Health

Morgan Health invests $20 million in home diagnostics company LetsGetChecked



Morgan Health, the healthcare business unit of JPMorgan Chase, has announced a $20 million strategic investment in the home diagnostics startup. LetsGetChecked.

The investment was made as part of a Series D-2 round led by Casdin Capital and Transformation Capital. LetsGetChecked has closed a Series D round worth 150 million USD last year, building on an increase in 2018, 2019 and Year 2020.

WHAT ARE THEY DOING

LetsGetChecked offers home tests, including tests for sexual health, cholesterol, diabetes, reproductive hormones, and COVID-19. Users can mail samples and get results online within a few days. Depending on the test results, the patient may consult a nurse about next steps.

The company also offers a virtual pharmacy for drugs like erectile dysfunction drugs and birth control pills, as well as B2B services for health plans, employers, providers and the public sector.

“Timely access to clinical testing is critical to improving staff well-being. When patients delay or forgo routine or recommended testing, the consequences can be significant. , as we’ve seen from the increase in cancer diagnoses and disease progression during the COVID-19 pandemic,” Morgan Health CEO Dan Mendelson said in a statement. “LetsGetChecked is designed to serve and meet employees wherever they are, and most importantly, the convenience and ease of their homes to ensure that they get the care they need.”

SNAPSHOT . MARKET

LetsGetChecked, an Irish unicorn consortium founded in 2015, has made multiple acquisitions so far this year. In March, the company announced it would move into the genomics field with buy Veritas Genetics and Veritas Intercontinental.

“By integrating the genetics services of Veritas Genetics and Veritas Intercontinental with our scalable virtual care infrastructure, we are able to leverage the power of whole genome sequencing to kickstart a full lifecycle of personalized healthcare, which has always been our goal,” Peter Foley, LetsGetChecked CEO and Founder, wrote in an email to MobiHealthNews at that time.

It’s also recent completed the acquisition of BioIQa company that works with employers and health plans to provide laboratory testing, health screening, and vaccination services.

But, like a number of other digital health and medical technology companies over the past few months, LetsGetChecked lay off an undisclosed number of workers early this summer. The company told the Business Post that the cuts were due to recent acquisitions.

LetsGetChecked is not alone in the home diagnostic space. Rivals include Everlywell, Cue Health and traditional laboratory company Labcorp.



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