Diagnostic Testing Leader ixlayer Raises $75 Million

By Annie Baker ● March 23, 2021
  • ixlayer — a leader in technology-based solutions for diagnostic testing — announced recently that it raised $75 million in an oversubscribed Series A funding round. These are the details.

ixlayer — a leader in technology-based solutions for diagnostic testing — announced recently that it raised $75 million in an oversubscribed Series A funding round. This round of funding was led by General Catalyst with participation from the lead seed investor PearVC and others including Signatures Capital’s Bobby Yazdani, Uber CEO Dara Khosrowshahi, 23andMe CEO Anne Wojcicki, MBX Capital’s Zeshan Muhammedi, and Prologis CEO Hamid Moghadam.

The telehealth industry has increased access to primary care at a time when a patient’s ability to see their doctor is severely restricted. And as a result, providers have rapidly scaled offerings to match demand as the trend grows to replace traditional healthcare visits with virtual telehealth experiences.

According to McKinsey, up to $250 billion of the current U.S. healthcare spend could be virtual. And providers, payors and government health officials at every level need technical infrastructure like ixlayer to connect the services required for telehealth programs to run efficiently.

The diagnostic testing is the foundation upon which many medical decisions are made. And this reality became more apparent at the onset of the pandemic.

ixlayer’s proprietary technology connects the health testing ecosystem of services, enabling the rapid launch of testing programs while driving patient engagement from the comfort of their homes. But most enterprise-grade solutions take months to deploy and often lack necessary features at launch, ixlayer can be implemented within weeks and is robust and flexible enough to match the speed of today’s challenges.

The company saw early success with its go-to-market strategy organizing testing platforms with the US Coast Guard, the Chan Zuckerberg Biohub, Stanford University, and Avera Health. And the ixlayer cloud-based technology platform currently supports more than 1 million patients and launched more than 800 testing programs in 2020 alone.

KEY QUOTES:

“Our platform answers the most pressing telehealth needs in an industry grappling with scaling new products and solutions on the fly, and there is tremendous opportunity to provide higher quality care by growing these services. When COVID-19 first began, we knew local governments, organizations and labs would struggle with the sudden volume of diagnostic testing. Fortunately, we had a ready-made product in place to drive patient engagement by making lab testing accessible from consumers’ homes.”

— Pouria Sanae, CEO of ixlayer

“The stress test of Covid has shown us that we have persistent and serious fractures across the foundation of healthcare. What gives me hope today is that there are founders and innovators dedicated to taking on these challenges. The team at ixlayer is building a platform to create a scalable, flexible diagnostic health testing solution. It’s ambitious and with their success comes the chance of having a healthcare system that’s better prepared and more resilient than before. We are excited to be joining them at this important phase of the company’s growth and development.”

— Hemant Taneja, managing partner, General Catalyst

“What makes ixlayer unique is that it’s built by founders that have experienced the lack of tech infrastructure in healthcare firsthand, and as a result, are able to build innovative solutions for health systems. We are proud to be the first institutional investors in ixlayer and are excited to continue supporting their journey to revolutionize healthcare.”

— Mar Hershenson, Managing Partner, Pear