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Pitango HealthTech II announces first closing of $175m fund

Pitango Healthcare II team credit: Yoram Reshef
Pitango Healthcare II team credit: Yoram Reshef
6 Sep, 2023 15:15
שלח תגובה במיילGlobes correspondent

The fund will invest in data science, AI, medical devices and novel biology startups.

Pitango HealthTech, Pitango VC's dedicated healthcare fund, today announced the first closing of its second healthcare fund, Pitango HealthTech II, a $175M fund, which will invest in data science, AI, medical devices and novel biology startups.

Pitango HealthTech II will invest in healthcare innovation, including the decentralization of healthcare, personalized medicine, medical devices and diagnostics, as well as artificial intelligence, software and data infrastructure.

Pitango HealthTech managing partner Ittai Harel said, "Despite the global and local macroeconomic challenges, the healthcare sector continues to show resilience and growth. Recent events such as the pandemic, decentralization of healthcare, and value-based care, have resulted in unprecedented openness towards the adoption of new technologies. We’re launching this new fund to continue to back entrepreneurs and invest in companies that are revolutionizing the healthcare industry. Pitango believes that the most promising healthcare innovations occur at the convergence of life science and medical technologies with data science and AI, coupled with innovative services. This revolution is at its early onset, and is yet to accelerate."

Pitango HealthTech invests in companies from seed to commercial stage. The fund’s investment strategy is focused on all segments of healthcare and life sciences. Previous investments include value-driving companies such as Protai, Laguna Health, Vertos, Visby, Clew and Magenta. The first investments of the newest fund are QuantHealth.ai, an AI company focused on clinical trial simulations to accelerate and de-risk drug development, and Nevia Bio, a FemTech company developing an AI-based biomarker platform for early detection of women’s health diseases.

Pitango HealthTech managing partner Hila Karah said, "The current environment offers great investment opportunities for health tech investors. Our team has decades of experience working with global healthcare providers, payers, medical device and pharma companies. We garner this expertise to support our portfolio companies from inception to scale. We’re seeing an incredible generation of companies being formed right now and are looking forward to working with the best of them."

Pitango HealthTech is committed to promoting diversity within the healthcare technology space, upholding ESG standards and ensuring women founders in the domain receive the same access to investment opportunities.

Pitango HealthTech is part of the Pitango investment platform, operating alongside Pitango First and Pitango Growth Funds. Since its inception in 1993, Pitango has invested in over 250 companies and seen more than 85 become publicly traded companies, or acquired by strategic players.

Pitango cofounder and managing partner Rami Kalish said, "Pitango has been a key player in the healthcare ecosystem in Israel since its inception. Over the last three decades we've had the opportunity to invest in over 50 healthcare companies and see 15 of them exit successfully and many others on a strong growth trajectory. It’s a track record we’re proud of and that gives us the confidence to double down with a second dedicated healthcare fund."

Published by Globes, Israel business news - en.globes.co.il - on September 6, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Pitango Healthcare II team credit: Yoram Reshef
Pitango Healthcare II team credit: Yoram Reshef
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