infrastructure for digital health companies and employers.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: May 2023
- Lead Investors: Cencora
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling services and expanding telehealth offerings nationwide.
Total Amount Raised: $35M
Current Valuation: Not publicly disclosed
Key Investors
- Lux Capital
- Details: Lux Capital is a venture capital firm founded in 2000 that invests in early-stage emerging science and technology companies. The firm manages $2.4 billion across multiple funds and has offices in New York City and Silicon Valley.
- Investment Focus Areas: Early-stage emerging science, technology companies.
- Notable Investments: Auris Health, Zoox, Kallyope.
- Sound Ventures
- Details: Sound Ventures was founded by Ashton Kutcher and Guy Oseary. The firm focuses on investing in technology and media companies.
- Investment Focus Areas: Technology, media companies.
- Notable Investments: Airbnb, Uber, Spotify.
- Acrew Capital
- Details: Acrew Capital is a venture capital firm that invests in early-stage companies. The firm focuses on technology and innovation.
- Investment Focus Areas: Technology, innovation.
- Notable Investments: Chime, Exabeam, Pie Insurance.
- Anne Wojcicki
- Details: Anne Wojcicki is the co-founder of 23andMe, a personal genomics and biotechnology company. She participated as an angel investor in SteadyMD's Series B funding round.
- Investment Focus Areas: Personal genomics, biotechnology.
- Notable Investments: 23andMe.
- Draper Associates
- Details: Draper Associates is a venture capital firm founded by Tim Draper. The firm focuses on early-stage technology companies.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Tesla, Skype, Baidu.
What's Next for SteadyMD?
SteadyMD stands at the cusp of significant growth opportunities, driven by the expanding telehealth market. The company is well-positioned to enhance its platform services, supporting digital health companies and employers across all 50 states. This includes providing a comprehensive clinician workforce, legal and regulatory guidance, and advanced technology solutions.
Future fundraising opportunities appear promising, given the strong investor interest and the rapid growth of the telehealth sector. SteadyMD may pursue additional funding rounds to further scale its services and potentially explore strategic acquisitions to bolster its technology and market reach.
However, the company faces challenges such as navigating the complex legal and regulatory landscape and managing clinician staffing. Ensuring the technology infrastructure can support rapid growth while maintaining high-quality care delivery will be crucial for SteadyMD's continued success.
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