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Thursday, Mar 28, 2024

SteadyMD Closes on Second-Round Funding

 Telehealth company SteadyMD in late March announced it had raised $25 million during its Series B round of financing.The St. Louis business, which provides telehealth services on a national level, has its West Coast headquarters in Westlake Village. SteadyMD plans to use the funds to enhance platform services for health businesses and employers.“Near term, we’ll just continue what we’re doing at a far greater scale,” said Yarone Goren, SteadyMD co-founder and chief operating officer. “That’s really where the capital is going, building up our already existing infrastructure.”For Westlake Village, that means an aggressive hiring campaign for software engineers, Goren said.Steady’s customers range from those with direct-to-consumer brands that do prescriptions online, to health insurance companies and large employers that operate in multiple states.“For each and every one of them, what we do is we recruit, hire and train clinicians for them, ensure clinicians are following clinical protocols and doing everything they should be doing,” Goren told the Business Journal. “In some cases, we’re also providing products and technology. That’s the sign-up experience, the intake forms, the quiz and matching engines, the video chat and text chat (for telehealth visits). At the one extreme it’s just clinician staffing and oversight, legal and regulatory support, and on the other extreme it’s that same stuff plus all sorts of products and tech.”Long term, Goren says he is “absolutely bullish” on taking SteadyMD to the global stage, adding that there is demand among the company’s clients to reach consumers in Europe, Asia and South America.“For the very same reasons that they work with us here in the U.S., they can work with us internationally, meaning we will help them figure out all the legal and regulatory stuff and help them navigate that in the other countries,” Goren explained.Lux Capital led the Series B round, with Partner Deena Shakir joining the SteadyMD board of directors and additional participation from actor Ashton Kutcher and Guy Oseary’s Sound Ventures, Acrew Capital, and other healthcare investors, SteadyMD said in a statement.Other prominent health care executives and investment leaders contributed to the Series B round, including 23andMe Co-Founder Anne Wojcicki and Draper Associates.SteadyMD garnered $6 million during its Series A round of financing, the company announced in April last year, bringing the total amount raised to $31 million. The startup was established in 2016.“We’ve solved the puzzle of delivering that care in all 50 states, which involves numerous products, technology, legal, clinical and operational challenges,” Guy Friedman, chief executive of SteadyMD, said in a statement. “Today, leading health care organizations rely on SteadyMD for the key infrastructure to launch, scale and grow their telehealth offerings in the massive and quickly expanding digital health market.”

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