SnapMD Completes $5.3 Million First Closing of Series A Financing

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Leading Cloud Telemedicine Company Receives Significant Backing

SnapMD's approach to telemedicine is the winning model.

Leading healthcare IT company SnapMD, Inc., announced today it completed the first closing of its Series A funding in the amount of $5.3 million with Shea Ventures, TYLT Labs and Whittier Ventures participating.

SnapMD’s Virtual Care Management (VCM) telemedicine platform has been recognized by MarketResearch.com as one of the top 10 telemedicine companies to watch in 2016 ( http://tinyurl.com/gkpo4rh ). SnapMD is recognized as a leader “racing to reimagine patient care” with its transformative virtual clinic telemedicine technology delivered through common devices such as mobile phones, tablets and laptops to patients and providers alike.

Coupled with recognition by CIO Magazine as a “Top 5 Healthcare IT Innovator” ( http://tinyurl.com/q746xsa ) and a prestigious nod from Becker’s Hospital Review as a “Top 25 Healthcare Technology Disruptor” ( http://tinyurl.com/pldp5rt ) SnapMD is building wide market approval for its exclusively private-label (white-label) approach to telemedicine.

“We could not be more pleased to have Shea Ventures, TYLT and Whittier Trust among our 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 this investment, SnapMD is well positioned to continue to build our sales pipeline, continue to add best-of-breed talent to our team, and solidify our plans for future iterations of our technology.”

SnapMD’s Virtual Care Management telemedicine platform is one of the most important advances in patient-centric medicine today. VCM telemedicine technology offers healthcare providers powerful tools to extend the reach of patient care and find efficiencies in personnel utilization. In 2016 the number of patients accessing telehealth services is expected to double from that found in 2013.The Centers for Medicare & Medicaid Services (CMS) recently stated that mHealth, defined as the practice of medicine and public health supported by mobile devices, is projected to be a $26 billion industry by 2017.

With this financing, SnapMD will accelerate its business development efforts in direct sales as well as high-valued channel partners. The company will also fortify its deep and detailed product developments plans that include core innovations to the company’s primary cloud-based Virtual Care Management (VCM) private-label telemedicine platform, expanded data integration capabilities and further scale its mobile app solutions.

“We are seeing the demand for telemedicine technology grow in 2016,” said SnapMD co-founder and COO, George Tierney. “The overwhelming feedback we are receiving from health systems and the investment community is that the virtual visit is a new point of care and that telemedicine is a robust communication tool that should be placed in the hands of existing providers of care. This has been SnapMD’s approach from its founding, so it is certainly satisfying to see and hear the consensus forming around our view.”

About SnapMD

SnapMD is the Virtual Care Management (VCM) telemedicine software leader, enabling healthcare providers to engage their patients via a secure, HIPAA compliant, cloud-based telemedicine platform. SnapMD’s robust, private-label, VCM application is specifically designed to give healthcare organizations another option to improve access to care by launching virtual care Telehealth services under their brand utilizing their highly qualified, patient-trusted providers. For more information, please visit http://www.snap.md

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Kelly Rice
SnapMD
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