Michigan’s largest venture capital firm has made another big investment, sending $6 million toward InTouch Health.
The investment is part of a Series D round of financing worth $10 million. The money will go toward creating a research and development center in a yet-to-be-determined location in Michigan, along with product development for the telemedicine firm. Farmington Hills-based Beringea is not tipping its hand at how many jobs this is expected to create, however, it will utilize a team of advanced robotics engineers.
“It depends on two things: the success of the company and the ability to attract strong talent,” says Michael Gross, managing director of Beringea.
InTouch Health’s technologies allow doctors to remotely perform consultations and diagnosis with hospital patients. The RP-7® series product lets doctors control robots from a computer, allowing him or her to interact with patients and staff. The idea is that cutting down travel time creates efficiencies for the physician.
More than 300 hospitals across the country are using these technologies, including 50 in Michigan.
The investment comes from Beringea’s $175 million InvestMichigan! Growth Capital Fund. It’s the latest in a recent string of multi-million-dollar investments, and more are expected later this year.
“We’re very active right now,” Gross says. “We have quite a bit of dry powder left in our InvestMichigan! Fund.”
Source: Michael Gross, managing director of Beringea
Writer: Jon Zemke