News: UCM Digital Health Raises $5.5 Million Series A Led by Armory Square Ventures
Pioneering digital health company poised to grow significantly as health plans and employers recognize a need for ‘digital-first’ plan designs
TROY, N.Y., April 28, 2021 /PRNewswire/ — UCM Digital Health, a leading provider of emergency telemedicine and virtual care solutions, announced it has completed a $5.5 million series A funding round led by Armory Square Ventures (ASV), a prominent VC firm focused on investing in technology-enabled companies in emerging startup ecosystems outside of Silicon Valley. Also participating in the round were Contour Ventures and River Park Ventures.
Contributing a deep expertise in emergency medicine, UCM Digital Health has redefined 24/7 immediate triage, care coordination and remote health services. Through its ‘digital first’ platform, health plans or employers’ plans can deliver specialized digital front door services such as triage, urgent and emergent care, virtual primary care, home testing, or even virtual emergency medicine with 911/EMS. According to McKinsey, an estimated 20 percent of all emergency room visits could potentially be avoided via virtual urgent care offerings, a figure that represents a sizable share of the US healthcare market.1
UCM Digital Health’s solution has earned customer satisfaction scores in excess of 95% and lowered costs and improved outcomes by triaging, treating and navigating people where they are rather than in expensive urgent care or emergency room facilities 96% of the time. Two health plans, CDPHP and MVP, presently utilize UCM Digital Health’s proprietary tech platforms.
“We have created a mission-driven offering that enables all care to begin digitally, binding a highly trained emergency medicine team of physicians, PA’s, NP’s, EMT’s and care coordinators, with our technology,” said Keith Algozzine, CEO and co-founder of UCM Digital Health. “We are provider-led and patient focused. Over the last five years, we have proven our value proposition through a data-driven model, comprised of over 500 clients and growing consistently by 100% year-over-year. We operate in all fifty states and UCM Digital Health’s services today touch millions of lives. With support from our new investors, we are excited to continue our growth by expanding our network of health plans or employers’ plans.”
“The team at UCM Digital Health has pioneered an entirely fresh approach to emergency medicine and triage with its digital front-door,” said Somak Chattopadhyay, Managing Partner at Armory Square Ventures. “Over the course of the pandemic, digital health adoption rates have soared. UCM Digital Health is unique as it empowers providers to meet the increased patient demand while delivering its responsive healthcare solution to payers. We are thrilled to partner with the UCM Digital Health team as the company scales up its platform with new integrations and partnerships.”
About UCM Digital Health
UCM Digital Health delivers an end-to-end healthcare solution that combines a “digital front door” platform with a 24/7 telehealth treat, triage and navigation service – designed to lower costs, improve outcomes and provide a better patient experience. UCM brings together clinical expertise, advanced technology and compassionate care to offer powerful advantages for insurers, employers, patients and providers.
About Armory Square Ventures
Based both in Upstate New York and NYC, Armory Square Ventures is a technology venture capital firm that strives to be a community catalyst for founders and an optimism engine for regions outside of Silicon Valley. The firm focuses on overlooked areas once home to the nation’s most successful manufacturing centers, innovation hubs, and resilient small businesses. The fund’s investments include ACV (NASDAQ: ACVA), Agronomic Technology Corp (acquired by Yara), Bentobox CMS, Clerio Vision, Good Uncle (acquired by Aramark), Jorsek, RealEats, SquareFoot, StorySlab, UCM Digital Health, Vengo Labs and Vizbee.