Alchemy, a pharmacy startup focusing on HIV clinics, has successfully raised $31 million in seed financing. The funding round was led by Andreessen Horowitz’ a16z Bio + Health initiative, with basketball legend Earvin “Magic” Johnson among the investors. Other contributors include Sandberg Bernthal Venture Partners, Banc of California, and existing investors Twine Ventures, Springbank, and AlleyCorp.
The primary goal of Alchemy is to establish and manage in-house pharmacies for independent clinics, particularly those with significant populations of HIV and Hepatitis C (HCV) patients. By providing physical, clinical, and digital infrastructure support, the startup aims to expand patient access, enhance health outcomes, and boost the financial impact of clinic pharmacy programs.
Magic Johnson’s decision to invest in Alchemy is deeply personal, stemming from his own experience as an HIV-positive individual. Having revealed his diagnosis in 1991 and subsequently becoming an advocate for HIV/AIDs awareness, Johnson is committed to supporting initiatives that eliminate barriers to care and serve underserved communities.
In order to reach underserved HIV populations nationwide, Alchemy has formed partnerships with Federally Qualified Health Centers, Sexually Transmitted Diseases Clinics, and Ryan White clinics. These collaborations allow the startup to offer clinical pharmacy programs and technological solutions to safety net clinics.
The founding team at Alchemy boasts extensive experience in setting up, operating, and scaling pharmacies that have dispensed over 25 million prescriptions across all 50 states in the US. This background has been instrumental in the establishment of Alchemy in 2023.
Sid Viswanathan, Founder and co-CEO of Alchemy, brings a wealth of experience in the healthcare industry, having previously led the B2B pharmacy service TruePill. With a background in building HIV access programs in Africa, Viswanathan is passionate about addressing medication access barriers for HIV patients in the US.
Co-CEO Peter Park, an alumnus of Harvard Business School, has collaborated with Viswanathan on various pharmacy innovations. By integrating clinics and pharmacies in a single location, Alchemy aims to provide tailored solutions for HIV and HCV populations nationwide.
The investment in Alchemy reflects a growing recognition of the importance of improving healthcare access and outcomes for underserved communities. With the combined expertise of its founders and the support of influential investors like Magic Johnson, Alchemy is poised to make a significant impact in the field of HIV pharmacy services.
