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

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

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OTV (previously referred to as Olive Tree Ventures), an Israeli challenge capital company that specializes in virtual well being tech, introduced it has closed a brand new fund totaling $170 million. The company additionally introduced a brand new place of job in Shanghai, China to spearhead its enlargement within the Asia Pacific area.

OTV recently has a complete of 11 firms in its portfolio. This 12 months, it led rounds in telehealth platforms TytoCare and Lemonaid Well being, and its different investments come with genomic system studying platform Emedgene; microscopy imaging startup Scopio; and at-home cardiac and pulmonary track Donisi Well being. OTV has begun making an investment in additional B and C rounds, with the function of serving to firms that experience already validated merchandise take care of laws and different problems as they increase.

OTV makes a speciality of virtual well being merchandise that experience the prospective to paintings in several international locations, make healthcare extra reasonably priced and fill gaps in crushed healthcare methods.

Jose Antonio Urrutia Rivas will function OTV’s head of Asia Pacific, managing its Shanghai place of job and serving to the company’s portfolio firms increase 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. Ahead of becoming a member of OTV, Rivas labored at monetary company LarrainVial as its Asian marketplace director.

OTV used to be based in 2015 by means of normal companions Mayer Gniwisch, Amir Lahat and Alejandro Weinstein. OTV spouse Manor Zemer, who has labored in Asian markets for over 15 years and spent the remaining 5 dwelling in Beijing, advised TechCrunch that the company made up our minds it used to be the suitable time to increase into Asia as a result of “digital health is already highly well-developed in many Asia-Pacific countries, where digital health products complement in-person healthcare providers, making that region a natural fit for a venture capital firm specializing in the field.”

He added that OTV “wanted to capitalize on how the COVID-19 pandemic has thrust the internationalized and interconnected nature of the world’s healthcare infrastructures into the limelight, even though digital health was a growth area long before the pandemic.”

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