Aligned TeleHealth raises $12m financing
August 23, 2016
California-based telemedicine company Aligned TeleHealth has raised $12m in Series A financing from Boston-based SV Life Sciences (SVLS), an international life sciences venture capital firm.
Aligned TeleHealth provides end-to-end telemedicine, including psychiatric specialty physician consultations to acute-care hospitals, emergency rooms, skilled nursing facilities and correctional institutions.
This is the company’s first institutional financing, which will help fuel the company’s growth trajectory in behavioural health as it continues to address the needs of an underserved patient population, as well as a healthcare system in search for innovation.
“Aligned TeleHealth is experiencing rapid growth for its telemedicine services, helping reduce wait times for patients, improve patient outcomes and lower costs in both acute and post-acute settings,” said Michael Balmuth, partner of SVLS. “Our investment will help Aligned TeleHealth continue to scale to become a leader in telemedicine and hospital services.”
Balmuth as well as SVLS’ chairman Gene Hill have joined Aligned’s board of directors with this investment.
The company’s telemedicine products serve hospitals, health systems and skilled nursing facilities throughout four states, with patient encounters increasing nearly 100 per cent year-over-year to 120,000.
“This funding will allow us to further expand among providers throughout the USA as more physicians and facilities turn to our high-quality easily deployable telemedicine,” said Nitin Nanda, chairman and chief executive officer of Aligned TeleHealth. “Additionally, SV Life Sciences’ dedicated focus on healthcare, expertise and network of industry relationships add value beyond the capital itself. Aligned TeleHealth is well positioned to continue to help patients gain access to high-quality healthcare, enable more psychiatrists to see patients, and provide acute and post-acute facilities with high flexibility to address a variety of needs.”
Additional investors in Aligned TeleHealth include Aligned’s board member Deepak Chopra, who is also chairman, chief executive officer and founder of OSI Systems, a California-based designer and manufacturer of specialised electronic systems and components used in healthcare, among other industries.
SVLS affiliated funds have been investing in healthcare companies since the early 1980s and the firm closed its first dedicated life sciences fund in 1994.