One Medical, a tech-infusing primary care company based in San Francisco, today submitted a concierge program for an IPO to the Securities and Exchange Commission.
In 2007, the company was founded by Internal Medicine Doctor Tom Lee, now valued at over $1 billion dollars. Lee left his company in 2017, leaving the company to former executive Amir Rubin of the United Health Group.
The company currently operates 72 health centers in 9 big cities in the US, with a further three markets expected to open in 2020 and has raised just over $500 in venture capital from its main investor, Alphabet’s GV, J.P. Morgan, and others.
According to the reports, Google also has One Medical on its campuses and accounts for nearly 10% of business revenues. The paper also refers to the organization legally known as 1Life Healthcare Inc. ONEM is currently planning to raise around 100 million dollars.
This investment would likely help the company develop its infrastructure and grow into more markets.
In compliance with the announcement, One Medical has sought an entrance into the Nasdaq Global Select Market as a ticker symbol, ONEM under its common stock.