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§ Private Profile · 75 State Street, 26th Floor, Boston, Massachusetts, 02109, United States
Digital healthcare company providing a telehealth platform for virtual care delivery and consultations to health systems and plans.
American Well has raised $584.0M across 3 funding rounds.
Key people at American Well.
American Well has raised $584.0M in total across 3 funding rounds.
Based in Boston, Massachusetts, American Well is a digital healthcare company providing a comprehensive telehealth platform that connects patients with medical providers for secure virtual consultations across more than 2,000 hospitals and 55 health insurance plans. Operating as a publicly traded software business, the enterprise generates revenue through platform subscriptions and transaction fees, reporting approximately $259 million in annual revenue for 2023. The company has secured strategic investments and partnerships with major corporate entities, including Google, Allianz, Elevance Health, and the Cleveland Clinic. In July 2024, the corporation executed a 1-for-20 reverse stock split to maintain compliance with New York Stock Exchange listing standards after launching its unified Amwell Converge platform in 2021. The organization was originally founded in 2006 by brothers Dr. Ido Schoenberg and Dr. Roy Schoenberg to address geographical barriers in healthcare.
American Well has raised $584.0M across 3 funding rounds. Most recently, it raised $100.0M Amwell - Other Equity in August 2020.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Aug 24, 2020 | $100M Venture Round | Google Cloud | — | Announced |
| May 21, 2020 | $194M Series C | — | Karl Hick | Announced |
| Jul 9, 2018 | $290M Venture Round | Philips | — | Announced |
Key people at American Well.
American Well has raised $584.0M in total across 3 funding rounds.
American Well's investors include Google Cloud, Karl Hick, Philips.
Amwell (American Well Corporation) is a Boston-based telemedicine company that provides a digital platform connecting patients with doctors via secure video, audio, and integrated tools for virtual care across primary, urgent, specialty, and mental health services.[1][4] It serves healthcare providers, payers, health systems, and employers by offering subscription-based software, APIs for embedding telehealth into workflows, and the Amwell Medical Group for on-demand physician staffing, addressing access barriers, reducing costs, and enabling care continuum delivery for over 80 million covered lives.[1][4][7] With operations in all 50 U.S. states, partnerships with 55 health plans and 240 health systems (over 2,000 hospitals), and more than $500 million raised from investors like Anthem and Philips, Amwell has demonstrated strong growth, including 40,000+ providers on its platform in 2020 and millions of app downloads.[1]
Amwell was co-founded in 2006 by brothers Ido Schoenberg (CEO) and Roy Schoenberg, physicians frustrated by inefficiencies in traditional healthcare delivery, such as mismatched physician capacity and patient demand.[1][2] The idea emerged from their vision to solve the "economic obstacle of time and place" through real-time online care, starting with non-emergency consultations via phone or video to cut costs and improve access without office visits.[2] Early traction came from health insurers; by 2009, three adopted the platform, with app downloads surpassing 1 million by 2014 (named top telehealth app by App Annie) and earning American Telemedicine Association accreditation in 2015.[1] Pivotal moments included expanding to APIs for workflow integration and launching the Amwell Medical Group, scaling to nationwide coverage amid rising telehealth demand.[1][4]
Amwell stands out in telehealth through integrated, scalable solutions beyond basic video calls:
Amwell rides the virtual care and digital health wave, accelerated by post-pandemic demand for accessible, cost-effective healthcare amid clinician shortages and rising chronic disease burdens.[1][6][8] Timing aligns with healthcare tech revolutions like AI diagnostics, EHR integration, and remote monitoring, where market forces—such as payer incentives for efficiency and regulatory support for telehealth parity—favor scalable platforms.[4][6] It influences the ecosystem by enabling 240 health systems and 55 plans to hybridize care models, reducing no-show rates and ER visits while fostering innovator partnerships, positioning telehealth as a standard rather than niche.[1][7][8]
Amwell is poised to expand as AI-enhanced virtual care and hybrid models dominate, potentially growing via international markets, hospital/pharmacy integrations, and adjacent services like legal adaptations of its supply-demand matching.[2][6] Trends like automated triage and device ecosystems will shape its path, evolving influence from telehealth pioneer to full care orchestrator amid $100B+ digital health markets. This builds on its foundation of connecting excess supply with demand, promising broader efficiency in fragmented healthcare.[1][2][4]
