Boston-based online diagnostic platform Buoy Health has recently announced the details of its Series B funding round. Buoy is a revolutionary health platform powered by advanced AI and offers users medical support in real time.
Buoy’s CEO, Dr. Andrew Le has reportedly stated that while clinicians are generally thought of as the front-door to healthcare, it is in fact the internet, considering that a majority of people go online and look up complex and confusing information every time they fall sick. According to Dr. Le, the purpose of Buoy Health is to allow patients access to convenient healthcare as and when they experience symptoms, providing them with a more personalized front-door to medicine.
At a time when ER overuse is rising, Buoy has managed to scale down the intent for ER visits by nearly 40%, through digital triage.
Venture capitalist and founder of Hambrecht & Quist, Bill Hambrecht, is at the helm of the company’s Series B funding worth $15M, including a new tactical alliance with healthcare insurance expert Humana as well as added contributions from existing investors F-Prime and Optum Ventures.
Hambrecht has been quoted as saying that based on the number of companies he has seen rising to their complete potential, he is confident that Buoy has the aptitude, determination and vision to achieve theirs as well.
The new funds will aid the organization’s rapid progress in the US markets, progressing on 6.7 million interactions per year and 3.7 million complete self-triage interviews conducted on the website annually. There are also plans in place for an enterprise expansion by adding more in-depth navigation for Baby Boomers and persons covered by Medicaid.
Thomas Thurston, partner at Hambrecht Ducera Growth Ventures & founder of Growth Science has stated that, based on their proprietary MESE model, Buoy’s astounding impression relative to the funds gathered has made them very optimistic about Buoy’s future.
Executive partner at F-Prime Capital Carl Byers has further claimed that Buoy is set to transform the way patients access and engage with the healthcare system.
Source Credit: https://www.businesswire.com/news/home/20190815005224/en/Hambrecht-Ducera-Growth-Ventures-Leads-Series-Buoy