Israeli telehealth startup Antidote Health, which uses AI technology to provide Americans with quality accessible healthcare, announces the closing of a $12 million Seed funding round. The investment was led by iAngels, Well-Tech Ventures, and Flint Capital, along with additional private investors.
"The convergence of two disciplines"
Antidote Health is a B2C company using artificial intelligence to provide uninsured and underinsured Americans with a virtual Health Maintenance Organization (HMO) that connects users to physicians through video calls and smart chatbots. According to the company, it chose the HMO model because of the challenging U.S. healthcare system, which has left more than 38 million Americans without proper health insurance. Many times leading the uninsured to not seek medical help when sick or wounded.
The US healthcare market crossed the $4 trillion total expenditure threshold last year (about 19% of GDP). It has reached its current state in light of the existing structural separation in the market between medical service providers and insurance companies. The HMO model unites these two parts, aligning the interests between the patient, health providers and the coverer. By taking a more direct approach to coverage, Antidote is able to provide uninsured individuals with quality medical care, while only quoting them as little as $29 per month. Antidote launched its HMO model earlier this year across New York, New Jersey, Florida, Michigan, and North Carolina, with extended rollout planned for 2022.
“Healthcare in the United States presents us with a great opportunity - both economically and morally. Making medical services available to a population of millions is an enormous mission," said Avihai Sodri, Antidote Health’s Co-founder and CEO. "The convergence of two disciplines - AI-based virtual healthcare and Fin-tech (Insure-tech) applicational layers is unique in the technological-medical landscape in that it provides a disruptive force in the market. The melding of advanced technologies and the social impact Antidote produces are part of our organizational DNA and manifest in every action we take.”
Antidote was founded in 2020 by CEO Avihai Soudri, who previously led the innovation and business development at Leumit and served as CEO of health insurance company Vectis, which was acquired by Swiss-Re in 2019; CTO Carine-Belle Feder, previously served as an officer and commander in an elite technology-intelligence unit in the IDF;. Dr. David Zlotnick, who serves as the Chief Medical Officer; Ben Enosh, who serves as the company's president and chairman, is a co-founder of Cyota, along with Israel Prime Minister Naftali Bennett and others, and founded Audioburst, PLYmedia and Scientific G prior to Antidote.
The Israeli telehealth startup will look to use the newly raised capital to expand in the U.S., enhance marketing initiatives. Antidote Health is headquartered in New York with R&D operations based in Tel Aviv. The company has 50 doctors already under its wing and has over 30 employees, with plans to expand by the end of the year.
“If there is any one industry for which COVID-19 highlighted the major gaps and necessary advances, it is the need for access to telehealth. In the wake of a global pandemic, and as an Israeli who can take for granted access to national healthcare, it is mind boggling that as many as 1 in 4 Americans do not have access to equitable and affordable healthcare. We are proud to lead Antidote Health's financing round, and to play a role in their journey to level the field for all Americans to receive adequate telemedicine," said Shelly Hod Moyal, iAngels Founding Partner. "Israel is not only a leading country in digital health, but in technology as a whole, as can be witnessed by the record breaking year we are experiencing. This expertise and ability to simplify processes coupled with Fintech advances that allow for payment from the palm of your hands has made way for Antidote Health's solution to an age-old issue."