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Health tech venture firm OTV closes new $170 million fund and expands into Asia

Health tech venture firm OTV closes new $170 million fund and expands into Asia

OTV (previously generally known as Olive Tree Ventures), an Israeli enterprise capital agency that focuses on digital well being tech, introduced it has closed a brand new fund totaling $170 million. The agency additionally launched a brand new workplace in Shanghai, China to spearhead its development within the Asia Pacific area.

OTV at the moment has a complete of 11 firms in its portfolio. This 12 months, it led rounds in telehealth platforms TytoCare and Lemonaid Health, and its different investments embody genomic machine studying platform Emedgene; microscopy imaging startup Scopio; and at-home cardiac and pulmonary monitor Donisi Health. OTV has begun investing in additional B and C rounds, with the objective of serving to firms that have already got validated merchandise cope with rules and different points as they develop.

OTV focuses on digital well being merchandise which have the potential to work in several international locations, make healthcare extra reasonably priced, and fill gaps in overwhelmed healthcare methods.

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Jose Antonio Urrutia Rivas will function OTV’s Head of Asia Pacific, managing its Shanghai workplace and serving to its portfolio firms broaden in China and different Asian international locations. This brings OTV’s places of work to a complete of 4, with different places in New York, Tel Aviv and Montreal. Before becoming a member of OTV, Rivas labored at monetary agency LarrainVial as its Asian market director.

OTV was based in 2015 by common companions Mayer Gniwisch, Amir Lahat and Alejandro Weinstein. OTV accomplice Manor Zemer, who has labored in Asian markets for over 15 years and spent the final 5 residing in Beijing, informed TechCrunch that the agency determined it was the correct time to broaden into Asia as a result of “digital well being is already extremely well-developed in lots of Asia-Pacific international locations, the place digital well being merchandise complement in-person healthcare suppliers, making that area a pure match for a enterprise capital agency specializing within the subject.”

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He added that OTV “wished to capitalize on how the COVID-19 pandemic has thrust the internationalized and interconnected nature of the world’s healthcare infrastructures into the limelight, regardless that digital well being was a development space lengthy earlier than the pandemic.”

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