Beringea Invests $1 million into Healthcare Robotics Pioneer
International private equity and investment banker Beringea invests $1 million into InTouch Health, Inc.
FARMINGTON HILLS, Mich. (PRWEB) July 13, 2003
InvestCare Partners Limited Partnership (“InvestCare”), a healthcare private equity fund managed by Beringea, LLC, has made an equity investment of $1 million in InTouch Health, Inc., a California-based leader in remote presence technology for healthcare providers. Dr. Jonathan Sackier, Senior Managing Director of the Farmington Hills, Mich.-based Beringea, announced the deal today.
“This is a company we have been interested in for some time. (InTouch Health founder and CEO) Dr. Yulan Wang is an accomplished entrepreneur and a world-renowned authority on robotics in healthcare,” remarked Dr. Sackier. “He essentially pioneered the surgery robotics industry. Now, he’s leading InTouch Health's efforts to develop robots to address the healthcare crisis of staff shortages, rising costs, and an ever-increasing demand for services by our aging population.”
Dr. Sackier will join the board of directors of InTouch Health.
Applications for InTouch HealthÂ’s innovative medical technology include remote patient monitoring by experts in other parts of the country and shoring-up scarce nursing resources. There are currently over 400,000 unfilled nursing positions in the country.
The investment marks the 13th addition to the InvestCare portfolio. InvestCare provides equity to medium-sized, privately owned healthcare businesses located in the United States. Unlike many other funds that are backed exclusively by large institutions, InvestCare's limited partners include a handful of major healthcare systems, widely respected physicians and successful entrepreneurs. Granting access to more than 60 hospitals and 6,000 medical professionals, Beringea offers portfolio companies both needed capital and high-level industry access. Beringea's European presence also provides meaningful assistance to firms undergoing or planning for international expansion.
About the Crisis in Senior Healthcare Support
There is a demographic crisis in healthcare. Over the next 10 years the number of elderly age 85 and over will grow 38%. The number of seniors requiring healthcare support will double. Already today there are over 400,000 unfilled nursing positions causing healthcare providers across the country to close wings or risk negative outcomes. Over the coming years, the declining ratio of working age adults to elderly will further exacerbate the shortage. In 1950 there were 8 adults available to support each elder 65+, today the ratio is 5:1 and by 2020 the ratio will drop to 3 working age adults per elder person.
About InTouch Health, Inc.
InTouch Health, Inc. is a privately held development stage company based in Santa Barbara, CA., founded by medical robotics pioneer Yulun Wang, Ph. D. InTouch Health provides technology solutions which dramatically increase the effectiveness of healthcare professionals. The company is addressing the impending demographic crisis in senior care support, by pioneering the use of Remote Presence in healthcare with its "Companion" system. Through a proprietary communications and mobile robotic platform, caregiving experts are projected to another setting where a patient or caregiver is located to provide care, coach and train staff, or monitor healthcare services. The InTouch Health solution leverages the time and expertise of healthcare professionals across multiple care facilities, improving the efficiency and effectiveness of care delivery. For more information on the company, visit www. intouch-health. com.
About Beringea
Beringea, LLC is an international private equity and investment-banking firm. BeringeaÂ’s clients include a number of local, national and multi-national organizations drawn from a broad spectrum of industries. The firm is the manager of InvestCare Partners, a healthcare venture capital fund and the Global Rights Fund II, an entertainment and media venture capital fund. For more information on the company, visit www. beringea. com.
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