K Health, the New York-based startup using AI to revolutionize primary care, has secured $50 million in new funding led by Marcelo Claure's Claure Group. This investment round, which included participation from Royalty Pharma founder Pablo Legorreta and existing backers, values the company at approximately $900 million.
"Half of insured Americans aren't managing their health well due to lack of regular primary care," said K Health CEO Allon Bloch in an interview. "There aren't enough doctors, and it's hard to get appointments."
The company’s AI-driven chatbot guides patients through initial assessments, integrates relevant electronic medical records, and presents a comprehensive medical chart to physicians, enabling more personalized diagnoses and treatment plans.
Marcelo Claure, formerly of SoftBank, explained his investment: "With all the AI hype, it's tough to find startups actually solving real problems. K Health stands out." He praised the company's use of anonymized patient data from respected sources like Mayo Clinic and its integration with electronic medical records.
Since adding doctors to its platform in 2019, K Health has handled over 3 million patient visits. The company operates in 48 U.S. states and partners with major healthcare players like Cedars-Sinai and UnitedHealthcare.
While not yet profitable, Bloch expects K Health to turn a profit next year. He's also eyeing a potential IPO, though no specific plans are in place.
K Health plans to use the new funds to improve its AI technology and expand across the U.S. The company will focus on integrating its platform with more health systems to broaden its reach.