Boston-based telemedicine provider American Well announced today that it landed $59.2 million in funding from insurer and asset manager Allianz Group’s digital investment unit, Allianz X.

“Allianz X’s investment with American Well will result in better access, lower cost, and more connected care for our customers through a leading-edge health platform,” Solmaz Altin, chief digital officer of Allianz Group, said in a statement. “This collaboration emphasizes Allianz’s commitment to digitalization, our goal of investing in digital frontrunners, and encourages advancements within the whole healthcare ecosystem.”

The deal also means a partnership between the two organizations, the goal of which is to develop a digital product that will expand healthcare access, lower the cost, and improve healthcare quality. The pair plan to develop this digital tool by using American Well’s platform and building on Allianz’s expertise to combine wearable sensors, remote monitoring, and virtual visits, according to a statement.

As part of the deal an unnamed representative from Munich-based Allianz X will be joining American Well’s Board of Directors.

“Advancing global health digitally is a big mission, and one we know we cannot accomplish alone,” Dr. Ido Schoenberg, chairman and CEO at American Well, said in a statement. “Our…

Mayra Rodriguez
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Mayra Rodriguez

Content Editor at oneQube
Work from home mom dedicated to my family. Total foodie trying new recipes.Love hunting for the best deals online. Wannabe style fashionista. As content editor, I get to do what I love everyday. Tweet, share and promote the best content our tools find on a daily basis.
Mayra Rodriguez
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