K Health launches funding round for virtual family portal
New York-based digital health provider, K Health, has launched its Series E funding round for the new K Parents initiative for family healthcare, already securing $132mn for the project.
The virtual solution is a ‘first of its kind’ system built on medical intelligence with easy-to-access doctors and will provide much-needed affordable services for families.
Research carried out by K Health revealed that cost and access are the most significant barriers to parents getting care for their children. In a recent survey of 2,200 parents in the US, 83% of parents said they worry for days or weeks before reaching out to a doctor, and nearly 20% of parents use social media or a search engine for medical advice.
The virtual healthcare platform is also launching at a time when parents are under unprecedented levels of stress, struggling with work, the cost of insurance, and remote school during the pandemic.
Currently, K for Parents offers ongoing paediatric insights and care for children ages 3-17. It provides a free symptom tracker and connects families to round-the-clock healthcare answers, sharing doctor’s treatment of children with similar conditions.
Using AI to analyse data based on millions of users and information provided by thousands of paediatricians, children can now receive free treatment and as part of an adult membership and no insurance is required.
The platform also brings world-leading medics to its patients from the Cleveland Clinic and Children’s Mercy Hospital.
“K Health is changing the equation of access to high quality medicine,” said Allon Bloch, CEO and co-founder of K Health. “Our system opens access to the best doctors at a fraction of the cost and without the wait. This new funding and expansion to care for the whole family gives more people the break they need today.”
The $132mn funding round was led by GGV Capital and Valor Equity Partners with participation from Kaiser Permanente pension fund and LTS Investments, the investment offices of Lemann, Telles and Sicupira, behind 3G Capital, and will enable K Health to enhance its services.
Currently, K Health's technology and symptom checker is based on anonymised, real-world data from over 400 million patient visits in the US and Israel. Data used in the development of the app includes patient visits recorded in Maccabi Health Services (MHS) – Israel’s second-largest HMO.
In November last year, K Health also announced a collaboration with Mayo Clinic through the Mayo Clinic Platform. The joint work focuses on improving and accelerating the deployment of virtual care models to improve health outcomes. The company also has a partnership with Maccabi Healthcare Services, Israel's second-largest HMO with 2.4mn members; as well as Anthem, to offer K Health to its 43mn members.
The rise in virtual health solutions globally were given an unexpected boost by the COVID-19 pandemic because it has enabled forms of healthcare to continue, despite stay-at-home and social distancing orders.
Hans Tung, Managing Partner at GGV Capital agreed, saying, “The world needs a new archetype for health care, and K Health’s data, world class doctors, and team are resolute enough to deliver this.”
Tung believes the new initiative will solve several healthcare challenges. “GGV backs companies with potential to serve the greatest number of people, and by solving the healthcare inequities of access and affordability, K Health is one of the most impactful consumer health companies constructing the future of care for us all.”
Antonio Gracias Valor Equity Partners’ Founder and CEO, said, “It’s impressive to see the pace at which K Health is expanding to translate decades of rich data and doctor experience to meet families where they are.”
He added, “We believe that K Health will be game changing for families while also improving the broader health care system to enable faster, more efficient, and more seamless resolution of primary care concerns.”