Endeavour Vision | April 23, 2021
Endeavour Vision today announced the closure of Endeavour Medtech Growth II (EMG II) LP at a total capital commitment of USD 375 million. The fund will follow the same approach as its predecessor, which was to help early-stage Medtech and digital health advances that advance the quality of care and improve healthcare system efficiencies. EMG II LP was funded by both current and returning investors, including public pension funds, multi-manager funds, family offices, and high-net-worth individuals. EMG II LP expands on Endeavour Vision's two decades of healthcare investment, which has resulted in over USD 500 million invested in 42 businesses, 21 of which have exited through acquisition or IPO.
The fund's closure comes as the world prepares for post-pandemic existence after more than a year in the hands of COVID-19, a crisis that has driven the introduction of emerging healthcare technologies, including innovative methods of providing remote patient treatment. Underlying factors such as aging populations, chronic diseases, and tightening healthcare budgets will continue to drive appetite for cost-effective solutions. As a result, healthcare advancement is expected to remain a long-term focus, generating attractive growth and a rich range of opportunities for investors.
The fund has now invested more than USD 100 million in seven companies: IntelyCare, CeQur, Rapid Micro Biosystems, SOPHiA GENETICS, Nalu Medical, Lumeon, and Relievant Medsystems.
Endeavor Vision is one of the world's leading Medtech and digital health investment teams. The firm collaborates with game-changing businesses, aggressively assisting them with strategic and organizational experience to encourage their global success beyond finance.
About Endeavour Vision
Endeavour Vision, established in 2000, is a venture capital and growth equity company that invests in early-stage Medtech and digital health businesses in Europe and the United States. Its foreign investment teams are located in two major healthcare hubs in Geneva, Switzerland, and Minneapolis.
HeartBeam, Inc. | March 11, 2022
HeartBeam, Inc. (NASDAQ: BEAT), a healthcare technology startup with a proprietary ECG telemedicine for heart, detecting attacks, recently announced that it has signed an expert services agreement (the "Agreement") with Triple Ring Technologies, Inc. ("Triple Ring"), a co-development company, to help with the design and development of its Telehealth complete solution 3D vector Electrocardiogram (ECG) collection device for remote heart attack or myocardial infarction detection. The joint venture is a five-phase expedited device development project that will be completed in time for a 510k submission to the FDA in the fourth quarter of 2022.
HeartBeam has created a personal, portable, and simple-to-use heart attack detection system that patients may use at home to assist their doctors in determining whether a heart attack or MI causes chest discomfort. HeartBeam's ground-breaking technology uses a reusable 3D vector ECG recording device the size of a credit card and cloud-based software to provide essential data to physicians in real-time outside of a medical setting. In the United States, more than 18 million people have coronary artery disease, and a heart attack occurs every 40 seconds.
Triple Ring is a forward-thinking firm with a track record of collaborating with small and large Medtech firms to co-develop market-leading medical innovations. Early R&D, product development, manufacturing, regulatory approval, market access, strategic investment, and incubation are just a few of the capabilities available.
The joint project will consist of HeartBeam Telehealth 3D vector ECG collecting device builds for design verification and validation, device packaging, and a manufacturing technology transfer to a contract manufacturer to be named later, according to the terms of the agreement. HeartBeam is in talks with several contract producers right now.
“Our technology partnership with Triple Ring will allow us to rapidly advance commercial production capabilities of our 3D vector collection device, with the project scheduled to complete in time for a 510k submission to the FDA in the fourth quarter of this year. We look forward to working with the team at Triple Ring to leverage their scientific capabilities, medical device technology expertise and commercialization know-how to successfully compete the project,” concluded Vajdic.
“Triple Ring is pleased to partner with HeartBeam to develop the integral medical device that is part of their complete Telehealth solution for the detection of heart attacks outside of a medical institution. We look forward to contributing our capabilities and experience to the HeartBeam team to help turn their innovative science into commercial and business success.”
Joe Heanue, CEO of Triple Ring Technologies
EverCommerce Inc. | November 03, 2021
Today EverCommerce Inc.("EverCommerce" or the "Company"), a leading service commerce platform, announced that it has entered into a definitive agreement to acquire DrChrono Inc., a company developing an essential platform and services for modern medical practices. Based in Sunnyvale, California, DrChrono offers an all-in-one, cloud-based practice management, EHR, and billing solution to make healthcare more informed, more interactive, and more personalized. Completion of the transaction is pending regulatory review and other customary closing conditions and is expected to close before the end of November.
Founded in 2009, DrChrono is a cloud-based, medical platform serving more than 4,600 independent practices and 13,000 providers across medical specialties. DrChrono offers integrated EMR/EHR, practice management, revenue cycle management, payment acceptance, telehealth, and medical billing, and is at the forefront of mobile-first technology and medical care accessibility.
DrChrono advocates for the importance of seamless provider and patient experiences facilitated through integrated solutions. The platform is extensible through its robust API, enabling integration with adjacent solutions – like patient engagement and remote patient monitoring – and for customized features by healthcare IT developers. With its differentiated all-in-one EMR/EHR and practice management, platform-agnostic mobile and web-based capabilities, patient health records accessibility, and customizable add-ons through its API, DrChrono is positioning itself as a leading-edge innovator for the modern medical practice.
In a recent survey conducted by Updox, a patient engagement platform that is also an EverCommerce solution, 51% of consumers revealed that user-friendly technology is important for a good patient experience. Digital communications, medical record access, billing and payment capabilities, and virtual visits were all critical factors of patient engagement outside the practice. Since its founding, DrChrono has concentrated on digitally transforming administration and communication to provide consumers these digital conveniences while enabling providers to focus more on patient care.
“As the healthcare industry rebounds from the pandemic, there is increased focus on making care accessible and adaptable to maximize patient engagement. DrChrono is a leader in mobile technology for healthcare providers. Patient preference for those convenient options continues to grow, making DrChrono an ideal complement for our EverHealth solutions group.”
Matt Feierstein, president, EverCommerce
“EverCommerce and DrChrono both share a commitment to helping small- and mid-size businesses thrive,” said Daniel Kivatinos, COO and co-founder of DrChrono. “We’re excited to align ourselves with EverCommerce and their suite of healthcare technology solutions to help us to provide additional value for our customers.”
Michael Nusimow, CEO and co-founder of DrChrono, said, “I’m excited for DrChrono to be a new engine for growth inside of EverCommerce.” DrChrono will join EverCommerce's EverHealth solutions that serve more than 72,000 customers, streamline day-to-day healthcare practice operations, improve provider and administrative workflows, and modernize engagement with patients. The modern medical platform is expected to serve as a critical centerpoint of EverHealth’s integrated offerings for independent healthcare practices.
TripleTree is serving as exclusive financial advisor to DrChrono. Terms of the acquisition will not be disclosed.
EverCommerceis a leading service commerce platform, providing vertically tailored, integrated SaaS solutions that help more than 500,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. Specializing in Home & Field Services, Health Services, and Fitness & Wellness industries, EverCommerce solutions include end-to-end business management software, integrated payment acceptance, marketing technology, and customer engagement applications.
DrChrono develops the essential platform and services for modern medical practices to make care more informed, more interactive, and more personalized. The open platform powers electronic health record (EHR), practice management, medical billing, and revenue cycle management solutions for thousands of physicians and millions of patients, and is fully extensible via a robust API and marketplace of applications and services. The platform is facilitating millions of patient appointments and is processing billions of dollars in medical billing.