Telehealth startup 98point6 rakes in $20 million and signs agreement with health system to grant the technology

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Seattle-based 98point6, a company based in Seattle, has announced that it is licensing its online care delivery platform through a partnership in a partnership with Tacoma, Wash.-based MultiCare Health System. It is the first venture as an external software vendor, and it has raised over 20 million dollars in an offering of convertible notes to finance its expansion.

The technology licensed will be utilized to aid in the operation of Indigo Health which is an element that is part of MultiCare Health System that handles urgent treatment for minor illnesses and injuries. Indigo was established in the year 2015 and has since grown to include 35 urgent care clinics in Washington along with the virtual component of. MultiCare is the biggest medical system operating in Washington state.

“The health care landscape is changing quickly, with big players in the technology and healthcare sectors making significant investments in this direction,” Indigo Health’s President Ryan Fix stated in a statement.

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The announcement by 98point6 comes in a period when tech companies are pushing into the field of healthcare. Amazon is expected to buy the publicly traded primary care business One Medical for $3.9 billion. The company is bidding on home technology company the company Signify Health. Oracle recently purchased the health IT firm Cerner through a transaction estimated to be $28 billion.

In 2015. 98point6 was launched in order to help make contact with a doctor as “simple as sending a text or doing an online search.” Its user base has seen a boost from the pandemic, almost tripling in size. However, the company eliminated 10 percent of its workforce in July.

An analysis conducted by Trilliant Health shows that the demand for telehealth dropped almost 60% between April 2020 until April 20, 2022 “suggesting that expanded availability of virtual care options has not shifted widespread consumer preferences.”

98point6 is headed by Jeff Greenstein, who became the firm’s permanent CEO in the wake of taking over the role of interim CEO in the wake of the resignation of the former Co-Chairman and CEO Robbie Cape in August 2021.

The company now employs more than 300 full-time employees . It is at 28th place on Economic pitch 200 ranking of the most successful tech companies located in the Pacific Northwest.

The money comes from the private equity firm L LCatterton and the late-stage investment company Activant Capital, both of which were the main contributors to 98point6’s Series E round that brought in over $118 million in October of 2020. The company has not disclosed its financials.

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