Alpha Medical pulled in $24 million to expand its virtual care services for women's health needs, from birth control to menopause, from urgent care to chronic disease.
Investors in the round included SpringRock Ventures, Margo Georgiadis, Outcomes Collective Growth Capital, FMZ Ventures, Samsung Next, Chamaeleon, AV8 Ventures and GSR Ventures. The company has previously raised a reported $11 million.
"Far too many women go chronically underserved in our healthcare system across their lifetime,” said investor Margo Georgiadis in a press release. The Alpha Medical team is “leveraging technology and innovating clinical care models so that women everywhere can have access to the comprehensive primary healthcare experiences they deserve - more personal, accessible and affordable," she said.
Alpha Medical aims to use technology to make quality care more convenient, affordable and accessible, said Gloria Lau, co-founder and CEO of Alpha Medical, in a press release. Alpha Medical, which has patients in 46 states and Washington, D.C., uses its telemedicine platform to break through barriers to accessible care such as high costs and long wait times by diagnosing and treating women remotely. Alpha Medical employs a clinical team and assigns a primary care physician to each user who can treat more than 60 conditions to ensure continuity of care.
Company executives say the Alpha platform is able to show clinical outcome improvement for chronic diseases such as asthma and anxiety. The startup offers a subscription model for $120 a year to provide access to all-inclusive online visits,
The company, founded in Silicon Valley in 2019, also offers tele-mental health services for anxiety and depression.
The American Congress of Obstetricians and Gynecologists estimates that half of U.S. counties lack a single OB-GYN. According to surveys, the average wait time for a new OB-GYN appointment is over three weeks. Similar wait times and barriers to access are standard for women in primary and specialty care. The cost to society goes beyond the impact on women’s health—
affecting families, reducing productivity for employers and increasing the overall cost of healthcare, according to company executives.
“We train our providers to treat patients over their lifetime - primarily focused on the nuances of how a woman's endocrinological transitions,” said Mary Jacobson, M.D., chief medical officer at Alpha Medical, in a statement.
Virtual care and telehealth have become increasingly popular and in demand, particularly during the pandemic.
As part of the digital health boom, there's a growing list of companies focusing on women's health issues, and more specifically hormonal health, such as Modern Fertility, Veera Health and Perla Health. Early-stage New York-based startup Allara Health has launched out of stealth to jump into this market with millions in investor backing.
Maven Clinic, a female-founded company focused on women's and family health, also recently banked a major $110 million funding round and reached unicorn status, a first for the sector.
Tia, a startup building what it calls a "modern medical home for women," secured a hefty $100 million funding round to scale its virtual and in-person care.