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Doximity Raises $17 Million Series B Led by Morgenthaler Ventures
Sep 05, 2012 (04:09 PM EDT)
Fast-growing private network brings physician collaboration to the patient's bedside.
SAN FRANCISCO, Sept. 5, 2012 /PRNewswire/ -- Doximity, the largest and fastest growing professional network for physicians, today announced a $17 million Series B financing led by Morgenthaler Ventures, with participation from returning investors Emergence Capital Partners and InterWest Partners. The round brings the company's total funding to $27 million.
Since Doximity's Series A funding 17 months ago, Doximity has grown 15-fold to over 1 in 7 U.S. physicians on its network. This elite group has formed over 2 million colleague connections and conducts 1,000 searches daily to find the right expert for their patients. Notably, 3 out of the top 5 medical schools (Stanford, UCSF, University of Pennsylvania) partner with Doximity to run their own alumni networks.
Rebecca Lynn, partner at Morgenthaler Ventures, commented, "We are thrilled to be working with the Doximity team. We've built out an extensive thesis in Healthcare IT, and we chose to invest in Doximity because we believe the company is nearing a tipping point; It is poised to transform a number of healthcare's very large, inefficient markets by giving doctors innovative ways to network and share critical information."
Morgenthaler Ventures is a leading venture capital firm well known for its portfolio of disruptive and category-leading companies such as Practice Fusion, Evernote, Lending Club and Siri. Morgenthaler has recently emerged as the leading firm promoting digital health innovation, in part by hosting the popular "DC to VC" conferences and health IT startup showcase competitions.
"Physicians spend hours waiting on hold, shackled to fax machines and archaic systems that are not interoperable or even interconnected," said Jeff Tangney, Doximity founder and CEO. "Doximity connects physicians while protecting both their own and their patients' privacy."
Modernizing medical communication
Physicians securely access the Doximity platform in minutes through a mobile app on an iPhone or Android device or through the Doximity website on their personal computer. Physician identities are verified via a 3-step credential check to protect Doximity's community and patient privacy. Once on the Doximity platform, medical professionals can update and expand their practice information, exchange private contact information with select colleagues, connect with former classmates, and incorporate rapid, precise communication with the care team into their treatment of patients.
About Morgenthaler Ventures