Antidote Health, a supplier of telehealth services, announced Wednesday that it has raised $12 million in seed funding to establish an artificial intelligence-powered virtual Health Maintenance Organization (HMO).
iAngels, Well-Tech Ventures, and Flint Capital led the round, which also included other angel investors.
Founded by Israelis, Antidote Health debuted in January with the goal of providing uninsured and underinsured Americans with a virtual HMO. Artificial Intelligence that links customers to doctors via a smart chatbot and video chats.
“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 U.S. market- with over 38 million Americans uninsured,” the press release stated.
Antidote’s direct approach to healthcare enables it to give individuals high-quality health coverage for as little as $29 a month, making it an affordable option for millions of individuals and families.
In January, the company began offering a 24/7 virtual acute and primary care service in New York, New Jersey, Florida, Michigan, and North Carolina, with ambitions to expand to more states by 2022.
“Healthcare in the United States represents an enormous potential – economically and morally. Providing medical services to a population of millions is a mammoth task “Avihai Sodri, co-founder and CEO of Antidote Health, stated.
“The merging of two fields – artificial intelligence-based virtual healthcare and fintech (insurtech) applicational layers – is unprecedented in the technological-medical scene, as it creates a disruptive force in the market. Antidote’s fusion of innovative technologies and social impact is ingrained in our organizational DNA and manifests itself in every action we take,” he said.
Last year, the US healthcare sector exceeded the $4 trillion milestone in terms of overall expenditures (about 19 percent of GDP). It has arrived at this point as a result of the market’s existing structural separation between medical service providers and insurance firms. The HMO model seeks to bring these two components together by combining the interests of the patient, health providers, and payer.
Antidote’s headquarters are in New York, with a research and development center in Tel Aviv. Antidote Health now has 50 physicians and over 30 workers, with aspirations to double that number by the fourth quarter of 2021.
“If there is one market for which Covid-19 revealed critical gaps and required advancements, it is the necessity for telemedicine access “iAngels Founding Partner Shelly Hod Moyal stated. “In the aftermath of a global pandemic, and as an Israeli who takes public healthcare for granted, it’s mind-boggling that up to 1 in 4 Americans lack equal and accessible healthcare.
“Israel is a world leader in not only digital health, but also in technology in general, as seen by the record-breaking year we are currently experiencing,” added Hod Moyal. “This experience and capacity for process simplification, together with fintech advancements that enable payment from the palm of your hand, paved the road for Antidote Health’s answer to an age-old problem.”
Antidote Health was founded in 2020 by CEO Avihai Soudri, previously headed innovation and business development at Leumit and served as CEO of health insurance company Vectis, which was bought by Swiss-Re in 2019.
Carine-Belle Feder, CTO, previously served as an officer and commander in the IDF’s elite technology-intelligence unit, where she managed an award-winning research team.
Dr. David Zlotnick, the Chief Medical Officer, has extensive experience and skill in providing remote medical services and overseeing a medical team of more than 400 physicians.
Ben Enosh, who serves as president and chairman of the company, co-founded Cyota with Israel’s Prime Minister Naftali Bennett, Michal Tzur, and Lior Golan, as well as Audioburst, PLYmedia, and Scientific G.