OurCrowd

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Tyto Care: Remote Monitoring of Coronavirus Patients

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Hundreds of doctors, nurses and other frontline medical workers have died after catching the coronavirus from their patients. Hospitals are racing to install remote monitoring technology that will allow them to treat COVID-19 patients while reducing the risk of infection for medical staff.

Tyto Care is an OurCrowd portfolio company whose remote health monitors have been deployed in 16 hospitals, including coronavirus quarantine wards in Israel, the United States and elsewhere, and used successfully for hundreds of COVID-19 patients.

Tyto Care technology uses AI to diagnose patients based on data that can be collected using its kit and a regular cellphone. Patients can also buy the system to use in their own homes and feed the data to their doctor, saving a trip to the hospital. Tyto’s AI algorithms can detect issues like swollen tonsils, throat inflammation and lung disease, enabling doctors to make a diagnosis without touching the patient.

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Nobel laureate takes aim at coronavirus in Canada

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SaNOtize treatment against COVID-19 confirmed in lab, approved for Phase II trials

Canada emerged front and center in the fight against the coronavirus on Wednesday as Health Canada approved Phase II clinical trials for a nitric oxide treatment shown to be 99% effective against COVID-19 developed by SaNOtize, an OurCrowd portfolio company based in Vancouver.

SaNOtize hopes to get emergency approval to deploy its virus-killing gel, spray and liquid in Canada and the US for frontline healthcare workers and other high-risk groups. The product kills the virus as it settles in the nose and throat before it can incubate and damage the lungs.

Laboratory tests on SaNOtize’s antiviral prevention and early treatment conducted by the Institute for Antiviral Research at Utah State University confirm SaNOtize’s Nitric Oxide Releasing Solution (NORS) inactivated more than 99.9% of SARs-CoV-2, the virus that causes COVID-19, within two minutes. The success of the tests at Utah State puts SaNOtize is in a unique position to immediately test its formulations against corona and other viral strains.

Chris Miller and Gilly Regev of SaNOtize tell OurCrowd CEO Jon Medved that their treatment can protect frontline medical staff against coronavirus

 

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In the News: Meet MigVax, Israel’s leading candidate for the coronavirus vaccine

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There is nothing more important for the world right now than developing a vaccine against the coronavirus. That is why this past week, OurCrowd proudly announced our decision to lead the $12M investment for Israel’s leading coronavirus vaccine candidate being developed by MigVax, based on research from the MIGAL Galilee Research Institute. See the coverage as featured in TechCrunch, New York Times, and Forbes, and read our six reasons why OurCrowd is investing.

It turns out that Israel’s response to the coronavirus crisis, at least in the startup sector – has been fast-paced, innovative, and encouraging. After MigVax made global headlines, the company joined OurCrowd execs, Israel’s Ministry of Economy and two more companies on the coronavirus frontlines – Sight Diagnostics and PulmOne – for a discussion about Israel’s response to COVID-19. Watch the recording and discover how you too can get involved.

MOE webinar

I enjoyed speaking on Sky News Australia about the race to the vaccine and the overall tech investment scene – watch it here.

Sky News

As we near Israel’s 72nd birthday, one can’t help but feeling pride reflecting upon the technological contributions and innovations our small country continues to develop for the world – Happy Israel Independence Day!

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Six Reasons Why OurCrowd is Investing in This Israeli Coronavirus Vaccine

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Today we announced our decision to back Israel’s leading COVID-19 vaccine candidate

There is nothing more important for the world right now than developing a vaccine against the coronavirus. Many things are necessary for us to get through this crisis – testing, medical equipment, personal protection, better therapeutics – but creating a COVID-19 vaccine and deploying it across the globe is the key to preventing millions more from dying and overloading countries’ health systems. That is why today OurCrowd announced our decision to back Israel’s leading coronavirus vaccine candidate being developed by MigVax, based on research from the Migal Galilee Research Institute in Kiryat Shemonah in the Galilee.

There are hundreds of teams around the world racing to develop an effective vaccine. Several of the most promising pieces of research are being conducted here in Israel, including projects by leading scientists at Tel Aviv University, the Weizmann Institute and the Technion-Israel Institute of Technology.

The coronavirus vaccine being developed by Migal CEO David Zigdon and his team of top scientists for MigVax is different to the others. Here are six reasons why:

  1. The MigVax vaccine is oral, making it very simple to administer.
  2. It doesn’t use any form of the virus itself – either live or dead – making it safer to develop and for immune-compromised patients.
  3. It is based on a vaccine for another strain of coronavirus in birds that has already been tested on live animals and proved to be safe and effective.
  4. It develops a three-pronged protection via mucosal immunity; blood-based immunity through antibodies; and cell-mediated immunity through T-cell response.
  5. It offers significant advantages in manufacturing and cost as its production is based on the well-known process of bacterial fermentation, so it can be scaled quickly to provide the millions of vaccine doses required to stamp out the pandemic.
  6. The MigVax solution is a platform. The strategy they are developing is not just specific to the current strain of COVID-19. The platform looks like it will provide an effective basis to develop vaccines for other forms of coronavirus now and in the future.

Working on the coronavirus vaccine at the Migal Galilee research Institute. OurCrowd hopes to help develop a response to this horrific disease
(Photo: Migal Galilee Research Institute)

In 2019, OurCrowd hosted the largest business event then held in Israel under the banner “Startups: Making a Global Impact.” Today’s investment in MigVax promises to be the most impactful investment we have ever made. We believe that innovation, in addition to increasing prosperity and rewarding the genius of brilliant entrepreneurs, also provides the opportunity to improve people’s lives. What could make more of an impact than developing a vaccine or a cure for this horrific disease that has already claimed the lives of more than 170,000 people in just four months and caused worldwide economic chaos?

In such a crisis, nimble innovation empowered by swift, flexible investment can shine, helping shatter the darkness of this terrible crisis by illuminating the path toward the exit. It is at times like these that venture investors can instantly provide the resources for the world’s most brilliant minds to develop the cures, vaccines and other solutions we need to emerge from our current nightmare. The rapid development of OurCrowd in seven short years to become the world’s largest equity crowdfunding platform and Israel’s most active venture investor now seems like a preparation for just this moment – when we can draw on our worldwide network of partners, deep knowledge of Israeli innovation, and more than $1.4 billion of committed funds to help develop the solution that the world requires, right now.

This investment joins the dozens of OurCrowd companies already fighting the pandemic – either by providing equipment, software and diagnostics for frontline medical use, or mitigating the social, economic and educational effects of the broader crisis. We are actively looking to fund more solutions and hunting worldwide for the technologies that will help to end this pandemic and mitigate its effects. We want to hear from more entrepreneurs so we can give them the resources they need to do what innovation does best: move fast and fix things.

WEBINAR, APRIL 22: Join me for a discussion about the MigVax vaccine with David Zigdon, CEO of the Migal Galilee Research Institute, and other experts in a live Webinar on Wednesday, April 22 at 12:30 EST, 19:30 IDT. Register here: https://ourcrowd.zoom.us/webinar/register/WN_BoqvIrtiSZGzJnBpPfJgHQ

In the News: Israel’s response to COVID-19 – government, technology, health

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Long term societal changes are definitely being accelerated by the COVID-19 crisis. Our return to the “new normal” will accentuate our adoption of many new social norms. Investors are now interested not just in the medical side of this crisis, but in technology that deals with our new reality. Read this detailed profile on what we’re thinking about as startups pivot, investors stay involved, and how Israeli companies are fighting the coronavirus.

Join us for first-hand perspectives on Israel’s response to the COVID-19 crisis across government, healthcare and technology sectors – including the CEO of MIGAL, the Israeli company working on a COVID-19 vaccine. Sign up for a webinar in partnership with Israel’s Ministry of Economy this Wednesday, April 22nd at 12:30 EST, 19:30 IDT.

As I recently told Bloomberg, I believe we will look back at this time and say that the COVID crisis was the coming of age of AI—not as a threat to humanity, but as a real aid in terms of fighting global dangers. Read the full article, featuring TytoCare.

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In the News: How startups are handling the COVID-19 frontlines

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The COVID-19 pandemic arrived unannounced in late 2019, disrupting lives and businesses in ways that were previously unimaginable. Steering a company through the uncertainty of this crisis is daunting – here are four tips we shared with our own companies: Four Best Practices for Companies During a Crisis.

At OurCrowd, we’re not only backing a whole host of companies that are busy on the frontlines fighting the coronavirus battle, but we’re getting ready for the next pandemic as well. Watch my interview on CNBC as I discuss how tech is being utilized to combat COVID-19, and how the investment community is now very focused on helping these companies that are critical in this fight.

corona CNBC

We are wishing all those who are celebrating a happy, healthy holiday week!

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In the News: Time to move fast and fix things

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Now is the time for tech to drive the effort and support the global community in reversing the course of this coronavirus pandemic and help us establish a more successful, healthier and safer future. The tech world has the ingenuity, resources, imagination and drive to tackle the new challenges brought by COVID-19. Read more in this Al Jazeera op/ed published by Jason Greenblatt and myself. 

Last week saw a great example of tech moving fast and fixing things, with our company Kryon, a leader in robotic process automation. In just 48 hours they managed to complete a typically 1-2 month process and helped Maccabi Health Care Services move all of the Israeli Health Ministry’s coronavirus testing data into their core database. Read it in The Jerusalem Post, and watch my interview on the story with Kryon and Maccabi.

kryon maccabi interview

Our portfolio company data.world is helping Tableu make Johns Hopkins coronavirus data available – and that’s just the start. Join our next webinar, where CEO Brett Hurt will discuss the use of big data to solve COVID-19, and how data.world is applying its technology to the current crisis. The webinar will take place Thursday, April 2nd at 7 PM Jerusalem, 12 PM New York, 9 AM San Francisco – sign up here.

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Four Best Practices for Companies During a Crisis

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The COVID-19 pandemic arrived unannounced in late 2019, disrupting lives and businesses in ways that were previously unimaginable. It could get a lot worse before it gets better, but the world has not ended. Steering a company through the uncertainty of this crisis is daunting, but here are four tips OurCrowd shared with its portfolio to help chart the right course.

1. Don’t fight the wave, ride it 

In times of crisis, companies need to be very agile and maintain the ability to adjust quickly to new realities. “Remain relevant” is the mantra of the hour, and that means crafting your message or adjusting the focus of your product or services to be more relevant for the world as it is. Now is the time of distant learning, social distancing, and obviously the medical applications – think hard about where you fit in.

2. Reach out to your customers 

You need to be in constant contact with your customers. Don’t just assume that because you’ve had a customer for the last two years that they’ll be there for the next few quarters. Have an active conversation to understand their needs and how they are changing so that you can adapt to be supportive in the future.

3. Re-evaluate Customer Acquisition Cost & LifeTime Value 

OurCrowd believes that for many industries, this traditional matrix is going to need to be reassessed. Companies will need to reevaluate Customer Acquisition Cost (CAC) and LifeTime Value (LTV) because sales cycles could be extended, churn might grow, causing the lifetime value of your customers to shrink.  Understanding how this new metric is affecting your industry and your company is imperative.

4. Cut your burn rate to extend runway 

Take a close look at your burn rate. Make sure the founders, management teams, and boards are focusing on cutting costs in order to extend runway. Determine if all of your employees are essential and if savings can be found by reducing CAC and marketing expenses during this crisis.

The easiest way to raise $3 million in this crisis environment is to cut $250,000 a month from your burn rate.  Most of OurCrowd’s portfolio companies initiated this process in response to the coronavirus pandemic. Steps from reducing salaries across the board to cutting personnel by 15-30%, depending on the industry, have been reported.   The earlier and the more decisive you are during the crisis, the better it will be.

In the VC community we are seeing signs of cautious activity, with term sheets on the table and yes, even exits.  Despite near total lockdowns in countries everywhere, OurCrowd is working full time to support our companies and identify selective opportunities. Great companies are built in downturns, and technology has a big role to play in solving and helping us through the crisis.  It will get better, and you’ll need to be “in the tube” riding the wave to get to the other end of this crisis.

 

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