New tech startup raises funds for at-home medical tests
CHICAGO: The multibillion self-service medical exam market is having a moment, evidenced by the growth of 23andMe and a raft of others. That’s because it makes a lot of sense: A mail-in kit saves patients the trouble of having to drive to an emergency room, clinic, or hospital. As for doctors, who perform an estimated 7 billion lab tests in the U.S. annually and who use 70% of these tests in medical diagnoses, self-service kits thin out waiting rooms and help to prioritize urgent cases.
It’s no wonder, then, that companies like Everlywell and LetsGetChecked are attracting substantial follow-on funding from investors. Today, the latter announced that it has secured $30 million in a series B round led by Leerink Transformation Partners (LTP), with participation from existing investors Optum Ventures and Qiming Venture Partners USA.
The fresh cash brings LetsGetChecked’s total raised to roughly $48.9 million, following a $14.5 million series A raise in July 2016. CEO and founder Peter Foley said the company will use the funds to scale its diagnostics products in the U.S. and internationally, further develop its technology platform, and expand its U.S. manufacturing and logistics operations.
“Early diagnostics through consumer-led screening can help solve this problem and lead to better clinical outcomes,” said Foley. “Support from investors like LTP who have a proven track record of helping modernize health care aligns well with our mission and company goals of bringing specialized health testing and insights direct to consumers. I’m grateful for LTP’s investment and involvement.”
LetsGetChecked offers a range of tests in all 50 U.S. states, Canada, and Europe through online and brick-and-mortar partners, including CVS, Walmart, Pharmaca, and McKesson. The tests evaluate sexual health and wellness, covering illnesses such as herpes, hepatitis B and C, chlamydia, gonorrhea, syphilis, HIV, celiac, Lyme, diabetes, and colon cancer, in addition to disorders involving the thyroid, liver, folate, ovarian reserve, cholesterol, and omega 3 levels.
A customer orders a test — either a single test or several, on a recurring basis — that ships from an ISO-accredited warehouse as soon as the next day. The customer then activates their test, answers a few health-related questions from an app or on the web, collects a sample in the morning, and returns it using the provided prepaid shipping label.
Once the sample arrives at one of LetsGetChecked’s partner labs, it’s processed by a team of technicians and the results are reviewed by board-certified clinicians, who make results available via customers’ accounts within two to five days. Throughout, users receive status updates and can view health information and risk scores from a unified dashboard, including fitness data from wearables and fitness trackers from Apple, Fitbit, and Garmin.
Post-processing, a member of LetsGetChecked’s doctor and nursing teams walks customers through treatment and care options. Customers also receive a follow-up call to discuss the results live — which might be accompanied by a no-charge prescription sent to the pharmacy of their choice.
LetsGetChecked claims that it has performed 127,746 tests in 30 markets to date and that it has detected 3,862 infections and spotted 3,756 abnormal results.
“We have seen LetsGetChecked grow and expand successfully over the time we have been involved. We are dedicated to investing in companies that solve real-life problems. This is why LetsGetChecked stands out to us,” said Qiming Venture Partners USA’s Mark McDade. “We’re excited to help the company continue to grow at a time when people want more control over their own health.”
LetsGetChecked, which was founded in 2014, has offices in New York and Dublin.
