
From: Santa Barbara News-Press, March 18, 2003
"Area Health Company Gets Local Investors"
By Frank Nelson, News-Press Staff Writer
InTouch Health Inc. of Santa Barbara said Monday that it has secured $2.4 million in Series A equity financing.
The company said significant investors in the round include Dr. Virgil Elings, who with his son Jeff contributed around $1 million, and Santa Barbara-based investment company Twenty One East Victoria Investments.
Dr. Elings was founder, past president and chairman of Goleta-based Digital Instruments, a manufacturer of high-tech microscopes and now a wholly owned subsidiary of Veeco Corp. The local investment company was established by local businessman Michael Towbes in 1999.
Robert Skinner, a managing partner with Twenty One East Victoria Investments, will join InTouch Health's board of directors.
Series A refers to the first round of outside financing beyond the company founders and this round is not yet officially closed according to Michael Chan, InTouch Health's vice president of business development.
InTouch Health, founded by surgical robotics industry pioneer Dr. Yulun Wang, has developed the "world's first mobile remote presence robot for health care."
Known as the Companion, this proprietary communications and mobile robotic platform is designed to enable health care assessment, consultation and treatment from a distance.
The Companion can project caregivers to other locations and across many care facilities to provide or monitor health care services. InTouch® believes this technology will increase the efficiency and effectiveness of health care professionals and improve the delivery of services to patients.
This is seen as a key business niche given the convergence of health care staff shortages, rising costs and ever-increasing demand as the nation's population ages.
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