What You Should Know:
– Truepill raises $75 million in Series C funding To expand platform services and launch an at-home lab diagnostics network.
– The company plans to use the funds to expand Truepill’s ecosystem of direct-to-patient capabilities, which includes the Truepill Health telehealth network, pharmacy fulfillment, a custom-built EMR, and more.
Truepill, a San Mateo, CA-based building world-class patient experiences through its API-connected healthcare infrastructure, today announced the close of a $75 million Series C funding round with investments from Oak HC/FT (lead), and additional participation from existing investors Optum Ventures, TI Platform Management, Sound Ventures, and YCombinator.
Direct-to-Patient Platform
Founded in 2016 with a unique B2B model, the company’s expansive suite of customizable, direct-to-patient solutions includes industry-first API technology, nationwide prescription fulfillment, and delivery, a US-based network of licensed telehealth providers, white label packaging, product design, and more. Its owned and operated pharmacies are located in Hayward, CA, Brooklyn, NY, Redmond, WA, Alhambra, CA, Austin, TX and Manchester, England. Truepill accreditations include URAC accredited mail order pharmacy, URAC accredited specialty pharmacy, NABP, Digital Pharmacy Accreditation, and LegitScript.
At-Home Lab Testing Network Launch
Truepill plans to launch its newest service, at-home lab testing, by end of the year. The company is partnering with trusted third-party providers and will offer hundreds of at-home lab tests. Combining at-home testing with telehealth and prescription delivery unlocks exponential opportunity in digital healthcare, enabling the diagnosis and management of the largest chronic disease states, including diabetes, heart disease, chronic kidney disease, and more.
For Truepill customers, this means the ability to create comprehensive direct-to-patient solutions without having to navigate disparate parts of the healthcare industry. Truepill’s platform is uniquely positioned to seamlessly connect diagnostics, telehealth, and pharmacy so customers can focus on building their product, not on building backend infrastructure. For consumers, it means an easy, intuitive, single point of service access to the care they need, when they need it.
Expansion Plans
Built on a foundation of industry-first APIs, Truepill provides customized B2B solutions for healthcare companies of all sizes, stages, and specialties, including many leading direct-to-consumer health brands. As its customers expand product offerings and enter new markets, Truepill continues enhancing its platform, ensuring customers have every tool at their disposal to scale with speed. The addition of lab testing capabilities exemplifies the company’s commitment to powering direct-to-patient innovation for their customers, and to creating a connected, patient-centric healthcare system.
The company plans to use the funds to launch an at-home lab testing network – a new service that will further expand Truepill’s ecosystem of direct-to-patient capabilities, which includes Truepill Health telehealth network, pharmacy fulfillment, a custom-built EMR, and more.
“To create a comprehensive, effective digital healthcare experience, there are three essential pillars: pharmacy with extensive insurance coverage, at-home lab testing and telehealth,” said Sid Viswanathan, Truepill Co-founder and President. “By adding diagnostics to our suite of solutions, we’ll be able to deliver direct-to-patient healthcare at scale through one platform – Truepill. We envision a future where 80% of healthcare is digital. With diagnostics, telehealth and pharmacy built on our foundation of API-connected infrastructure, Truepill will power that reality.”
