Healthcare expertise and care enablement firm Cloth introduced it acquired Walmart’s telehealth platform MeMD, which offers digital medical and behavioral well being companies to company, institutional and well being plan purchasers.
MeMD affords 24/7 on-demand digital pressing care, behavioral well being and first care companies alongside a care coordination staff to assist information customers by way of its companies.
The corporate was based in 2010 and acquired by Walmart a year later.
Cloth is a care enablement firm that makes use of conversational AI to assist establish sufferers’ signs, then navigate them to the best care setting, akin to routing them to pressing or digital care and serving to schedule major care visits.
To hurry up wait occasions for digital visits, the corporate makes use of AI to carry out interviews to collect condition-specific info and automate follow-ups to extend engagement.
By way of the acquisition, Cloth will broaden its employer and payer choices and improve its behavioral well being technique, whereas integrating its scientific intelligence and automation choices into MeMD. MeMD’s healthcare professionals will be part of Cloth’s community.
“The MeMD staff constructed a number one digital care providing, and we’re excited to welcome them to Cloth,” Aniq Rahman, founder and CEO of Cloth, mentioned in a press release.
“This acquisition aligns with our strategic imaginative and prescient to remodel healthcare supply by way of modern expertise and distinctive affected person care,” Rahman mentioned. “The mixture of our groups, expertise, and clinicians strategically positions Cloth to rapidly broaden throughout payers, employers, and supplier organizations.”
THE LARGER TREND
New York-based Cloth, previously often known 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 company Bright Health 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 Sequence 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 staff in one other all-cash deal.
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