San Francisco based healthcare platform provider Vida Health has successfully raised $25 million to meet the increased demand for remote care during the COVID-19 pandemic.
The funding round was led by Ally Bridge Group (ABG), a global life sciences investment group, and had other investors including AME Cloud Ventures, NGP Capital, Aspect Ventures, Canvas Ventures, Webb Investment Network, and Workday Ventures.
Vida Health has seen a surge in demand for its services since the start of the COVID-19 pandemic with people having to turn to remote care and digital solutions.
Frank Yu, CEO and CIO, ABG Founder said in a statement: “The COVID-19 pandemic has made it obvious that continuous, comprehensive, virtual care, is playing a key, ever-increasing role in healthcare,”.
Since the beginning of COVID-19, AI has become increasingly popular as a technology with a list of AI companies signing up to fight the Coronavirus.
Vida Health provides a data-driven mobile platform for live health coaches and therapists with a messaging and chat functionality that can help diagnose, manage, and prevent conditions such as diabetes, pre-diabetes, hypertension, obesity, depression, and anxiety.
The Vida Health app can be integrated with popular health and fitness devices including Fitbit and the Apple Watch allowing the health coaches and therapists direct access to their users’ vital stats to give tailored plans.
Yu continued: “With a robust holistic product platform, a provider network that encompasses the United States, and best-in-class outcomes in programs ranging from weight loss to diabetes to heart disease management, we believe that Vida Health is well-positioned to play a leading role in transforming healthcare.”
COVID-19 was declared a pandemic in March with the country and border lockdowns happening soon after. Since then Vida Health has launched its platform to more than 500,000 new end-users, giving them a total number of 1.4 million users globally.
Vida Health sells bundles that include health devices to enhance the users experience which include heart rate monitors, scales, blood pressure cuffs, activity trackers, and additional add ons.
With this additional funding, it takes Vida Health’s total capital raised to $78 million giving it the financing it needs to snap up market share in the currently booming virtual health care industry.
Other healthcare companies including H1 Insights have secured funding for their AI healthcare technology while companies such as Microsoft have mobilised their AI for Health initiative.
