Breakthrough Digital Health Company, Electronic Caregiver, contracts with Pinnacle Investments to Accelerate Growth of Telehealth Business
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LAS CRUCES, N.M., April 23, 2021 /PRNewswire/ -- Electronic Caregiver®, Inc. (ECG), an international digital health technology and services company, has contracted with Pinnacle Investments, LLC (Pinnacle), an investment advisor/broker-dealer, to act as a placement agent to obtain expansion capital for their telehealth business.
"Pinnacle is excited about our relationship with ECG and their vision for the extensive growth in the telehealth business," Benjamin Quilty, Pinnacle's Chief Executive Officer, said.
Pinnacle will offer ECG's Series E Private Placement to accredited investors and qualified buyers within its population of wealth management clients.
"I was impressed with Pinnacle's leadership committee, who conducted extensive due diligence and decided they wanted their accredited clients to have the opportunity to invest in ECG," said Joseph M. Baffoe, ECG President. "We believe this is the beginning of a lasting relationship with Pinnacle and look forward to working with them."
COVID-19 catalyzed a fundamental shift from episodic to predictive care using remote patient monitoring and telehealth. Research firm Rock Health reports that a record $6.7 billion of investment capital flowed into US digital health companies in Q1 2021. Following 10 years of research, product development, and piloting, ECG has entered the market and contracted with 20 health care organizations to provide solutions that improve patient care, enhance outcomes, and optimize resource utilization.
ECG has raised $75 million in developing products, securing IP, and building a go-to-market customer base. The company's patented platform-as-a-service (PaaS), ADDI, is the most intelligent platform to deliver value-based care. ECG's cutting-edge technology includes precision remote patient monitoring services, a new 3D Virtual Caregiver™, named Addison, advanced medical alerts, telehealth solutions, and a turn-key care coordination solution. ECG is under contract with numerous national care organizations, including MD Revolution, Renova Health, CCM Navigator, Zia Health Management, and Banner Health.
"Only 3% of America's approximate 50 million informal family caregivers can afford professional caregiving. The aging population is a powder keg posing a dangerous threat to health care systems worldwide," said Anthony Dohrmann, ECG Chief Executive Officer. "Connected Care is the only possible way to handle population health, effective pandemic management and chronic conditions, and eldercare support. ECG's existing portfolio of products and services addresses these issues by providing affordable, accessible, and scalable solutions. Addison, once released later in 2021, will be transformational."
About Electronic Caregiver, LLC
ECG is a health technology and services company founded by Anthony Dohrmann in 2009. The company, headquartered in Las Cruces, New Mexico, offers a comprehensive suite of proprietary digital health products and services that optimize care coordination, facilitate continuous patient and precision care plan monitoring. ECG has completed ten years of R&D and is now under contract with leading U.S.-based national health care providers, hundreds of health and senior service resellers, and partnered with leading academic, technology, and health partners. ECG recently opened a new European subsidiary for marketing in the Dach region of German-speaking countries. ECG is under contract with Paracelsus Medical University and a team of health professionals and scientists, including the director of an innovation center for the WHO in Austria. The goal is to bring Addison to all German-speaking countries of the EU.
Partners include New Mexico State University, Intel, AWS, and Dell. ECG's new majority-owned subsidiary, ECG Europe, Inc., is under contract with the World Health Organization (WHO) Collaborating Centre for Nursing Research and Practice at Paracelsus Medical University. ECG was founded in Las Cruces, New Mexico, in 2009.
About Pinnacle Investments, LLC
Pinnacle, based in New York, was founded in 1995 by Gregg Kidd and Dan Raite. Together they have over 50 years of experience in the brokerage industry, having spent ten years as producers at a wirehouse before launching Pinnacle. From very humble beginnings, the firm now has a national presence and is continuously growing in new markets. As an independent firm, Pinnacle offers an open architecture platform and state-of-the-art technology through its relationship with First Clearing, a Wells Fargo Company. Pinnacle's success is attributable to its ability to provide a personalized approach to investment management and client service while offering the same investment products and protections as larger financial institutions. Services include financial planning, asset management, traditional brokerage, and employer-sponsored retirement plans. Proven investment experience and superior client satisfaction combined with local ownership have enabled Pinnacle to grow to more than $1.8 billion.
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SOURCE Electronic Caregiver
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