Antidote Health, a telehealth platform that offers mental health services along with primary care and other services, has completed a Series A funding round in which it raised $22 million.
Funding for the New York-based company was led by third-time investor iAngels, Group 11 and Flint Capital. The company previously raised $12 million in seed funding.
Founded in 2020 and launched in January of last year, Antidote Health’s platform is powered by artificial intelligence (AI) that is designed to alleviate administrative tasks of doctors. Users are provided with 24/7 access to the platform with services based on enhanced evidence-based care, which is a standard care model established by the American Psychiatric Association.
The company launched its mental health services earlier this month.
Antidote’s mental health clinicians work with users to create a personalized treatment plan, with medications prescribed and adjusted as needed. Among the mental health conditions treated by Antidote are depression, anxiety, panic disorder, PTSD and obsessive compulsive disorder.
Antidote’s regular mental health plans are available for $79 a month, with more robust plans at monthly rates of $99, according to the company’s website. Mental health services are also available to users as a supplement to its monthly subscription for primary care and hypertension services.
Antidote states that its platform is available to 60% of the American population. The company treats about 2,500 people each month and has been logging about a 30% growth rate each month, Avihai Sodri, the co-founder and CEO of Antidote Health, told Fierce Healthcare.
“We’re thrilled to invest in Antidote Health, as it caters to a fundamental problem in the $4 trillion healthcare market that can only be solved through the development and implementation of cutting-edge technology,” Shelly Hod Moyal, a founding partner at iAngels, said in a press release issued by Antidote Health.
Funding from the Series A round will go towards supporting Antidote’s research and development activity, which includes advanced AI screening and clinical decision support system capabilities.
“This Series A funding round will allow Antidote Health to help Americans in more ways than ever by adding chronic and primary care services that are backed by our innovative technology and amazing care teams,” Sodri said in the press release. “We’re extremely thankful that our investors believe in our purpose of providing affordable quality healthcare for all.”
Antidote’s longer-term goal is to become a digital health maintenance organization (HMO), offering services and insurance coverage, Fierce Healthcare reported. However, to achieve this goal, the company has further hurdles to clear, including becoming licensed to provide insurance and expanding its provider network.
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