Welcome!

News Feed Item

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

First paragraph, the end of the second sentence of release should read: January 2014. (instead of January 2013).

The corrected release reads:

DOXIMITY RAISES $54 MILLION TO CONNECT EVERY DOCTOR IN THE US

T. Rowe Price and DFJ back healthcare’s largest vertical social network

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 2014.

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
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
In a world where the internet rules all, where 94% of business buyers conduct online research, and where e-commerce sales are poised to fall between $427 billion and $443 billion by the end of this year, we think it's safe to say that your website is a vital part of your business strategy. Whether you're a B2B company, a local business, or an e-commerce site, digital presence is key to maintain in your drive towards success. Digital Performance will take priority in 2018 for the following reason...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discussed how a new approach is neces...
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We view the cloud not as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo (http://www.CloudComputingExpo.com), held June 7-9 at the Javits Center in New York City, NY.