Wheel, the health tech company making virtual care work for everyone, has announced a $50 million Series B investment led by Lightspeed Ventures with participation from existing investors CRV, Silverton Partners, Tusk Venture Partners, and J.P. Morgan.
New investors including Tony Fadell’s Future Shape also participated in the round. As lead investor, Lightspeed Senior Advisor Dr. Ling Wong will join Wheel’s board of directors. The company has raised $66 million in total and will use the funding to further invest in its technology and clinician networks.
“Imagine being able to pull out your phone and instantly get connected with the best doctor for your care needs,” said Wheel CEO and cofounder Michelle Davey. “We’re building the technology to make this complex and expensive feat a reality for millions of patients. If we actually want to expand access to healthcare, we need the industry to recognize there’s a better way to reach patients than simply bringing the broken system online. That’s why we’re powering the next generation of healthcare companies and clinicians to make virtual care work for everyone.”
“We have seen an explosion in demand for telemedicine across our daily lives from sessions with a physical therapist to advice from a specialist,” added Dr. Ling Wong of Lightspeed. “Michelle and team are fundamentally building new healthcare infrastructure that will define and enable successful virtual care. Wheel has built its business to be symbiotic with their customers, so they’re able to scale and grow in lockstep with their customers, a powerful model. I’m honored to join the board and lead the company’s Series B financing.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.