Video-based telemedicine company Doctor On Demand secured $74 million in the latest funding round, led by Goldman Sachs and Princeville Global, bringing the company’s total funding to $160 million, according to TechCrunch. Doctor On Demand, one of the leading telemedicine companies in the US, plans on using the money to further develop its platform and expand the accessibility of its services. Telemedicine refers to the use of mobile and video technology to deliver clinical care, such as through patient-physician video conferencing. The startup is partnered with more than two dozen health services and serves more than 400 employer clients, bringing its reach to more than 2 million US patients.
The significant funding round comes as telemedicine balances on the verge of rapid adoption in the US. Business Insider Intelligence projects the US telehealth market — which includes telemedicine, mHealth, and remote patient monitoring — will grow at an annualized rate of 75% in the five years through 2023 to reach more than 57% of the total US population. This growth will be spurred by several drivers, including the following: