Oro Health, a Montreal-based provider of asynchronous telemedicine solutions, has secured C$3 million in a seed-stage financing. The round, a mix of equity and debt, was backed by MCI Onehealth, TGIC2, Desjardins Capital and other investors.
MONTREAL, Aug. 11, 2021 (GLOBE NEWSWIRE) — ORO Health, a pioneer in specialized telemedicine, virtual health care, and the developer of the highly successful DermaGo platform, announced today that it has raised $3 million in seed round financing. The mix of capital and loans came from a range of private investors including Canadian healthtech veteran MCI Onehealth, the private group of investors TGIC2 and Desjardins Capital.
The funds will enable ORO Health to accelerate development of its advanced asynchronous telemedicine* platform and its distinctive business model, which targets medical clinics that want to leverage the technology’s full potential to improve productivity and boost access to patient care.
“The future of medicine is increasingly being driven by virtual healthcare,” said Dr. Emilie Bourgeault, a dermatologist and co-founder of ORO Health. “The confidence that investors have demonstrated in ORO Health’s vision is a testament to the seriousness of our asynchronous telemedicine platform project, and to the urgency of responding to the growing needs of Canadian patients and clinicians.”
The artificial intelligence powered technology developed by ORO Health, will provide patients across the country with greater access to medical professionals as well as the ability to obtain reliable, rapid and secure care, at any time in the comfort of their homes.
RAPID GROWTH BUSINESS MODEL
ORO Health emerged alongside the dazzling success of DermaGO, Canada’s first private dermatology telemedicine clinic, which was founded in 2018 by Dr. Bourgeault, and her two partners, Dr. Marc-André Doré, a dermatologist, and Jean-Philippe Doré, a business analyst.
During its first two years in operation, DermaGO enabled 10,000 Canadian patients to obtain a diagnosis from a certified dermatologist for minor skin conditions in just a few hours, without the need for a prior referral from a general practitioner. The COVID-19 pandemic provided considerable momentum to DermaGO which registered rapid growth approaching 700% this spring, compared to the same period last year.
“We are very pleased to be investing in ORO Health to fund the next stage of DermaGO’s development. Dermatological concerns requiring a specialist consultation are a frequent driver of both walk-in and family medicine visits. Being able to provide such patients with access to user-friendly technologies and highly-responsive specialist consults, supported by strong analytics, is part of our vision to realize the promise of personalized and precision medicine, one which we believe is shared by ORO Health”
– Dr. Alexander Dobranowski, MD, CEO of MCI
“The COVID-19 pandemic has shown us the immense opportunities offered by telemedicine. We are proud to support the development of a unique solution by the Montreal-based medtech ORO Health.”
– Marie-Hélène Nolet, Chief Operating Officer, Desjardins Capital
“The technology that drives ORO Health is developing at a rapid pace. It possesses an incredible potential et it is destined to a strong and promising future within the Canadian medical ecosystem. TGIC2 is proud to have the opportunity to contribute to this success story.”
– Michel Noël, CA, CPA, member of the group TGIC2
ABOUT ORO HEALTH
ORO Health, which was founded in Montreal in 2020, is a leader in the creation of asynchronous telemedicine solutions for health professionals who wish to optimize patient access and care. Its founders Dr. Émilie Bourgeault and Dr. Marc-André Doré, who are both certified dermatologists, and business analyst Jean-Philippe Doré, have dedicated themselves to putting advanced technologies such as artificial intelligence at the service of Canadian medical clinics and patients.
*Asynchronous telemedicine, unlike conventional telemedicine, does not require an appointment between the patient and the doctor. Exchanges are instead carried out continuously and flexibly via instant messaging, at the convenience of both parties, which greatly improves time management for all.