Israeli MedTech company Healthy.io, which developed a urinalysis home kit, announced that it has acquired competing American urinalysis company Inui Health, formerly known as Scandau. The Israeli company went with the ‘if you can’t beat them, then buy them’ mentality, shedding around $9 million to acquire its American competitor in an attempt to put a foot into the American market.
More relevant than ever
As the COVID-19 threat looms over our heads, MedTech companies like Healthy.io are structured to take full advantage of the new reality. With more and more people choosing to avoid clinics and doctor offices, the urinalysis home kit makes more sense than ever.
Healthy.io’s home kit allows users to conduct a urine test from the comfort of their own home and receive results within minutes. The company’s Dip.io kit includes a specialized urine cup and dipstick which measures 10 different parameters that test for a variety of different issues like urinary infections, chronic diseases, pregnancy complications, or early signs of kidney failure. Then by using a standard camera phone the results are sent directly to the doctor. Currently, though, the product is mostly meant for people with chronic illnesses that need weekly checkups rather than healthy people who need a urine test only every once in a while.
The Israeli MedTech company CEO and founder, Yonatan Adiri said in an interview with CNBC that Health.io has an advantage over its American counterpart, mostly because in Israel they have been digital long before this new pandemic reality has forced the medical industry to turn more remote.
Founded in 2013 by Adiri, Health.io has raised a total of $90 million up to date from a number of investors including Samsung Next and Aleph VC fund. While Inui Health has received close to $60 million in investments. The pending deal will keep Inui Health’s CEO Dr. Jaime Tenedorio on the West Coast but now as part of Health.io. The Israeli company already holds CE certification while both companies have FDA approvals. According to Health.io over 150,000 users have already used the company’s at-home urinalysis kit.