Digital health startup K Health announced Tuesday it closed on a $132 million Series E, its third round of funding in a year. GGV Capital and Valor Equity Partners led the round, with participation from the Kaiser Permanente pension fund and LTS Investments.
In a nutshell, K Health aims to make trustworthy, data-driven healthcare more accessible. Users simply describe their symptoms and answer questions ordinarily asked by a primary care physician. The platform then uses AI to sift through billions of health records and drug statistics gathered by Maccabi, the second-largest HMO in Israel, to give the user a better idea of what illness they may have and how they can go about treating it.
This basic service is free to everyone, but if a user wants to chat with an actual licensed doctor who can make diagnoses, prescribe medication and order lab tests, they can pay $19 per consultation or $39 annually.
Until now, K Health’s services were mainly meant for adults. However, in addition to the fresh funding, the company announced Monday it launched K for Parents, offering remote pediatric care to children ages three to 17.
The last time Built In caught up with K Health was when it closed on a $48 million Series C round last February, mere weeks before the COVID-19 pandemic took hold in the United States. Since then, like a lot of companies in the digital health space, K Health’s business has been booming. In fact, Crunchbase News reports that the company’s user base doubled each quarter in 2020, and its revenue has grown by 1,000 percent since the pandemic started.
This kind of growth has been seen throughout the healthtech industry lately, particularly among companies offering telemedicine services similar to K Health.
K Health’s CEO and co-founder Allon Bloch says, however, that what sets this company apart is its data-driven platform and the access to knowledge it provides.
“K Health has created a data-driven platform that consolidates the knowledge of thousands of doctors and billions of clinical data insights to help people seek answers or treatment without hesitation,” Bloch said in a statement shared with Built In. “K for Parents is a first-of-its-kind virtual pediatrics offering for the whole family. Additionally, K Health allows users to understand how doctors diagnose and treat similar people (aka ‘People Like Me’) with similar symptoms and conditions for free, chat with a doctor for less than a copay, and retain a history of their own medical records.”
This latest round brings K Health’s total funding raised to more than $273 million and will be used to help the four-year-old company achieve its long-term goal of creating a “global, integrated health system built on medical intelligence and easy access to best-in-class doctors.” The company is also hiring, with dozens of open tech positions available at its NYC headquarters.
