September 9, 2020
Truepill Raises $75 Million Series C Funding Round To Expand Platform Services and Launch Diagnostics Network
Globe Newswire [Press Release]
September 9, 2020
Healthcare technology and infrastructure company announces plans for at-home lab testing network
Truepill™, the company building world-class patient experiences through its API-connected healthcare infrastructure, today announced the close of a $75 million Series C funding round with investments from Oak HC/FT (lead), and additional participation from existing investors Optum Ventures, TI Platform Management, Sound Ventures and YCombinator. The funds will be used to launch an at-home lab testing network - a new service that will further expand Truepill’s ecosystem of direct-to-patient capabilities, which includes Truepill Health telehealth network, pharmacy fulfillment, a custom-built EMR, and more.
“Healthcare today is defined by silos and misaligned incentives, often leaving the patient to navigate an inefficient and inaccessible system. This divide can be a monumental barrier to care,” said Umar Afridi, CEO and Co-founder of Truepill. “Through our B2B healthcare platform approach, we aim to be the connective tissue that brings all the elements of digital health together. By providing an end-to-end solution, we’re leveling the playing field and empowering our customers with the tools they need to build innovative, consumer-first experiences.”
Built on a foundation of industry-first APIs, Truepill provides customized B2B solutions for healthcare companies of all sizes, stages and specialties, including many leading direct-to-consumer health brands. As its customers expand product offerings and enter new markets, Truepill continues enhancing its platform, ensuring customers have every tool at their disposal to scale with speed. The addition of lab testing capabilities exemplifies the company’s commitment to powering direct-to-patient innovation for their customers, and to creating a connected, patient-centric healthcare system.
“We’re thrilled to be working with Truepill as they advance their bold vision, expand their platform and shape the future of healthcare,” said Annie Lamont, Managing Partner at Oak HC/FT. “Their unique API-driven ecosystem is revolutionizing the way we think about patient care and the role of technology in creating a healthcare experience that endures. We’re excited to watch Truepill build an iconic healthcare company in one of the most rapidly evolving eras the industry has ever seen.”
At-Home Lab Testing
Truepill plans to launch its newest service, at-home lab testing, by end of year. The company is partnering with trusted third-party providers and will offer hundreds of at-home lab tests. Combining at-home testing with telehealth and prescription delivery unlocks exponential opportunity in digital healthcare, enabling the diagnosis and management of the largest chronic disease states, including diabetes, heart disease, chronic kidney disease, and more.
For Truepill customers, this means the ability to create comprehensive direct-to-patient solutions without having to navigate disparate parts of the healthcare industry. Truepill’s platform is uniquely positioned to seamlessly connect diagnostics, telehealth and pharmacy so customers can focus on building their product, not on building backend infrastructure. For consumers, it means easy, intuitive, single point of service access to the care they need, when they need it.
“To create a comprehensive, effective digital healthcare experience, there are three essential pillars: pharmacy with extensive insurance coverage, at-home lab testing and telehealth,” said Sid Viswanathan, Truepill Co-founder and President. “By adding diagnostics to our suite of solutions, we’ll be able to deliver direct-to-patient healthcare at scale through one platform - Truepill. We envision a future where 80% of healthcare is digital. With diagnostics, telehealth and pharmacy built on our foundation of API-connected infrastructure, Truepill will power that reality.”
To learn more about Truepill, visit truepill.com.