The funds will allow Ro to develop new capabilities such as remote patient monitoring with integrated devices
Healthcare technology company Ro has secured $500m in Series D funding round for the expansion of its vertically integrated primary care platform.
The Series D fundraising round was led by existing investors General Catalyst, FirstMark Capital and TQ Ventures. Other existing investors who have participated in the round include SignalFire, Torch Capital and BoxGroup.
The funding round was also supported by new investors Altimeter Capital, Baupost Group, Dragoneer Investment Group, ShawSpring Partners, Radcliff, and 776.
With the completion of the latest round, the company’s total fundraising reached $876m since its founding in 2017.
According to Ro, its vertically integrated primary care platform powers a personalised, end-to-end healthcare experience from diagnosis, to delivery of medication, to ongoing care.
Ro co-founder and CEO Zachariah Reitano said: “The current healthcare system is working beautifully for insurance companies, but terribly for patients; to pretend otherwise is absolutely ridiculous.
“It’s time to give patients power. Ro is the only company to combine a nationwide telemedicine, pharmacy distribution, and in-home care network.”
Ro will use the proceeds to expand its pharmacy distribution network and improve its proprietary EMR (the Ro Collaborative Care Centre).
The funds will also be used to develop new capabilities such as remote patient monitoring with integrated devices and advance into additional treatment areas to leverage its diagnostic capabilities.
The Series D round is said to follow the company’s acquisition of Workpath, a software platform that allows healthcare companies to provide on-demand, in-home care and diagnostic services with a simple API.
Workpath has helped Ro to incorporate virtual and in-person care on its own platform and provide these in-home capabilities to other healthcare companies.
Recently, Ro has launched its Covid-19 Vaccine Drive by leveraging the in-home care capability. It is administering the vaccinations for eligible New Yorkers directly in their homes, working with New York State’s Department of Health.