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InTouch Health Closes $10 Million Private Placement with Michigan Venture Capital Fund
InTouch Technologies Inc., the Goleta-based company known as InTouch Health, has announced the completion of a private placement of $10 million.
The financing round was led by Farmington Hills, Mich.-based Beringea through its InvestMichigan! Growth Capital Fund, which provides venture and expansion-stage capital to businesses with operations in Michigan.
InTouch Health’s largest investor, Galen Partners of Stamford, Conn., led the returning insiders in providing the remainder of the round, which included InvestCare Partners and Twenty One East Victoria Investments, among others. The growth capital raised will help support the acceleration of InTouch Health’s commercial and product development plans, as well as infrastructure investment in preparation for a public offering.
“InTouch has emerged as a clear leader in telemedicine with unique endpoint devices, best-in-class connectivity solutions, and clinical protocols that provide superior patient care while driving cost out of the health care system,” said Michael Gross, managing director at Beringea.
“With over 10,000 Remote Presence sessions per quarter, InTouch technology is emerging as a mainstream tool in health-care delivery.”
InTouch Health provides comprehensive telehealth solutions that allow physicians to remotely perform complete and real-time consults with hospital patients by removing time and distance barriers. With expertise available at a moment’s notice, Remote Presence allows for innovative health-care delivery models leading to improved quality of care. The company partners with health systems, hospitals and physician groups to build sustainable telemedicine programs that yield outstanding clinical outcomes and financial results. There are more than 300 hospital locations enrolled in its Remote Presence telemedicine network.
“Health-care reform is driving the need for a new modality of health-care delivery across the country,” said Dr. Yulun Wang, chairman and CEO of InTouch Health. “We believe that Remote Presence solutions will play a big role in this reform.
“This capital allows us to accelerate the development of our product roadmap, as well as expand our market presence domestically and internationally.”
Minneapolis-based Piper Jaffray served as the company’s adviser and sole placement agent on this financing.
— Jennifer Neisse is marketing communications manager at InTouch Health.
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