6 Jun 2019

Pitango Announces First Closing Of A Dedicated HealthTech Fund

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Herzliya, June 6th, 2019 - Pitango Venture Capital today announced the first closing of a new HealthTech Fund, dedicated to investments in the HealthTech Domain. Pitango aims to close the fund at $ 150 Million. This new HealthTech Fund will operate alongside Pitango’s Early Stage Tech and Growth Funds. In addition, Pitango announced the new HealthTech Fund’s first investment, as leader of a $7M founding round in Variantyx.

Pitango’s HealthTech Fund will focus on the intersection of Technology and Healthcare and broader Life Sciences. Its investments will be focused on highly disruptive, game-changing entrepreneurs and ventures in Digital Health, Health IT and MedTech, with a possible outlook into opportunities in Diagnostics, Biopharma, FoodTech and AgTech.

Healthcare and how it is administered and managed is undergoing a revolution driven by the merge of medical know how and technology. In this intersection, the Trillion-Dollar Healthcare industry is positioned to be greatly impacted by full access to seamless data, intelligent use of AI, Predictive Analytics, Robotics, Enterprise Software, Telemedicine and Mobile Computing. The growing excellence of entrepreneurs in these areas, drives the setup of a dedicated HealthTech Fund aimed to invest in disruptive technologies with exceptional teams.

Ittai Harel, Managing General Partner at Pitango: "This is coming full circle for me, after 12 years of investing in Healthcare at Pitango. Our team has longtime Healthcare and Digital Health investment expertise with a strong portfolio including EarlySense, Magenta, Medisafe, Vertos, CyberMDX and DouxMatok. Coupled with its unique network of global strategic partners, positions Pitango to be a unique player in the HealthTech investments world.”

Variantyx, Pitango’s first investment from the newly-launched Health-Tech Fund is pioneering a paradigm shift in genomics diagnostics with its proprietary Genomic Intelligence® technology. Varaintyx’s Unity™ test is the industry’s first comprehensive Whole-Genome-Sequencing Based diagnostic effectively combining all genomic tests into one.

Dr. Guy Ezekiel (M.D), Managing General Partner at Pitango, who joines Variantyx’s Board of Directors: “This is a fascinating era for the Healthcare market: we are witnessing incredible technological breakthroughs alongside the challenge to find cost-effective solutions for the soaring costs of healthcare. This creates outstanding opportunities for Pitango to further develop our healthcare portfolio to a point where it deserves its own dedicated fund.”

Rami Kalish, Managing General Partner and Co-Founder at Pitango: “Pitango has been investing in Healthcare since its inception in 1993 and has been a key player in this ecosystem in Israel since, with more than a dozen successful Healthcare exits, such as Ventor, Optonol, dbMotion, SuperDimension and others. The current intensity of the HealthCare market makes it the right timing for Pitango to have a full-fledged fund dedicated solely to all facets of HealthCare. 

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About Variantyx:

Variantyx was founded in early 2014 by Haim Neerman, Noam Shomron and Tomer Jackman as a joint venture with the Sackler School of Medicine of Tel-Aviv University.  The Company is pioneering a paradigm shift in genomic diagnostics with its Genomic Intelligence® technology The genomic diagnostic industry is at an inflection point, shifting from traditional technologies to Whole Genome Sequencing (WGS). Yet the barrier to entry for clinical WGS testing is high, preventing the vast majority of hospitals worldwide from conducting these tests in-house. Variantyx’s Genomic Unity™ is the industry’s first comprehensive WGS-based diagnostic test, effectively combining all genomic diagnostic tests into one, providing high diagnostic yield while lowering the cost and turnaround time. The traditional diagnostic odyssey for an undiagnosed genetic has been reported to cost $27,000* on average and takes years to conclude. In comparison, Genomic Unity™ costs less than $5,000 and takes two weeks. The company’s services are used by a global network of world-leading hospitals and diagnostic labs and are reimbursed by the major US payors.

The company’s service is integrated with a global network of world-leading sequencing partners, including Boston Children’s, Vanderbilt, Colorado Children’s, UC Irvine, Quest Diagnostics, the world’s largest laboratory and Clalit Health Services the world’s second largest HMO and many others. Unity™ is reimbursed by major US payors including Cigna, United and BCBS.