US-based diagnostic health testing startup ixlayer, a telehealth platform that allows for payors, providers and government partners to scale testing in weeks, raised US$ 75M in an oversubscribed Series A funding round on 11 March 2021.
Investors: The funding round was led by General Catalyst with participation from the lead seed investor Pear VC, Bobby Yazdani, Dara Khosrowshahi, Anne Wojcicki, Zeshan Muhammedi and Hamid Moghadam. ixlayer’s total funding stands at US$ 78.5 million.
Purpose of funding: The funds will be utilized to grow the ixlayer team and to support its growth. ixLayer currently works with 14 enterprise customers and two government contracts.
About ixLayer
Founded in 2018 by Poorya Sabounchi, Pouria Sanae and Vahid Kowsari, ixlayer is on a mission to connect the dots, remove barriers and give its partners the required tools that they need to fuel the future of health and medicine. The startup’s proprietary technology connects the health testing ecosystem of services and facilitates the rapid launch of testing programs while driving patient engagement from home.
ixlayer gives a complete solution for health testing. Its main clients are leading health systems, clinical labs, biopharma, consumer companies as well as the Govt. It removes the technical, security and regulatory complexity for the stakeholders involved and allows them to launch programs quickly and efficiently.
The pandemic accelerated the need for telehealth tools, both by customers and healthcare providers. According to a report by McKinsey, up to US$ 250 billion of current health care spending in the U.S. could be virtual. Therefore, the demand for ixlayer’s technical infrastructure for telehealth programs has been increasing at a rapid pace.
What the CEO has to say: “Last year was the toughest for our team. They were working 12-hour shifts and weekends to support the demand. Looking back, we should have raised the round earlier, but realized it was no time to breathe. Things got quiet in December, so we started talking to investors. When reaching out to networks, like Hemant Taneja at General Catalyst, he immediately understood what we were doing.” – Pouria Sanae, CEO of ixlayer.
What the investors have to say: “We invested because this team is addressing some real challenges in our health care system. Billions of lab tests are ordered every year, and they are farmed out to hundreds of thousands of labs. It’s a highly fragmented system and, as COVID exposed to us all, the overall system is not very scalable or resilient. ixlayer has an ambitious vision for becoming the platform that connects all the key stakeholders, consumers, care professionals and diagnostics labs to digital transform the diagnostics industry.” – Hemant Taneja, Managing Partner at General Catalyst.
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