Follow the Money: Rosy Wellness Gets $1M in Seed Round, CareView Raises $100K, Integer Buys Israeli Medtech Company

In this weekly roundup of funding, merger, and acquisition activity in North Texas, you’ll also find news from Wildcat Capital, Align Capital Partners, Comerica, Cytracom, AIS Healthcare, Exact Diagnostics, and Forté Benefits.

funding Rosy acquired

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Rosy Wellness raises $1M in seed funding

Rosy Wellness, an evidence-based tech platform providing education and resources for women with low sexual desire, has announced a $1 million seed funding round.

The Dallas-based startup has an app designed by MDs that provides users with a sexual wellness score, access to an extensive library of educational materials, and a community where women can openly discuss their sex lives.

“My goal with Rosy is to use modern technology to make education and resources easily accessible for the millions of women who need it,” Rosy Founder and CEO Dr. Lyndsey Harper said in a statement. “As an OB-GYN, we don’t even have the training to treat female sexual dysfunction, yet male sexual dysfunction research and treatment options have been on the market for decades. After I kept hitting a wall searching for available resources, I realized it was my responsibility to help not only my patients but women across the country.”

Dr. Lyndsey Harper [Photo: Michael Samples]

Rosy was founded after Harper’s own experiences as an OB-GYN. She grew frustrated that a common complaint among her patients was low libido, but they didn’t have an adequate place to address their decreased sexual desire. Not to mention, OB-GYNs weren’t receiving medical training to address the issue.

So she decided to create a one-stop-shop for trusted information and resources, leaving private practice in 2018 to champion women’s sexual education and begin building Rosy.

The app taps into a widespread issue, offering help to more than 30 million women who need it nationwide. Recognizing there isn’t a one-size-fits-all solution, Rosy uses a holistic approach to improve sexual function, self-esteem, overall health, and strengthen relationships.

CareView Communications raises $100K

Lewisville-based technology company CareView Communications Inc. reported in a new filing with the U.S. Securities and Exchange Commission that it raised $100,000 in debt funding.

According to Crunchbase, CareView Communications has raised $47.6 million in funding rounds since 2008. In 2018, we reported CareView had raised more than $3 million in that year alone.

CareView is an information technology provider for the healthcare industry specializing in bedside video monitoring, archiving, patient-care documentation systems, and patient entertainment services.

CareView’s products and on-demand services increase access to quality medical care and education for both consumers and healthcare professionals through the use of telecommunications technology and the internet. 

Wildcat Capital backs Feather’s $30M Series B round

Fort Worth-based investment firm Wildcat Capital Management is one of 10 investors that participated in a $30 million Series B funding round by Feather, a New York-based furniture rental company for urban living, according to Crunchbase.

The funding round was led by Los Angeles-based Cobalt Capital.

Wildcat Capital Management was founded by Len Potter in 2011 with the intent of managing capital for David Bonderman, the founding partner of TPG Capital.

According to Feather’s website, customers can get furniture delivered and assembled in under a week. They can decide later is they want to swap it, return it, or buy it. 

Align Capital Partners recapitalizes Marco Rubber & Plastics

Private equity firm Align Capital Partners, which has headquarters in Dallas and Cleveland, announced its majority recapitalization of New Hampshire-based Marco Rubber & Plastics, a technology-enabled, specialty distributor of elastomer components, including O-rings, gaskets, and other high-performance seals and products.

Align Capital focuses its investments on business-to-business (B2B) business services, specialty manufacturing, and value-added distribution companies.

Align Capital noted that Marco delivers sealing solutions to thousands of customers each year across a broad array of end markets, including aerospace, medical, semiconductor, chemical, and many other markets.

Marco’s team developed its proprietary technology platform to link a global supply network representing more than 3,000 material formulations, more than a million SKUs, and custom products to provide fast and cost-effective services to customers worldwide.

Last week, we told you Align Capital Partners closed its second private equity investment fund at $450 million.

Align Capital is led by managing partners Steve Dyke, Rob Langley, and Chris Jones, and it focuses on the lower middle market with a growth-focused approach for companies with less than $150 million in enterprise value. With the close of its second fund called ACP II, Align Capital has raised more than $775 million since its founding in 2016.

Align Capital Partners’ inaugural $325 million fund closed in September 2016 after only four months of marketing. Since then, the firm has acquired eight platforms and closed 16 add-on investments to help its platform companies significantly scale, according to a statement.

Comerica among backers of $500M credit facility for TripActions

Dallas-based Comerica Bank participated in a $500 million credit facility for Palo Alto, California-based TripActions, a “corporate travel-focused unicorn,” reports TechCrunch.

The money is coming from Silicon Valley Bank, with Comerica and Goldman Sachs participating.

Crunchbase has tracked more than $480 million in equity funding for TripActions, including a $250 million Series D round last June.

MERGERS & ACQUISITIONS

Integer Holdings buys Israeli medtech company

Integer Holdings Corp., a Plano-based medical device outsource manufacturer, has acquired Inomec, a research and product development company in Netanya, Israel. No financial terms were released.

The acquisition formally establishes Integer’s presence in Israel and enables it to create a research and development and sales center in the region. The deal also adds important catheter design, clinical, and pilot manufacturing capabilities to Integer’s portfolio.

“Acquiring Inomec strengthens our research and development pipeline by adding differentiated capabilities and expanding our global footprint in a key market with an extensive innovation ecosystem that is widely recognized as a leader in MedTech innovation,” Integer president and CEO Joe Dziedzic said in a statement.

Inomec specializes in the research, development, and manufacturing of medical devices, including minimally invasive tools, delivery systems, metal implants, drug-device combination devices, and laser processing services. It was founded in 2008.

Sverica takes controlling stake in Cytracom

Dallas-based Cytracom, a provider of cloud-based unified communications software and solutions (UCaaS) for the managed service provider (MSP) channel, has received a majority investment from Sverica Capital Management.

The amount of the investment has not been disclosed. Sverica Capital is a San Francisco-based private equity investment firm.

Founded in 2008, Cytracom has more than 2,000 MSP partners across North America. Cytracom’s UCaaS offering allows its partners to expand their service portfolios and provide end-to-end managed IT services, according to a statement. 

Cytracom intends to invest further into features that empower its MSP partners to better sell, support, and manage UCaaS for their customers.

Cytracom’s senior management team, including co-founder and CEO Zane Conkle, is expected to continue leading the company. Sverica managing partner Frank Young and Sverica vice president Michael Dougherty will join Cytracom’s board of directors.

AIS Healthcare buys Maryland compounding pharmacy company

Dallas-headquartered targeted drug delivery and infusion care provider AIS Healthcare has acquired Maryland-based Hunt Valley PharmaLAB, a 503A compounding pharmacy focused on ophthalmology medications.

With the acquisition, AIS expects it will be able to provide high-quality, custom ophthalmology prescriptions to patients across the country. No financial terms of the deal were released.

Hunt Valley offers patient-specific medications for people undergoing eye surgery or suffering from chronic and complex conditions, such as dry eye, according to a statement. It serves more than 6,700 patients in 15 states.

By using Hunt Valley’s existing pharmacy and new state-of-the-art facility in Dallas, AIS Healthcare plans to produce ophthalmic medications for an expanded number of patients.

Bio-Rad Laboratories acquires Fort Worth’s Exact Diagnostics

Fort Worth-based biotech startup Exact Diagnostics announced it has been acquired by Bio-Rad Laboratories, a California-headquartered molecular diagnostic quality control manufacturer.

While no financial terms of the acquisition—which occurred in August—were released, the Fort Worth Star-Telegram reports that the sales price was $60 million. Bio-Rad reported in its full-year financial release it had payments for or proceeds from acquisitions totaling $79.4 million in 2019.

Exact Diagnostics, housed at the UNT Health Science Center in Fort Worth, is a developer and manufacturer of diagnostic products that help ensure the validity and consistency of test results. Co-founded in 2015 by Richie Petronis and Jerry Boonyaratanakorkit, the company produces and sells samples of viruses, which labs can use to test their own equipment.

Co-founders Petronis and Boonyaratanakorkit wanted to “provide better service and produce a better product for the quality assurance market,” according to Tech FW. The company currently produces products at labs at UNTHSC in Fort Worth, but “will be opening their own lab and building, which is scheduled for fall 2020.” Exact Diagnostics is a client of TechFW and the winner of the group’s 2017 Impact Award.

Exact Diagnostics has a reputation for quality products and services to labs and manufacturers, Jim Barry, vice president and general manager of the quality controls division of Bio-Rad, noted in a statement. With the acquisition of Exact Diagnostics, Bio-Rad expects to have access to a comprehensive catalog of molecular quality control products in the area of transplant, respiratory, virology, microbiology, sexually transmitted infections, and vector-borne diseases.

Exact Diagnostics has bought the Katy Depot building at East Vickery Boulevard and Jones in Fort Worth and will become the home to medical innovators and expanding biotech companies, including Exact Diagnostics, according to the 2019 Near Southside Annual Progress Report.

New York firm buys Forté Benefits

Fort Worth-based Forté Benefits has been acquired by New York-based USI Insurance Services, a provider of risk management, employee benefit, and retirement plan consulting.

Forté Benefits is a full-service employee benefit broker-consulting firm. No details of the transaction were released.

All of Forté Benefits’ employees and four partners, Logan Dickinson, Jeff Farmer, David Farrell, and Bill Hester, will be joining USI, according to a statement.

David Kirkpatrick contributed to this report.

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