eVisit Closes $45 Million in Series B Funding Round Led by Goldman Sachs Asset Management

Rhea-AI Summary

eVisit has successfully closed a $45 million Series B financing round, led by Goldman Sachs Asset Management, with participation from Texas Health Resources and others. The funds will be directed toward expanding eVisit's Virtual Care platform and enhancing sales and marketing initiatives. eVisit's platform connects healthcare providers and patients, facilitating millions of virtual visits annually, while improving outcomes and reducing costs. The company has seen rapid growth, evidenced by its recognition as a leader in the Virtual Care space.

Positive

• Raised $45 million in Series B funding, enhancing financial stability.
• Strong demand for Virtual Care services, leading to rapid operational growth.
• Recognition as a leader in Virtual Care platforms by Forrester.
• Established partnerships with significant healthcare organizations like Banner Health.

Negative

• None.

PHOENIX, Sept. 21, 2021 /PRNewswire/ -- eVisit, the leading Virtual Care platform for large healthcare providers, today announced that it has closed a $45 million Series B financing round led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs), with participation from Texas Health Resources, Tom Burton and Steve Barlow (Co-founders of Health Catalyst), and existing insiders. eVisit will invest the capital to drive growth by building out its Virtual Care platform and scaling up its sales and marketing efforts.

The fundraise comes in the midst of eVisit's rapid operational growth and staff expansion, driven by enterprise demand for its Virtual Care capabilities from large-scale Healthcare Organization (HCO) customers including Banner Health, Texas Health Resources Group, and Concentra. The Company's end-to-end, HIPAA-compliant platform facilitates millions of virtual visits annually, connecting providers to patients and helping HCOs attract and retain patients, drive efficiencies, reduce costs and enhance patient outcomes. In an industry rapidly transitioning to a hybrid care model, eVisit is more than a technology platform with flexible workflows, a powerful integration layer, and sophisticated reporting and analytics, the firm also couples its leading platform with its Virtual Care Maturity Model™ that includes a benchmarking system and strategies to ensure customer success.

"We're thrilled to partner with Goldman Sachs and other highly strategic capital partners as we execute on our next phase of growth," said Bret Larsen, Co-founder and Chief Executive Officer, eVisit. "This successful round is a testament to the confidence we have built in our end-to-end technology platform, the immense potential embedded in our product roadmap, and our alignment with healthcare providers. We arm hospitals and health systems with the technology they need to compete in today's increasingly dynamic market. We believe locally relevant healthcare, in which patients are served by the local healthcare infrastructure and providers that know them, is the best way to deliver holistic, preventative care at-scale."

"Healthcare providers today are under immense pressure to modernize their practices, while also delivering high-quality care at lower costs," said Chase Williams, a Vice President within Goldman Sachs Asset Management, who will join eVisit's Board as part of the financing. "Against that backdrop, we expect Virtual Care to play a more fundamental role in facilitating greater access to quality healthcare and over the last 12 months, eVisit has seen rapid uptake. With their pure-tech approach and strong business model alignment with health system customers, we believe the Company is extremely well positioned to capture share, and we are excited to partner with them at this important stage in their lifecycle."

eVisit's vision is to simplify healthcare delivery to everyone, everywhere. The eVisit platform is purpose-built for health systems to leverage the power of Virtual Care to improve clinical workflow efficiencies and reduce costs, while enhancing individual patient outcomes and strengthening overall population wellbeing. eVisit was recently recognized by Forrester as the only "Leader" in its most recent Wave assessment of Virtual Care platforms and also had its first-time appearance on the prestigious Inc. 5000 List as No. 2,300 in the 2021 list announced last month.

To learn more about the eVisit offering or to join the company's mission-driven organization, visit the links below:

• What will healthcare look like in the year 2050? Watch this presentation from eVisit's Co-Founder, Chief Technology Officer and on-staff futurist, Miles Romney.
• Request a consultation of the eVisit Virtual Care platform and get connected with a Virtual Care Consultant.
• Join the team of HealthTech innovators in sales, marketing, product development, engineering and more.

Click to Tweet .@eVisit Closes $45 Million Series B Round Led by @GoldmanSachs. Learn More: https://blog.evisit.com/virtual-care-blog/evisit-closes-45-million-dollar-seriesb

About eVisit
eVisit simplifies healthcare delivery with its market-leading Virtual Care platform. With eVisit, healthcare organizations can deliver faster, more accessible Virtual Care using their own network of providers, regardless of specialty. eVisit works seamlessly across enterprise service lines and departments to improve outcomes, reduce costs, and boost revenue. Based in Mesa, Ariz., eVisit helps healthcare organizations, including the largest systems in the U.S., innovate and succeed in today's changing healthcare market. Its unique operational excellence program, the eVisit Virtual Care Maturity Model, includes a benchmarking system and educational workshops across six foundational areas to help ensure customer success.  eVisit is the only Leader in the Forrester Wave™: Virtual Care Platforms in Digital Health, Q1 2021, and is a Representative Vendor in the Gartner® 2020 Market Guide for Virtual Care. Get your complimentary copy of the Forrester Report here and the Gartner Report here. For more information, visit evisit.com.  

About Goldman Sachs Asset Management Growth Equity

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of June 30, 2021. Driven by a passion for our clients' performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Since 2003 the Growth Equity business within Goldman Sachs Asset Management comprising more than 75 individuals have invested over $13 billion in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn.

eVisit Media Contact:
Mardi Larson: 612.384.4383
inquiries@evisit.com

 

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SOURCE eVisit

FAQ

What is the significance of eVisit's $45 million funding led by Goldman Sachs?

The funding will help eVisit expand its Virtual Care platform and enhance sales and marketing efforts.

Which organizations participated in eVisit's Series B funding round?

Participation included Texas Health Resources, co-founders of Health Catalyst, and existing insiders.

How does eVisit's platform contribute to healthcare delivery?

eVisit's platform connects providers and patients for millions of virtual visits, driving efficiencies and improving patient outcomes.

What recognition has eVisit received in the healthcare technology sector?

eVisit was recognized by Forrester as a leader in its latest Wave assessment of Virtual Care platforms.

What impact does the funding have on eVisit's business model?

The funding supports eVisit's strategy to capitalize on the growing demand for Virtual Care services.