Erie, Pennsylvania-based InnovaTel Telepsychiatry, a provider of psychiatric telehealth services to adolescents and adults, has secured an investment from Canyon Healthcare Partners. No financial terms were disclosed.
Erie, Pennsylvania, February 3rd, 2017 – InnovaTel Telepsychiatry, a leading provider of psychiatric telehealth services to adolescents and adults, has received a private equity investment from Canyon Healthcare Partners. The new capital will enable InnovaTel to expand its multi-state platform for delivering telepsychiatry services to patients receiving medical care at clinics and hospitals. In addition, InnovaTel plans new investments in technology and corporate staff.
“Since our founding in 2014, InnovaTel has focused on delivering high quality, psychiatric services to patients in underserved communities. This additional investment capital allows InnovaTel to increase its capacity to meet the complex clinical needs of patients and our provider partners.” stated Jon Evans, Co-founder and CEO of InnovaTel Telepsychiatry, “We are very pleased to be partnered with Canyon Healthcare Partners whose industry knowledge and experience building growth-stage healthcare companies will be important to InnovaTel’s continued success. “
Under the terms of the investment, InnovaTel will add three new voting members to the Company’s Board of Directors, including Dr. Charles Gordon, M.D., Co-Founder of Texas Spine & Joint Hospital of Tyler, Texas, Young Chang, Partner at Potenza Capital in New York, and Christopher McFadden, Managing Partner of Canyon Healthcare Partners.
Stated Mr. McFadden, “The Founders of InnovaTel have built an impressive platform to deliver clinical services to underserved communities by leveraging innovative technology and improving clinical practice standards. Canyon Healthcare Partner is very pleased to partner with InnovaTel to build a leading telepsychiatry platform”.
As part of the transaction, InnovaTel will extend its relationship with Ben Franklin Technology Partners of Central & Northern PA. “Ben Franklin Technology Partners was an early supporter of InnovaTel. We welcome the opportunity to expand our collaboration” added Jon Evans.
About InnovaTel Telepsychiatry
InnovaTel Telepsychiatry was founded in 2014 to address the shortage of psychiatrists in community mental health settings, particularly in rural areas who experience difficulty recruiting and retaining qualified psychiatrists. For more information, visit http://www.intelpsych.com.
About Canyon Healthcare Partners
Canyon Healthcare Partners invests in commercial-stage healthcare companies to improve the delivery of care. For more information, visit http://www.canyonhcpartners.com.
About Ben Franklin Technology Partners of Central & Northern PA
For more than 30 Years, Ben Franklin Technology Partners of Central & Northern PA has provided funding and business support services to tech-based startups and small manufacturers located in a 32-county footprint. For more information, visit cnp.benfranklin.org.