Truepill proper now launched it has raised $75 million in a spherical led by Oak HC/FT. Truepill says the funds will help it launch an at-home lab neighborhood in partnership with “trusted third parties,” enabling it to diagnose and take care of sicknesses alongside current telehealth functions and pharmacies.
Health care stays worthwhile no matter pandemic headwinds. Spending on prescription drugs throughout the U.S. will enhance between 4% and seven% by means of 2021 to as loads as $610 billion, in response to a 2017 report published by QuintilesIMS Holding. And telemedicine is on the upswing. Frost and Sullivan reports that digital effectively being consultations grew by 50% in March, coinciding with the onset of the pandemic.
Truepill might be well-positioned to fulfill this demand. The Y Combinator graduate’s declare to fame is a business-to-business (B2B) telemedical platform that enables effectively being care producers to ship drugs, contraception, and completely different prescription tablets on to prospects’ doorsteps by means of regular mail. Truepill’s APIs current programmatic entry to its on-line pharmacy, whereas its packaging warehouses leverage robotic cells and completely different automation utilized sciences to take care of as a lot as 100,000 prescription orders a day.
Warehouse-to-door pharmacies aren’t exactly novel. New York- and San Francisco-based startups like ZipDrug, Alto, and Capsule fulfill and ship most prescriptions inside hours. And NowRx, which simply recently raised $20 million, leverages last-mile logistics algorithms and micro-fulfillment amenities to kind, rely, bottle, and label orders with “the same or better” margins as large pharmacy chains.
But although Truepill doesn’t market to end prospects, it’s on the market in all 50 U.S. states and operates its private pharmacies in California, New York, Washington, and Texas and in Manchester throughout the U.Ok. The agency moreover simply recently launched Truepill Health, which connects a workforce of 9,000 U.S. physicians with victims by means of real-time video, undergirded by an in-house digital medical report system.
Truepill’s B2B model evidently piqued the curiosity of direct-to-consumer prospects like HIMs, HERs, and LemonAID. Truepill president and cofounder Sid Viswanathan, who beforehand primarily based CardMunch (which was acquired by LinkedIn in 2011), talked about the company has processed and shipped “well over” 1,000,000 prescriptions to this level.
San Mateo, California-based Truepill’s revenue reached $48 million in 2018 and virtually $100 million in 2019. As it pushes further into work with effectively being plans and drugmakers this yr, Truepill expects revenue to hit roughly $200 million. The agency for the time being employs 361 of us all through its U.S. and UK workplaces.
The sequence C launched this week included participation from Optum Ventures, TI Platform Fund, Sound Ventures, and Y Combinator and brings Truepill’s entire raised to $114 million, following a $25 million sequence B spherical in July.
“The industry has been forced to rethink patient experiences and move rapidly into the world of digital health,” Viswanatha instructed VentureBeat by means of e-mail. “With COVID-19, we’ve reached a tipping point, and consumer expectations have forever changed … We are excited to be working with investors who embrace and believe in the vision of Truepill.”