The pandemic has driven the increasing use of telemedicine in areas such as primary care and specialty medicine. But despite a slew of federal legislation and new state regulations that have greatly expanded the reach of virtual care, there is still a lack of funding dedicated to telehealth investments.
At least that’s New York-based Swiftarc Ventures Its founder and managing partner, Sid Jawahar, said in an interview that it was discovered after an exhaustive 12-month search of the space. That led the early- and growth-stage venture capital firm to launch “the world’s first telehealth-focused venture fund” earlier this week for $75 million.
“Ad hoc” is the word Jawahar hears over and over again to describe telehealth investment efforts Successful entrepreneurs and behemoths in telemedicine such as Tradock“We’ve heard over and over again that there’s VC interest and activity, but there’s actually no dedicated effort, which is part of the reason they don’t think there’s been an increase in activity or innovation or disruption in the space,” he said.
Jawaha’s point of view emerges Going against the market trend in favor of investing in telemedicine. but he thinks Much of the funding was provided by general healthcare venture capitalists, with contributions from other disparate, inconsequential sources, such as universities leveraging existing technology or government funding focused on advancing essential primary care.
By making focused investments, Swiftarc’s Telehealth Venture Fund aims to improve access to care and reduce costs, including for low-income patients with limited options. As it hopes to reach underserved populations, the fund will initially focus on three areas: obesity care, including preventing related conditions such as diabetes and hypertension; mental and behavioral health; and pediatrics.
In the United States, more than one-third of adults are considered obese, and few receive clinical treatment. Jawahar noted that while lifestyle is part of the solution, clinical intervention may also be necessary. Swiftarc supports a platform-based approach where nutritionists, primary care physicians and other clinicians can communicate with patients and each other, and have access to the same medical records.
Swiftarc Telehealth Fund’s first investment is being made in precision medicine startup Smart Health Expand its work in obesity management. Early adopters of the technology include New York-Presbyterian and Massachusetts General Hospital. Jawahar believes the platform can be adopted by hospital systems across the country.
To help more than just money’s portfolio companies, venture funds are using their Nottingham spiralK, based in Cleveland, establishes telehealth commercialization partnerships with the goal of bringing innovative services to market quickly.
The investor and founder of the $75 million fund expressed his belief in the future of telehealth and Swiftarc’s ability to capitalize on this growth.
“The recent increase in the use of telehealth during the pandemic has provided healthcare to those in need in a safe and convenient way,” said dermatologist, founding investor in the Telehealth Fund, and founding member of Swiftarc Medical Consulting Dr Paul Bedocs said. Press Releases. “This increased use has proven to all involved in the consumption and delivery of healthcare that this approach is a valuable tool for improving patient care and satisfaction.”
Photo: sdecoret, Getty Images
