The Wall Street Journal’s Venture Capital Dispatch profiles Avizia as a leading telemedicine solution provider.
August 24, 2015
Avizia Inc., a startup that differentiates itself from other telemedicine providers by offering hardware, software and services to hospitals rather than consumers, quietly raised a $4 million bridge funding and acquired a software startup.
The financing, which closed in January, was provided by NextGen Angels, Blu Venture Investors and Middleland Capital, Avizia Chief Executive Mike Baird said. The same investors last August provided seed funding to Reston, Va.-based Avizia, VentureWire records show.
Avizia, a spinout from Cisco Systems Inc., offers a system with several different components that hospitals can use to broaden access to doctors, including in rural or underserved areas, the CEO said.
The month before the company closed its latest funding round, it acquired Emerge.MD, which makes enabling software for telemedicine consultations, in a deal with undisclosed terms, Mr. Baird said. Emerge.MD’s cloud-based software now underpins the remote-consultation system offered by Avizia.
Avizia has developed a “telemedicine cart” that features a mobile video screen that hospital patients can use to interface with doctors who are based in other facilities, company materials said. The carts are registered with the Food and Drug Administration as Class I medical devices.
The company also offers a range of software and services to manage and document remote health consultations, and has a plan to expand its technology beyond health-care and into other industries, according to company materials.
Enabling remote consultations has become big business as hospitals and health insurers come under increasing pressure to provide more comprehensive care at a lower cost. Seed investor and industry analyst Rock Health, which recently
released a report saying digital-health startups raised $2.1 billion in the first half of 2015 alone, identified telemedicine as one of the hottest areas of the sector.
Many of the top venture firms with a medical focus have bets in telemedicine.
Click here to read the complete article from The Wall Street Journal.
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