Welcome!

News Feed Item

Doximity Raises $54 Million to Connect Every Doctor in the US

Doximity, the professional network for doctors, today announced closing a $54 million Series C fundraising round co-led by DFJ and funds and accounts managed by T. Rowe Price Associates, Inc. Funds and accounts managed by Morgan Stanley Investment Management also participated in the round as new investors. With over 1 in 3 US doctors as members, Doximity has more than tripled its user base since its last funding round in September 2012 and had its first cash-flow positive month in January 2013.

The fastest-growing social network for doctors

Doximity offers a suite of free professional tools dedicated to making the practice of medicine easier and more connected for doctors. A new physician signs up every three minutes to use the service’s secure mobile collaboration platform and to receive targeted career opportunities and personalized medical news alerts. In just three years since its launch, Doximity has attracted a physician membership larger than that of the American Medical Association (AMA).

“It’s rare to see lightning strike twice,” said Konstantin Guericke, co-founder of LinkedIn and Doximity board member. “Doximity is proof that, due to their specialization, vertical networks can add a lot of value to their members and can be great businesses, too."

Vertical social networks are gaining increased attention from investors. In addition to Doximity, legal network Avvo, neighbor network Nextdoor, and IT network Spiceworks have recently raised new funding.

Key facts

  • Doximity has raised $54 million in a Series C fundraising round, bringing the company’s total funding to $81 million.
  • DFJ and funds and accounts managed by T. Rowe Price Associates, Inc. co-led the round, with participation from funds and accounts managed by Morgan Stanley Investment Management and returning investors Emergence Capital Partners, Morgenthaler Ventures and InterWest Partners.
  • More than 100,000 tailored job offers have been sent to Doximity members since the recruiting product launched in January 2013.
  • An average of 20,000 peer-to-peer physician messages are sent through Doximity on a given business day.
  • The company is on track to have half of US physicians as members by this summer.

Key quotes

  • Henry Ellenbogen, Portfolio Manager at T. Rowe Price Associates, Inc. - “For an early stage company, Doximity has demonstrated mature revenue and a clear path forward towards long-term success. Healthcare is not a niche, it’s a sector, and as a sector it’s incredibly large. It’s exciting to see Doximity bringing the best of social media to this significant market.”
  • Josh Stein, Partner at DFJ - "Our 15+ years of backing enterprise and healthcare investments in Box, Epocrates and Athenahealth gave us strong conviction that Doximity is on track to become the winner in healthcare technology. We seek to partner with companies that are thinking big about huge disruptive markets, and we’re thrilled to partner with Doximity as it works to achieve the next phase of its growth."
  • Jeff Tangney, Doximity CEO and founder - “Our success is built on solving small problems for doctors every day. With T. Rowe Price and DFJ on board, we look forward to continuing our work to make physicians more connected and successful.”

Supporting career mobility in medicine

Doximity has seen significant interest in early launches of career advancement tools for physician members and plans to expand this development in 2014. Unlike other professions, it’s often time consuming for doctors to change jobs. Finding the right position can be difficult, and job transitions often take months to process due to credentialing and licensing hurdles. Telemedicine and part time work can be even more complex. Doximity is simplifying this process by creating credential portability tools and network-powered recruitment services that help physicians navigate the increasingly complex healthcare landscape.

"For real change in healthcare, we need to first have a connected network of doctors and healthcare providers on one platform," said Rebecca Lynn, Partner at Morgenthaler Ventures. “It is a winner-take-all proposition and Doximity is clearly the emerging winner.”

Doctors interested in joining the Doximity network are invited to learn more at www.doximity.com.

About Doximity

Launched in 2011, Doximity (www.doximity.com) connects physicians to make them more successful and productive. With more than 1 in 3 U.S. physicians as members, collaborating across every specialty and academic medical center, Doximity is the largest secure medical network on the Internet. Doximity is headquartered in Silicon Valley and was created by the founders of Epocrates (NASDAQ: EPOC), now owned by athenahealth, Inc. (NASDAQ: ATHN).

About T. Rowe Price

Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) is a global investment management organization with $711.4 billion in assets under management as of March 31, 2014. The organization provides a broad array of mutual funds, sub advisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com, Twitter (twitter.com/troweprice), YouTube (youtube.com/trowepricegroup), LinkedIn (linkedin.com/company/t.-rowe-price), or Facebook (fb.com/troweprice).

About DFJ

DFJ is a venture capital firm that partners with extraordinary entrepreneurs who set out to change the world. Since 1985, DFJ's core funds have raised $4B, which has been deployed in more than 300 portfolio investments including AdMob, Baidu, Box, Foursquare, Skype, Hotmail, SpaceX, Tesla Motors, SolarCity, Twitter, Tumblr and Yammer. DFJ works with companies at seed, early and growth stages, with the goal of creating iconic and lasting businesses. DFJ pioneers investing in emerging markets including consumer and enterprise information technology, digital media, and disruptive technologies. Learn more at dfj.com.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
SYS-CON Events announced today that Interoute has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Interoute is the owner operator of Europe's largest network and a global cloud services platform, which encompasses over 70,000 km of lit fiber, 15 data centers, 17 virtual data centers and 33 colocation centers, with connections to 195 additional partner data centers. Our full-service Unifie...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs ofte...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search and...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
While presenting own advanced Robo-Advisory Platform, Michał Różański, Managing Partner at EARP and CEO at Empirica, will illustrate the most important issues of building tailored FinTech software in his session at 20th Cloud Expo. He will share experiences we have gained for over 6 years of developing solutions for financial institutions and FinTech companies, including robo-advisors. We welcome all FinTech innovators interested in how properly implemented technology can move their businesses f...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo Silicon Valley Call for Papers is now open.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and valu...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...