As Amwell heads for IPO, Google Cloud is partnering with the telehealth company to provide supports and a $100m funding boost.
Google Cloud has announced plans to invest $100m in telehealth platform Amwell, as part of a multi-year strategic partnership to deliver digital healthcare technology.
Amwell, formerly known as American Well, recently filed for an initial public offering (IPO) and Google’s investment will be a concurrent private placement at the IPO price and will be contingent on the closing of the IPO. Through the deal, Amwell will move parts of its business from Amazon Web Services to Google Cloud.
Together, the companies said that they aim to expand access to virtual care, improve patient and clinician experiences and leverage their capabilities to deliver new, differentiated healthcare solutions. Amwell currently provides telehealth tools for more than 2,000 hospitals and 55 health plan partners in the US.
Ido Schoenberg, chair and CEO of Amwell, said: “We chose Google Cloud as our strategic partner because of their phenomenal people, superior products and open approach to partnering. Together, we will be able to offer an incredible array of integrated capabilities and help millions of people around the world access better care.”
The partnership comes as the Covid-19 pandemic has accelerated the uptake in telehealth technologies. Other significant deals have been happening in this sector, including an $18.5bn merger between Teladoc Health and Livongo earlier this month.
Google’s partnership with Amwell
As part of the deal between the companies, Google Cloud has selected Amwell as its preferred global telehealth platform partner, while Amwell has selected Google Cloud as its preferred global cloud platform partner.
The companies will engage in development work using Google Cloud’s artificial intelligence and machine learning technologies to assist patients and frontline workers with intake, inquiries and triage, and use its natural language and translation services for non-native speakers.
Google will also provide Amwell with access to G Suite tools like Meet for communication purposes, and data analytics tools to aid remote health monitoring by providers and insurers.
Through Google Cloud’s investment into Amwell, it aims to evolve and scale the company’s telehealth portfolio to serve the needs of providers, insurers and patients in current and new markets.
Thomas Kurian, CEO of Google Cloud, said: “This is a critical partnership for the healthcare industry and has the potential to dramatically transform the telehealth space through the use of modern cloud technologies.
“We are thrilled that together we can bring groundbreaking digital health solutions to so many providers, patients and health plans across the globe. Our joint work will drive innovation in health in a new and powerful way.”