Antidote Health, a telehealth provider, announced it has raised $12 million in seed funding to build an AI-based virtual Health maintenance organization (HMO). The round was led by iAngels, Well-Tech Ventures, and Flint Capital, along with other angel investors.
Antidote Health is a B2C company that launched in January, providing uninsured and underinsured Americans with a virtual HMO via Artificial Intelligence that connects users to doctors with a smart chatbot and through video calls. Antidote Health chose an HMO model based on the belief that it is the right way to rectify the prevalent problem of access to healthcare in the US market- with over 38 million Americans uninsured. By offering a more direct approach to healthcare, Antidote is able to provide individuals premium quality health coverage for as little as $29 per month, making it an accessible alternative for millions of individuals and families.
The US healthcare market crossed the $4 trillion total expenditure threshold last year (about 19% of GDP). It has reached its current state in light of the existing structural separation in the market between medical service providers and insurance companies. The HMO model unites these two parts, aligning the interests between the patient, health providers, and the coverer.
“Healthcare in the United States presents us with a great opportunity – both economically and morally. Making medical services available to a population of millions is an enormous mission,” said Avihai Soudri, Antidote Health’s Co-founder and CEO. “The convergence of two disciplines – AI-based virtual healthcare and Fin-tech (Insure-tech) applicational layers is unique in the technological-medical landscape in that it provides a disruptive force in the market. The melding of advanced technologies and the social impact Antidote produces are part of our organizational DNA and manifest in every action we take.”
With this first funding round, the company looks to utilize the capital raised to expand nationwide and fuel its marketing initiatives to further educate potential users of their healthcare options. The company is headquartered in New York with an R&D center in Tel Aviv. Antidote Health has 50 doctors and over 30 employees with plans for exponential growth through Q4 of 2021.
“If there is any one industry for which COVID-19 highlighted the major gaps and necessary advances, it is the need for access to telehealth. In the wake of a global pandemic, and as an Israeli who can take for granted access to national healthcare, it is mind boggling that as many as 1 in 4 Americans do not have access to equitable and affordable healthcare. We are proud to lead Antidote Health’s financing round, and to play a role in their journey to level the field for all Americans to receive adequate telemedicine,” said Shelly Hod Moyal, iAngels Founding Partner. “Israel is not only a leading country in digital health, but in technology as a whole, as can be witnessed by the record breaking year we are experiencing. This expertise and ability to simplify processes coupled with Fintech advances that allow for payment from the palm of your hands has made way for Antidote Health’s solution to an age-old issue.”
The company launched a 24/7 virtual acute and primary care service across New York, New Jersey, Florida, Michigan, and North Carolina as of January 2021. Antidote plans to rollout to more states continuing through 2022, offering quality healthcare services that are affordable for individuals and families.