SnapMD Closes $600,000 Seed Round Led by Shea Ventures and Whittier Trust

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Cloud Healthcare IT Company Finds Fit with Leading California Investment Firms

We could not be more pleased to have Shea Ventures and Whittier Trust as our lead investors.

SnapMD, Inc., a cloud-based software telemedicine company, today announced that it has closed a $600,000 seed round. The investment was led by two Southern California based firms: Shea Ventures, the investment arm of J.F. Shea Company and Whittier Trust, the nation’s largest multi-family office asset management firm with more than $8 billion under management.

"We could not be more pleased to have Shea Ventures and Whittier Trust as our lead investors. Along with the high-quality individual investors that also participated, the close of this round is one more validation of our business plan and approach to the market," said SnapMD CEO, Dave Skibinski. "With the successful close of this investment SnapMD is well positioned to take the next steps with our current sales pipeline, continue to add best-of-breed talent, and solidifies our future technology development plans."

SnapMD’s cloud-based telemedicine platform features secure one-on-one video, audio and text consultations between patients and their primary care and specialty care physicians. Using SnapMD, healthcare providers can conduct scheduled consultations with patients undergoing active care. The platform can also be used for on-demand consultations to reduce avoidable visits to the emergency department, provide remote medical services such as in-school virtual clinics, and to facilitate physician-to-physician communications.

SnapMD’s business model is unique in the patient-to-physician telemedicine space. The company exclusively licenses its platform to health care providers, empowering them to implement telemedicine to the greatest clinical benefit. SnapMD has been designed from the ground up to act solely as a telemedicine technology provider and will not develop its own provider network. The company’s platform is designed for enterprise level use and is currently being introduced to healthcare provider organizations via a SaaS model.

"SnapMD firmly believes that healthcare, and how it is delivered, should be driven by healthcare providers. Our job is to provide tools to the healthcare community that will allow them to determine how best to leverage telemedicine," said SnapMD COO, George Tierney. "We want our customers out front. It is their brand identity that their patients know and trust and it is their brand that patients will see when using our platform. Our customers will define the use of this telemedicine technology within the patient community, we simply power the platform."

About SnapMD

SnapMD is a cloud-based healthcare information technology that provides a robust HIPAA compliant telemedicine platform developed to enable healthcare providers to directly engage patients. With SnapMD telemedicine technology, healthcare providers have another powerful tool to help them improve access to care and find efficiencies in personnel utilization while continuing to deliver quality care. For more information, please visit http://www.snap.md.

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Jason O'Leary
SnapMD
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