OpenTeleHealth eyes EUR 23m fundraise by 2021 as demand spikes amid COVID-19 – CEO

28 April 2020 - 07:56 am UTC

by Davide Salvi in London

OpenTeleHealth is looking to raise up to EUR 23m by 2021 after launching a platform to monitor COVID-19 patients remotely, CEO Henrik Ibsen said.

 

The Danish company has developed a white-label cloud-based platform that healthcare providers can use to undertake remote consultations with patients with diabetes, chronic obstructive pulmonary disease (COPD), hypertension, asthma, pregnancy and congestive heart failure (CHF).

 

In March, the EUR 1m-revenue company developed a new platform, called COVID-19 Telemedicine, which enables doctors to monitor coronavirus patients that can be treated at home while flagging any potential complications, Ibsen said.

 

The platform is currently available in Slovenia and Norway. It is set to be rolled out in hospital groups in the rest of Scandinavia, the US, Peru, Colombia, Austria, and the Netherlands.

 

Before the coronavirus pandemic, the company was planning to raise EUR 2m while closing a partnership with an Austrian insurer, he said. Given the success of COVID-19 Telemedicine, it now plans to undertake a EUR 3m bridge round in 2020, followed by a Series A fundraise worth up to EUR 20m in 2021.

 

OpenTelehealth, which is not looking to mandate an advisor for the upcoming fundraises, aims to bring in strategic and financial investors with expertise in healthcare and telehealth, Ibsen said.

 

Existing shareholders will participate in the company’s funding rounds, he said, citing Danish fund Insero as one of its most significant investors.

 

Proceeds from the upcoming rounds will be deployed towards changing the user interface of the platform and expanding the type of diseases that can be monitored through it, the executive said.

 

The company has raised EUR 2m since it was founded in 2015, using the cash to develop and commercialise its platform.

 

It generates revenues by charging between EUR 8 and EUR 10 per patient for using the platform, while COVID-19 Telemedicine is free, he said.

 

Founded in 2015, the company is based in Copenhagen and has a workforce of eight people.