Editor’s note: This article has been updated with a statement from Fabric.
Fabric, a healthcare technology and care enablement company, has announced its acquisition of MeMD from Walmart. MeMD specializes in virtual medical and behavioral health services, offering on-demand care 24/7 and a dedicated care coordination team. Founded in 2010 and acquired by Walmart a year later, MeMD has been a key player in telehealth services.
Fabric, known for its conversational AI technologies, assists patients in identifying symptoms and navigating to appropriate care settings, whether urgent care, virtual consultations, or primary care visits. Their AI streamlines the patient journey, enhancing engagement through automated follow-ups and condition-specific interviews.
With this acquisition, Fabric aims to broaden its offerings to employers and payers, strengthen its behavioral health strategies, and integrate clinical intelligence into MeMD’s operations. MeMD’s healthcare professionals will integrate into Fabric’s network, expanding their reach and service capabilities.
“I am thrilled to welcome MeMD’s team and partners,” said Aniq Rahman, Founder and CEO of Fabric, in a statement to MobiHealthNews. “The acquisition builds upon our existing solutions for employers and payers, bolstering our virtual care portfolio and expanding our behavioral health network. Fabric’s AI-driven asynchronous care will enhance patient outcomes while driving cost savings for employers.”
Fabric, originally Florence and based in New York, launched in March 2023 with $20 million in seed funding from Thrive Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures, Atento Capital, and BoxGroup. The company has rapidly expanded its portfolio through strategic acquisitions, including Zipnosis and Gyant, further solidifying its position in the telehealth and AI-enabled healthcare sectors.
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