GGV Co-Leads $132M Series E in K Health

By Hans Tung and Robin Li

A year ago, telehealth was a small-but-growing segment of the overall US healthcare market. And then came COVID-19. Due to lockdown restrictions, the percentage of Americans who used telehealth appointments surged from 11% of the population in March 2020 to 46% just a month later, while 76% of Americans now plan to regularly use telehealth appointments. For telehealth providers, the future is extremely bright. Pre-COVID19, US telehealth players generated about $3B in annual revenue, but current estimates put potential annual revenue at over $250B.

At the center of this revolution sits one fast-growing, data-driven healthcare company that already has over 4 million users: K Health. Today GGV Capital is thrilled to announce our investment in this groundbreaking company. We co-led the $132 million Series E round with Valor Equity Partners and I joined the board of directors. 

Clearly, there is no going back to the old way of accessing primary care: call multiple practices to find a doctor taking new patients; onboard with their online patient portal; make appointments weeks or even months in advance; drive to the office; fill out a bunch of paperwork; sit in the waiting room for up to an hour; spend 10 minutes with a harried doctor; then fight with your insurance company to pay the bill. This process is broken for both patients and doctors alike.

K Health fundamentally transforms the doctor-patient relationship into a streamlined, deep interaction that values both parties. K lowers the cost of healthcare dramatically, while improving quality.

How does K do this? It offers an AI-driven mobile app that provides users with accurate diagnoses based on a massive database of physician intelligence, lab results, patient feedback, treatments, prescriptions and medical outcomes. K’s database has millions of data points and insights from Maccabi, Israel’s largest HMO; the Mayo Clinic Platform; and the insurance company Anthem. This hugely rich data set, married with K’s advanced AI technology platform, provides accurate information based on how people like you were treated on over 100,000 medical conditions. 

How does K work? K users enter their symptoms into a conversational, two-way text chat with an AI bot, which then asks detailed questions about their symptoms and situation, including demographics, lifestyle, and medical history. K’s AI engine parses the conversation against its database to provide accurate information and personalized treatments. This part of the experience is entirely free. If a user wants a diagnosis from a doctor, K can link a patient to a board-certified physician for a text or video visit that costs just $19, including follow-up visits for three days. Or, for a monthly subscription of $9, users get unlimited doctor chats, prescription discounts, and free care for children over 3. K’s affiliated doctors, called KMDs, can also refer patients for further testing or specialist visits.

It’s easy to see why K has a near perfect 5-star rating, since it gives millions of Americans access to high-quality primary and urgent care. And K is also adding new services, such as memberships for unlimited access to chronic condition management, and K for Parents, which provides guidance and reassurance to parents on the common health issues kids aged 3+ routinely face. For doctors, K provides recurring revenue without the hassle of intake questions, charting, and reporting, and lets them focus on what they do best: connecting with and treating patients.

K is a great idea, but it would still be just an idea today if it wasn’t founded by an absolutely stellar team with the ability to execute. The founders, Allon Bloch, Ran Shaul, Israel Roth, and Adam Singolda, are serial entrepreneurs who have started, grown, and taken public several companies between them, including Wix, Vroom, and Taboola. Among them, the four founders have over 100 years experience building companies, leading as CEOs and CTOs, working as venture capitalists, and so much more. 

GGV is thrilled to join K on its journey to become America’s most complete digital healthcare system, offering consumers affordable everyday healthcare, chronic condition management, and access to medicines, labs, and hospitals. We’re so excited to welcome K to the GGV family and can’t wait to roll up our sleeves to support this groundbreaking company in its quest to fix what’s broken in the American healthcare system.