Healthtech startup Medici raised $24 million in funding in November 2016 — immediately after coming out of stealth mode — to support its national launch.
Today, the startup added another cool $22 million from a who’s who of tech investors that included Natie Kirsh of Jetro; Ken Griffin of Citadel; Barry Sternlicht of Starwood Capital; Howard Jenkins of Publix Super Markets; Amit Bhatia of Swordfish; Brett Moody of Moody National; Antonio Gracias of Tesla; and local investor Tom Meredith, formerly of Dell.
“We are blessed and honored to have such great investors on our team,” said CEO Clinton Phillips in a statement. “Our investors are world-shapers who are passionate about transforming healthcare globally.”
According to a statement issued by the company, Medici will use this Series A to “re-imagine the doctor-patient relationship.” This includes future plans to accelerate Medici's product roadmap and technology innovation, as well as continue its hiring initiatives to support both areas.
Its communications platform, comparable to the widely popular messaging app What’sApp from a user experience perspective, connects patients with doctors in a mobile way via secured and encrypted text and video conferencing.
Since its 2016 launch, Medici’s HIPAA-compliant virtual consultation platform has been downloaded by over 2,500 patients and medical providers including doctors, therapists and veterinarians.
This digital approach to doctor visits can reportedly cut the need for in-office appointments by up to 80 percent while also lowering the number of ER trips for non-emergency reasons, according to the company. Phillips said back in 2016 that the adoption of mobile communications across healthcare could save more than $30 billion in annual admin costs, doctor hours and in-person consultations every year.
Phillips, a Medici user himself, is joined by executives from Teladoc, eBay, Discovery Health, @Point of Care and from Phillips’s second company 2nd.MD. The company has over 50 employees and is headquartered in Austin, with offices in Phillips’s home country of South Africa, as well as in San Diego and Washington D.C.
