Athelas: Bringing Life-Changing Healthcare Products Worldwide

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When patients visit a healthcare facility, their primary aim is to get diagnosed, become well, and go home as soon as possible. Even increasing disease burden and rising healthcare costs in the United States have already led to the emergence of healthcare at-home services.

The Covid-19 pandemic has also shown people that home healthcare has to be a thing and is much better in several ways than the traditional care model. Athelas is one of the most prominent startups that has made it possible for the world to access healthcare facilities at home.

This article will tell you everything about Athelas- its founders, startup story, funding, products, business and revenue model, growth, and more.

Athelas – Company Highlights

Athelas – About
Athelas – Industry
Athelas – Founders and Team
Athelas – Startup Story
Athelas – Mission and Vision
Athelas – Logo and Tagline
Athelas – Business Model
Athelas – Revenue Model
Athelas – Products and Services
Athelas – Challenges Faced
Athelas – Funding and Investors
Athelas – Growth
Athelas – Partners
Athelas – Competitors

Athelas – About

Athelas is a developer of remote patient monitoring technology. The team of technologists build the medical products' next generation at the intersection of hardware and software. Athelas brings world-class tools of hospitals to patients’ homes. It develops blood testing devices that use deep learning and computer vision.

Moreover, thousands of healthcare organizations utilize Athelas software for medical billing, launching telehealth programs, and providing better patient care. More than 50,000 patients in the US trust the company.

Athelas – Industry

Athelas is running a business in the Biotechnology industry. Biotechnology is a branch of science that involves researching and developing products by using biological systems, living creatures, or elements out of them. Biochemistry, genetics, and molecular biology are some fields in biotechnology.

The global market size of the biotechnology market was valued at $859.94 billion in 2022 and is projected to grow to $1,683.52 billion by 2030, with a CAGR of 8.7% during 2023-2030. The Covid-19 pandemic has positively influenced the growth of the biotechnology market by increasing opportunities and advancements for drug development and manufacturing vaccines for the disease.

In addition to Athelas, some key players in the global biotechnology industry are AstraZeneca, Sanofi, Gilead Sciences, Inc., Amgen Inc., Abbot Laboratories, and more.

Athelas – Founders and Team

Tanay Tandon and Deepika Bodapati are the founders of Athelas.

Tanay Tandon

Tanay Tandon attended Stanford University to graduate in Computer Science. He has worked as a Developer at Clipped.me and Software Engineer at Wit.ai.

Moreover, he is MetaMind’s ex-Researcher and worked as Researcher in Stanford University’s AI Department. Currently, Tanay is the Co-Founder and CEO at Athelas.

Deepika Bodapati

Deepika Bodapati earned a degree in molecular biology from the University of Cincinnati. She has been an ex-Researcher at NASA Ames Research Center and Stanford University, Multimodality Molecular Imaging LAB (MMIL). Now, she is the Co-Founder of Athelas.

Athelas currently employs more than 210 employees.

Athelas – Startup Story

Athelas was founded by Tanay Tandon and Deepika Bodapati in 2016. When they attended Y Combinator the same year, they came across a handful of potential competitors, but none had conducted a clinical trial yet. Tanay and Deepika knew this was the opportunity to stand out to potential partners, customers, and collaborators.

They knew there would be no company without a trial. Therefore, in 2016, they conducted their first clinical trial for Athelas One at the hospital in Juarez, Mexico, and the hospital instantly saw the value in the device. While testing the device on patients, Tanay and Deepika found that one patient has leukemia after seeing the test results. And hospital took another three weeks to confirm the patient’s leukemia diagnosis.

During that period, Tanay and Deepika thought that what if all these tests could be done within a few minutes using cheap medical products? That’s when it clicked, and Athelas is continuing its operation with the same idea.

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Athelas – Mission and Vision

Athelas aims to bring simple, life-changing healthcare products to people around the world. The company envisions bringing world-class healthcare tools to individuals' homes.

Athelas - Logo and Tagline

Athelas has an attractive tagline reflecting its mission and vision, i.e., "The Future of Healthcare is at the Home."

Athelas – Business Model

Athelas make billing and reimbursement easier for healthcare organizations. The company’s Revenue Cycle Management (RCM) delivers high-quality service, maximizes reimbursements, and equips hospitals with actionable insights into their financial health.

Moreover, Athelas provides affordable medical testing devices to healthcare providers enabling them to monitor patients’ vitals, such as weight, blood pressure, and blood glucose, without letting patients enter a clinic. It helps improve patient health and engagement while reducing hospitalizations.

Athelas – Revenue Model

Instead of selling its medical devices directly to consumers, Athelas distributes them via healthcare providers. The company charges a subscription for each medical device when sent to the patient’s home.

Athelas – Products and Services

The company's products include Athelas Home, Doctor App, Scribe, Pill Track, Care Management, Revenue Cycle Management, and EHR integration. In addition, it offers a Blood Pressure Monitor, Glucometer, and Weight Scale.

Athelas – Challenges Faced

Athelas’s first set of progress was slow. The college workload at Stanford and the increasing costs of hardware iterations made it difficult for the co-founders to operate with the iteration speeds that a normal product needs.

Athelas – Funding and Investors

Athelas raised a total of $150.1 million over 4 funding rounds. Its latest funding round – Venture Series Unknown Round, was conducted on January 31, 2021, and secured $59.4 million. 19 investors back the company; the main ones are Sequoia Capital, Fifty Years General Catalyst, and Tribe Capital.

Athelas – Growth

Athelas' monthly active users increased from 2,000 in 2021 to 20,000 in 2022. The company's estimated annual revenue was $47.7 million per year ($235,953 revenue per employee), with its valuation in January 2022 as $1.5 billion. Furthermore, Athelas’s employee count increased by 38% last year, and the monthly web visits growth rate is -33.49%, with 66,260 monthly visits.

Athelas – Partners

Athelas has partnered with many hospitals, clinic groups, physicians, home healthcare agencies, and accountable care organizations. Some of its partners are as follows:

• Horizon Family Medical Group
• Providers For Healthy Living
• Elohim’s Glory House Calls

Athelas – Competitors

Below listed are the main competitors of Athelas:

• HBox
• Taaso
• Entia
• MD Revolution
• MicroX Labs
• Longevica
• YourBio Health
• ArcDia

FAQs

What does Athelas do?

Athelas is a developer of remote patient monitoring technology. The team of technologists build the medical products' next generation at the intersection of hardware and software. Athelas brings world-class tools of hospitals to patients’ homes. It develops blood testing devices that use deep learning and computer vision.

Who are the founders of Athelas?

Tanay Tandon and Deepika Bodapati are the founders of Athelas.

Who are the main competitors of Athelas?

Below listed are the main competitors of Athelas:

• HBox
• Taaso
• Entia
• MD Revolution
• MicroX Labs
• Longevica
• YourBio Health
• ArcDia