Virtual health care that works for everyone, everywhere: Why Lightspeed is leading a $50m Series B in Wheel
Throughout the Covid-19 pandemic, and especially in its earliest stages, people around the world faced difficult, stressful choices about how to manage their health. How could we seek and continue medical care without being exposed? Was it better to put off visiting a physician for the peace of mind of staying safe at home?
Fortunately, health systems quickly realized that these choices didn’t have to be binary ones. Technology offered a vital solution in the form of virtual care. Last year was a pivotal moment that revealed the need for health care services anytime, anywhere. As we enter the “reopening” phase of the pandemic here in the states, will this massive demand last? And more importantly, how can we make virtual care work for everyone?
Our investment in Wheel
Lightspeed is confident that we are in the early innings of a transformative approach to healthcare both here in the US and globally. This is a trend that will grow significantly. It’s why we’re the lead investor in Wheel’s $50 million Series B and why I’m thrilled to join the company’s board of directors.
Wheel is a health technology company with the bold vision of democratizing virtual care. The company’s technology enables any company to launch a virtual care service under their own brand, addresses the operational barriers that often make it hard to provide real-time care across all 50 states, and provides clinicians with the training and support they need to provide great care to patients.
The company’s CEO and co-founder, Michelle Davey, sees a future where you can take out your mobile device and instantly be connected with the best doctor for your care needs, from primary care to physical therapy to advanced specialty care. Wheel is building the fundamental, technological infrastructure that will define and enable this new reality for millions of patients. They’ve designed their business to be symbiotic with their customers’ needs, so they’re able to scale and grow in lockstep with their customers, a powerful model.
Clinicians are now seeing 50 to 175 times the number of patients virtually than they did before the pandemic, and Wheel has stepped up to meet this demand. The company grew 300% year-over-year, expanded its clinician network by 450%, and delivered nearly half a million patient visits in the last year. This Series B funding will enable Wheel to continue this rapid growth and further invest in the technology needed to reach millions of patients in seconds.
The new normal in healthcare
If we want to improve health outcomes for patients, health systems have to recognize that we must do more than bring a broken healthcare system from the real world to the digital one. The right technological innovation, when done at scale, can address serious medical needs across the entire healthcare landscape, which is why we’re so enthusiastic about Wheel. With an experienced management team steeped with health and software expertise, Lightspeed is confident that Wheel’s approach will transform healthcare and improve the quality of patient experience at scale.
