Silver Rock Group, which has funded successful ventures such as Docusign, today announced that it plans to invest $300 million in equity financing in Doc.com, a decentralized telehealth platform providing free basic healthcare and health education to people worldwide. This brings the company’s total valuation to $1.3 billion. This is Silver Rock’s debut investment into health care, following funding other successful startups such as Docusign. Doc.com will use this funding to bring its groundbreaking telehealth offering to the US market, providing urgently needed free basic health care to millions of uninsured and underinsured Americans in all 50 states.
Lack of affordability is the leading barrier to Americans accessing critical health care; over 30 million Americans lack adequate health insurance. Individuals lacking health coverage are more likely to access routine outpatient care in comparison to those who an insurance provider covers. As a result, underinsured people face an increased likelihood of hospitalization due to preventable health issues, and face worse health outcomes overall. All of this has dire consequences— it is estimated that 26,000 Americans every year die because of a lack of health insurance, and timely access to basic and critical care.
“The technological advancements available today are transforming how we approach and scale patient-centric care, medicine, and care planning overall,” said Ezzat Jallad, Managing Partner at Silver Rock Group. “It’s an honor to lean into Doc.com’s vision of accessible, low-barrier healthcare, and empower Americans with more optionality so they can best steward their health and care.”
Doc.com’s recent raise comes during the telehealth provider’s nationwide rollout. Their app— available for free download on Android and Apple App Stores— will connect users with a licensed local physician at no cost. Prospective patients log into the app, and, using an artificial intelligence chatbot that harnesses proprietary data to run clients through a series of menus, describe their concerns, which then matches them to a doctor or specialist in their state of residence. Doctors conduct telehealth appointments and can provide free prescriptions or additional referrals. The platform of the service uses blockchain to provide transparency for publicly verifiable public health data, while still using HIPAA-compliant state-of-the-art encrypted servers that ensure patient privacy and data protection.
“America has a healthcare access crisis: the high cost of health care is an unfair burden shouldered by millions of people from all walks of life across this country,” said Charles Nader, CEO of Doc.com. “Healthcare is a human right, and we’re on a global mission to ensure everyone has access to the healthcare they need. Doc.com has been proven in other international markets and we’re excited to open access to Americans looking to manage their health. The ability to be proactive about your health shouldn’t be relegated to a privileged few— Doc.com’s telehealth platform is a low-barrier, comprehensive, free basic healthcare solution that allows folks to connect to a trusted and licensed care provider, whenever and wherever, so they can manage their health in a way that is best for them, without prohibitive costs. ”
“We are so excited to have Silver Rock’s confidence and partnership as we move into Doc.com’s next chapter,” Nader continued. “We all know that health care is an intrinsic part of human life and modern society, and we have exciting enabling technologies that allow us to provide more accessible, immediate, and compassionate care, at scale, with great potential for interoperability. Working with an investor like Silver Rock that knows how to make bets on transformative business and consumer tech is an unparalleled opportunity to help those with urgent need in this country.”
