Editor’s word: This text has been up to date with a quote from Cloth.
Healthcare expertise and care enablement firm Cloth introduced it acquired Walmart’s telehealth platform MeMD, which gives digital medical and behavioral well being providers to company, institutional and well being plan shoppers.
MeMD provides 24/7 on-demand digital pressing care, behavioral well being and first care providers alongside a care coordination crew to assist information customers via its providers.
The corporate was based in 2010 and acquired by Walmart a 12 months later.
Cloth is a care enablement firm that makes use of conversational AI to assist determine sufferers’ signs, then navigate them to the best care setting, equivalent to routing them to pressing or digital care and serving to schedule main care visits.
To hurry up wait instances for digital visits, the corporate makes use of AI to carry out interviews to collect condition-specific data and automate follow-ups to extend engagement.
By means of the acquisition, Cloth will broaden its employer and payer choices and improve its behavioral well being technique, whereas integrating its medical intelligence and automation choices into MeMD. MeMD’s healthcare professionals will be part of Cloth’s community.
“I’m excited to welcome MeMD’s companions and crew,” Aniq Rahman, founder and CEO of Cloth, informed MobiHealthNews in an electronic mail.
“They have been a buyer of our Cloth Engagement Suite, so the groups have already got relationships and familiarity. The acquisition of MeMD builds upon our present employer and payer options and strengthens our digital care providing via a broader medical community and the addition of a behavioral well being community. Cloth’s conversational AI and asynchronous care will additional assist sufferers/members discover top quality care whereas driving elevated financial savings for employers.”
THE LARGER TREND
New York-based Cloth, previously referred to as Florence, launched in March 2023 with $20 million in seed funding led by Thrive Capital, GV (Google Ventures) and Salesforce Ventures, with participation from Huge Ventures, Atento Capital and BoxGroup.
Shortly after, the corporate introduced it had acquired telehealth firm Zipnosis from insurtech firm Shiny Well being in an all-cash deal. Zipnosis made white-labeled telemedicine merchandise for suppliers.
In February of this 12 months, Cloth raised $60 million in a Collection A funding spherical led by Basic Catalyst with continued participation by its present traders.
The identical month, the corporate introduced it acquired conversational AI-enabled medical assistant supplier Gyant and its total care crew in one other all-cash deal.
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