A San Diego-based investment group has developed a new $60 million fund to finance health care startups, involving those with in-home solutions and virtual care support systems.
Torrey Pines Investment, a specialty life-science investment company that invests in initial development-stage assets, established the fund, TealTech Capital. The fund targets to finance -startups in point-of-care diagnostics and treatment, in-home solutions, novel organizational and financial models of care delivery, and artificial intelligence and deep learning health care support systems.
The emergence of the fund comes at a time period when its investors are analyzing a “critical mass of digital, new material and biomedical technology being developed,” Nikolay Savchuk, managing partner at Torrey Pines Investments, told Home Health Care News.
“We might have a real shot at making an evolutionary change in healthcare through the new wave of the technological revolution that I consider can and must be done with zero level of the political and regulatory nonsense,” Savchuk said.
The first investment of fund is a platform for rapid clinical-level diagnostics enabling medical care to move from a physician’s office to the home of patient, in accordance to a press release. The startup, TealNet Mobile Medical Office (MMO), is also deployed in San Diego and developed the platform to enable physicians to perform diagnostics and analyses at a patient’s home within 10-20 minutes. The fund will invest up to $500,000 in the seed round in TealNet MMO, in accordance to Savchuk.
“Health care is moving towards digitized personalized care which gives sufferers the convenient and accessible medical services where and when they require it,” Savchuk claimed in a press release. “The TealTech fund concentrates on 3 main directions of fundamental shifts in health care: the medical technologies innovations, digital care and artificial intelligence tool.”
The in-home solutions rapid testing is comparable in quality and volume to diagnostics performed in a regular hospital or an outpatient clinic in one to three days, according to a press release. The platform also has different price points for sufferers to select the type of consultation for their requirements and budgets.
“We believe that the future of health care lies in the accessibility and flexibility that digital care and point-of-care diagnostics and treatment provide, as well as in the precision and convenience that computer-assisted tools help deliver,” Savchuk stated. “Hence, we developed the fund to assist advance innovative start-ups that bring convenient, digitalized, modern solutions to patients.”
Going forward, the fund will target investments in “various flavors of applications in health and wellness,” Savchuk told HHCN.
Torrey Pines and its partners will invest up to $60 million over the next five years, the press release states. For each investment opportunity, the fund is likely to invest in the range of $500,000 to $3 million, according to Savchuk.
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