Newly Minted Tech Unicorn NexHealth Raises $125M Series C
San Fransisco has a new tech unicorn — healthcare software startup NexHealth. The company was founded in 2017 and has been creating tech solutions for patients and medical practices.
On Thursday, NexHealth announced that it raised a Series C round to the tune of $125 million, which propelled the company to a $1 billion valuation. The round was led by Buckley Ventures, a VC firm owned by tech entrepreneur Josh Buckley.
Prior to the Series C raise, NexHealth had raised $51.8 million in venture capital, according to Crunchbase, with its largest amount totaling $31 million in a Series B round.
In a statement, NexHealth said the new capital will be used to look for strategic talent acquisitions as the company seeks to develop new digital health solutions for patients and doctors. One new solution would be an API to enable one-click appointment bookings.
“NexHealth has already established itself as the leading patient experience software platform during a critical juncture in the market where the providers who are prioritizing technology are winning,” Buckley said in a statement. “We’re excited to partner with NexHealth as they establish the technology foundation on which the future of healthcare will be built.”
NexHealth was founded by Alamin Uddin with the hopes of creating better experiences between patients and doctors. Prior to being a tech entrepreneur, Uddin worked as a medical receptionist while enrolled in a pre-med program. There, he witnessed firsthand the friction-riddled experience of patients trying to book appointments, fill out forms or even make payments. With NexHealth, Uddin tried to remedy those annoyances through the use of tech.
Since launching, NexHealth has created APIs that can be integrated with existing healthcare systems. The solutions have automated serval administrative processes and have also provided patients with ease of use tech when visiting doctors’ offices. According to its website, the San Fransico startup currently has solutions for online booking, online reviews, HIPPA complaint messaging, online forms and online payments, among others.
“Consumers have frictionless digital experiences when doing virtually anything except visiting the doctor’s office,” Uddin said in a statement. “We’ve come to expect very little innovation in the healthcare world and NexHealth is here to change that, accelerating innovation in healthcare by connecting patients, doctors and developers.”
While the company’s solutions are popular with medical practices it has also worked with other healthtech startups such as Quip and SmileDirectClub to help them develop custom tech products.
According to NexHealth, since launching it has safely managed over 68 million patient records.