HealthTap Secures $11.5M in Series A Funding from Mayfield Fund, Mohr Davidow Ventures and Eric Schmidt’s Innovation Endeavors
The Premier Interactive Health network will use funds to manage growth, scale technology, and add top talent to team
PALO ALTO, Calif. – December 6, 2011 – HealthTap, (www.healthtap.com), the premier Interactive Health Network, announced today that it has secured $11.5 million in Series A Funding led by Mayfield Fund, Mohr Davidow Ventures, and Eric Schmidt’s Innovation Endeavors. HealthTap will use these funds to accelerate growth, recruit top talent, and engage more physicians and patients in the vibrant online HealthTap community.
HealthTap has successfully created a networked environment where anyone can ask any health question online or via a mobile app and quickly receive credible answers from top U.S. physicians across 100 specialties, for free. HealthTap, which launched its new mobile and online services just two months ago, has experienced massive growth with more than 6,000 leading physicians and 500 top healthcare institutions currently participating in the service.
"We are excited to partner with a serial entrepreneur such as Ron Gutman whose passion, track record, and team will help realize HealthTap’s grand vision," said Mayfield Managing Director, Tim Chang. "HealthTap embodies the powerful consumer Internet trend of moving high-value mainstream offline experiences, such as doctor-patient interactions, to the online world. The company leverages the three key innovation drivers that I’m most excited about: mobile apps that enable new kinds of rich, personalized interactions via smartphone and tablet; gamification that enhances user engagement and retention; and social mechanics, such as expert-based Q&A and reputation graphs, that facilitate deep interest and trust. It's this kind of fresh thinking that will accelerate the ‘consumerization’ of Healthcare, and re-invigorate an extremely important and valuable industry that has been behind the IT curve and mired in inefficiency for decades."
All physicians who participate on HealthTap undergo rigorous background checks verifying their medical licenses and good standing. Approved physicians receive a free Virtual Practice from which they can lead the online health conversation, and the creation of quality health content. Through their Virtual Practice, physicians answer user questions, endorse answers written by other physicians, and help people find the best health information, while creating connections for in-person care.
“HealthTap has become the only place online where medical information is trusted both by physicians and patients alike,” said Ron Gutman, HealthTap’s Founder and CEO. “Doctors interact with one another and rate each other every day based on the quality of their shared medical knowledge and its helpfulness to patients. This revolutionary approach, which we call ‘Trust Sourcing,’ makes it easy for members of the community to find the most reliable health information and the best doctors in town.”
The rapid adoption of HealthTap by physicians and patients in all 50 states has been complemented by growing demand from medical institutions interested in participating in the virtualization of healthcare. In response, HealthTap today opens its doors to all medical institutions to join the more than 500 healthcare groups who have already signed up. From large institutions such as Cleveland Clinic and The Mount Sinai Hospital, to small practices across the nation like Women’s Care of Beverly Hills Medical Group, to individual physician offices such as the one run by Dr. Robert Kwok in Saratoga, California, HealthTap is revolutionizing healthcare by re-invigorating doctor-patient interactions, and bringing trustworthy, current health information to people anytime, anywhere—for free.
“Patients and doctors alike have long been frustrated by the one-size-fits-all approach to healthcare and the limited opportunities for finding personally relevant health information online,” said Rowan Chapman, Partner at Mohr Davidow Ventures. “Ron and his team are successfully addressing the critical need for a source of trusted medical information that allows consumers to interact with doctors online in an efficient and meaningful way. The rapid growth of the HealthTap community coupled with this follow-on funding is further evidence of the tremendous opportunity at the intersection of web-enabled social networks and the desire for more personalized, data-driven healthcare.”
HealthTap is an Interactive Health Network that connects thousands of North America’s best physicians with users to provide trusted answers to health questions anytime anywhere. HealthTap’s free web and mobile applications enable 24/7 access to personalized, relevant and trusted health information from America's best licensed physicians, helping people find the best doctors and make better decisions about their health and well-being. HealthTap's experienced team of engineers and doctors have built health and mobile applications that have served hundreds of millions of people. Based in Palo Alto California, HealthTap is funded by Mayfield Fund, Mohr Davidow Ventures, and Innovation Endeavors, and prominent Silicon Valley angel investors. For more information, visit www.healthtap.com.
About Mayfield Fund
Mayfield Fund invests in relationships with entrepreneurs, institutions, and the community to transform bold ideas into industry-leading companies. With $2.7 billion under management, Mayfield invests primarily in early-stage companies in the Enterprise, Consumer, Energytech, Mobile/Telecom, and Semiconductor sectors. The firm fosters global entrepreneurship by investing in India-based companies through its Mayfield India fund and directly in China-based companies. Over its 42-year history, the firm has invested in more than 500 companies, resulting in over 100 IPOs and more than 100 mergers or acquisitions. For more information, please visit www.mayfield.com.
About Mohr Davidow Ventures
For more than 25 years, the Mohr Davidow team has invested in startups and worked closely with exceptional entrepreneurs to create venture returns by developing and bringing to market new, technology-based products and services. The firm invests in companies that transform industries whether through better infrastructure for our rapidly evolving data-intensive digital world, more efficient power for our planet, or better, more personalized medicine. Category-leading companies funded by Mohr Davidow include: Agile (ORCL); AudienceScience; Brocade (BRDC); Coupa; Genomatica; Infusionsoft; Kabbage; Nanosolar; nLight; ONI Systems (CIEN); Pacific Biosciences; Panasas; ParAccel; ParAllele (AFFX); Proofpoint; OPXBIO; RainDance Technologies; Rally Software; Rambus; Recurrent Energy (acquired by Sharp Corporation); Rocket Fuel; Shutterfly; Simbol Materials; Ticketfly; Visible Measures; and ZeaChem. The firm has $1.85 billion under management. For more information, visit www.mdv.com.
About Innovation Endeavors
Innovation Endeavors helps small teams tackling big problems. The firm has allocated $40 million to partner at the seed stage and beyond with teams around the world, with current investments in groups in the United States, Israel, and India. Innovation Endeavors aims to push the limits of the teams it works with to explore uncharted territory in the early stages of innovation and beyond, and is funded by Google Executive Chairman and former CEO Eric Schmidt. For more information, visit: http://innovationendeavors.com.