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Digital Healthcare company VideoVisit secures EUR 1.5 million financing for internationalization

Press Release – VideoVisit Ltd

Free to publish: 13th May, 2019, 9:00 AM EEST

DIGITAL HEALTHCARE COMPANY VIDEOVISIT SECURES EUR 1.5 MILLION FINANCING FOR INTERNATIONALIZATION

The Finnish company VideoVisit Ltd, which develops digital outpatient care solutions for social- and health care sectors, has secured EUR 1.5 million in financing to scale its services to international markets. The additional financing consists of corporate finance received through the Business Finland Smart Life Finland – project and direct investment by Kustaa Piha’s investment company Athensmed. With this funding, VideoVisit is strengthening its international business that started 1.5 years ago by investing in global sales and developing new services for the international market. At the same time, the Annual General Meeting of VideoVisit Ltd appointed Kustaa Piha and Marika Nordlund as new representatives of the Company’s Board.

Launched in 2010, VideoVisit has become the market leader in the field of virtual care and remote healthcare services in Finland. VideoVisit’s net sales in 2018 totaled EUR 2.6 million, and the 2019 forecast is expected to reach EUR 3.1 million. The company’s strong position as a pioneer in the Finnish healthcare field creates a solid foothold for internationalization:

– I am glad that our family business has received funding in cooperation with our customers and Business Finland to anchor us more firmly in international waters. Kustaa’s unique expertise in the field together with VideoVisit’s specialized expertise is part of our current and future success story, says Esa Ojala, Founder and Chairman of the Board of VideoVisit.

The comprehensive remote care service platform for social and healthcare service providers covers more than 100 municipalities and hospital districts domestically in Finland. The Remote Care service provided by VideoVisit has proven to be a cost-effective solution for delivering services to geographically broad areas. For example, in home care, the VideoVisit® service has proven to be up to 85% more cost-effective than a traditional physical home visit at home. In Finland, the VideoVisit® service solutions have already made over one million remote care sessions.

– VideoVisit is an advanced technology company whose services bring significant added value to customers. The company is on a healthy footing, which has been guided by the grounded and practical business attitude, combined with the highest goals. VideoVisit has distinguished itself from other companies in the industry. It is a pleasure to be part of this company and to give my support for the company’s internationalization, says Kustaa Piha.

The cost pressures in health care due to aging population, the rise of chronic diseases and limited care resources are global problems. The Remote Care Service developed by VideoVisit provides a solution to these challenges, so the company has excellent growth potential in the international market.

– It has been fascinating to be part of VideoVisit’s internationalization process within a couple of years, and promising results have been achieved in the Gulf area and Japan, says Meria Heikelä from Business Finland.

– It’s great that the company continues to work with us in the Smart Life Finland program. The program promotes the use of digital solutions in changing health care and everyday life, and is an excellent platform for a company like VideoVisit, continues Heikelä.

In international markets, VideoVisit currently has local operations in Japan, Australia, Iberia, and the Baltic countries. Also, the company is currently negotiating new customer deliveries to the Netherlands, Austria and the Middle East. With the help of the finance that has been secured, VideoVisit aims for a stronger international market position by strengthening its sales organization and launching new solutions and services for the global market.

For more information:

Esa Ojala
Founder & Chairman of the Board, VideoVisit Ltd
+358 44 045 1842
esa.ojala@videovisit.fi

Repe Harmanen
CEO, VideoVisit Ltd
+358 40 046 7717
repe.harmanen@videovisit.fi

Kustaa Piha
CEO & Investor
Athensmed Oy
+358 50 359 6835
kustaa.piha@athensmed.fi

VIDEOVISIT
In 2010, VideoVisit Ltd is a Finnish company focused on customer-oriented remote care solutions. VideoVisit develops and provides a comprehensive remote care service that enables healthcare services to be delivered home regardless of time and place. The service offers solutions such as virtual care, video and chat-based online doctor appointments, online doctor consultation, and remote diagnostics. VideoVisit operates in Finland as a framework contract supplier through KL-Kuntahankinnat and Istekki Ltd framework agreements in the public health sector. Over 100 municipalities and hospital districts use the service in Finland (05/2019). In the international market, VideoVisit operates in Japan, Australia, Iberia, and the Baltic countries.

KUSTAA PIHA / ATHENSMED
Kustaa Piha is the founder and former CEO of Med Group Oy. Nowadays, Piha invests in health service companies and growing health technology companies through its investment company Athensmed, and acts on the boards of companies. Other investments of the company include: Omaeläinklinikka, Komppi, Klinik Healthcare Solutions and Kaiku Health.

Momentum in Japan – Appointment of Shuichi Seo & EU Trade Mission to Japan 2019

VideoVisit has been experiencing a big wave of activities and opportunities coming from the market of Japan.

– It’s exciting to see the momentum and interest in our holistic platform solution for remote caregiving and with each trip it gets better and better. Japan is one of the strategic entry markets chosen for business development for the next two years and the results of the activities so far has been impressive. Last year, VideoVisit was in Japan four times to develop contacts, networks and discuss potential partnerships and pilots with Japanese companies. Due to the high interest and potential we see from the market, we decided to take a bigger step forward, explains Michael Haralson, COO of VideoVisit Ltd.

Appointment of Mr. Shuichi Seo

Shuichi Seo appointed as Director, Sales & Business Development for the Japanese market.

It is with great pleasure that we formally announce the appointment of Mr. Shuichi Seo as Director, Sales & Business Development for the Japanese market.

Shuichi Seo has broad experience in research, consulting and business development on cross border businesses. He has had international working experience with Nomura Research Institute in Sydney and in London. He contributed to Nikko Asset Management and T&D Asset Management in developing new businesses. He was involved in advisory services on M&A and corporate finance with IBS Securities. He is a CFA charter holder and served as President of CFA Society Japan from 2013 to 2015. He has BA in Law from the University of Tokyo and MBA from the New York University.

EU Trade Mission to Japan 2019

Director of Sales and Business Development Shuichi Seo and COO Michael Haralson at EU Gateway Mission to Japan 2019

Last month VideoVisit had the great opportunity to participate in the 2019 EU Trade Mission to Japan – we were one of 40 companies that were chosen to participate this year from a pool of some 350 companies that applied. Even more exciting for us was that we had attended the trade mission last year so it was an honour to be chosen once again. The trade mission activities are held in coordination with the Medtec Exhibition, one of the larger medical exhibitions held at Tokyo Big Site.

– This March we have increased our meeting activities to reach out to potential partners and customers, with a total of 27 key meetings! It includes the EU Trade Mission to Japan matchmaking team’s efforts, some walk-on opportunities at the Medtec Exhibition and Shuichi Seo’s efforts to arrange appointments. This included some large Japanese medical companies as well as a meeting at the Sendai Finnish Wellbeing Centre. We start to see positive momentum in finding partners and pilots in the Japanese market, Shuichi Seo summarizes the week full of activities.

Additional information:

Michael Haralson
COO
michael.haralson@videovisitglobal.com
+358 40 532 7577

Shuichi Seo
Director, Sales & Business Development – VideoVisit Japan
shuichi.seo@videovisitglobal.com
+81 (0)80 3553 9889

2018 – The year of virtual care!