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PRESS RELEASE: Beringea Invests $6 Million in Telemedicine Robotics Specialist InTouch Health
Investment fuels expansion in Michigan
April 26, 2010
FARMINGTON HILLS, Mich. — Beringea, Michigan’s largest venture capital firm, has invested $6 million in Remote Presence (RP) total telemedicine solutions provider, InTouch Health®. The investment, which is part of a $10 million Series D financing round, will fund the opening of an engineering research and development center in Michigan, as well as further fuel the company’s product development, sales and marketing efforts and international expansion.
Beringea’s investment was made through its InvestMichigan! Growth Capital Fund, a $175 million fund that provides venture and expansion-stage capital to emerging businesses based in, or with substantial operations in the state of Michigan. InvestCare Partners and other investors provided the remainder of the round.
InTouch’s new Michigan-based R&D center will include a team of advanced robotics engineers, taking advantage of the State’s highly-skilled labor pool.
“We are excited at the opportunity to expand our presence in Michigan by partnering with Beringea and the InvestMichigan! fund,” commented Dr. Yulun Wang, chairman and CEO of InTouch Health. “We will be expanding our R&D and manufacturing operations into Michigan, recruiting from the world-class engineering programs that the universities have to offer.”
InTouch Health’s RP technologies enable physicians to remotely perform complete and real-time consults and diagnosis with hospital patients. Currently, the company’s RP technology is used in more than 300 hospital locations nationwide, including 50 across Michigan.
The company’s flagship RP-7® series product, is a wireless, fully-mobile, FDA-cleared robotic device that allows physicians to be in “two places at once.” Controlled by a physician at a computer in a remote location, the robot can move untethered around the hospital, allowing the physician to freely interact with patients, family members and hospital staff extending the physician's reach and expertise, as well as removing time and distance barriers.
“Michigan has played a large role in the Company’s growth and success,” said Michael Gross, managing director for Beringea. “The Michigan Stroke Network, driven by St. Joseph Mercy Oakland Hospital in Pontiac, was the first and flagship hospital network to use InTouch’s advanced robotic technology for its stroke outreach program. In fact, with 33 robots, the network is one of the largest installations nationwide.
“The success of this program helped make InTouch’s Remote Presence technology the clear leader for stroke outreach programs and was a jumping off point for a broader range of applications for specialty care services such as cardiology, trauma, pediatrics, neonatology and psychiatry,” said Gross.
According to Datamonitor, the U.S. telemedicine industry is expected to rapidly grow over the next few years, reaching an estimated $6 billion by 2012.
“Telemedicine is expected to emerge as a mainstream tool in health care delivery,” said Gross. “Factors such as the increasing shortage of physicians, the regulatory environment favoring outcome-based medicine and the increasing focus on removing costs from the health care system, will play a large role in driving growth in the industry.”
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, clean technology, manufacturing, media, Internet technologies and specialized consumer products.
With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit www.beringea.com.
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.
About InTouch Health
InTouch Health provides comprehensive telemedicine solutions that enable physicians to perform real-time consults with hospital patients. Through a single interface, physicians can access a host of FDA-cleared Remote Presence devices to provide and document care into emergency rooms, critical care units, patient wards, and operating rooms. Wherever access to medical expertise is limited, InTouch Health’s Remote Presence telemedicine solutions can effectively extend the physician’s reach to manage patient care, thereby removing critical time and distance barriers.
The Company has more than 300 hospital locations on six continents using Remote Presence to deliver specialty care services such as stroke, cardiology, trauma, pediatrics, neonatology, psychiatry, translation services, critical care coverage, patient rounds, clinical education, and surgical/procedure mentoring.