Tenovi Company Profile

Background

Tenovi, founded in 2020, is a technology firm specializing in remote patient monitoring (RPM) solutions. The company's mission is to enhance healthcare delivery by providing seamless, real-time monitoring of patient vitals through innovative hardware and software. Tenovi's vision is to bridge the gap between patients and healthcare providers, facilitating proactive health management and improving patient outcomes. Operating within the healthcare technology industry, Tenovi has established itself as a significant player by integrating FDA-cleared devices with proprietary platforms, thereby streamlining remote patient care.

Key Strategic Focus

Tenovi's strategic focus centers on developing and deploying comprehensive RPM solutions that cater to the needs of healthcare providers and patients. The company's core objectives include:

Expansion of Device Portfolio: Continuously broadening the range of FDA-cleared, user-friendly devices to monitor various health metrics.

Technological Integration: Enhancing the interoperability of devices through the proprietary Tenovi Cellular Gateway, ensuring seamless data transmission.

Market Penetration: Targeting telehealth, chronic care management, and RPM service companies to expand the adoption of remote monitoring technologies.

By leveraging advanced technologies and focusing on user-centric design, Tenovi aims to address the growing demand for efficient and reliable remote patient monitoring systems.

Financials and Funding

In October 2023, Tenovi secured $4.2 million in Series A funding, led by Prophetic Capital Partners. This investment followed a period of significant growth, including a 650% increase in revenue and the launch of seven FDA-cleared RPM devices. The capital infusion is intended to:

Accelerate research and development efforts for new medical device integrations.

Expand the company's presence on the East Coast and enhance fulfillment capacity.

Strengthen infrastructure and operational capabilities to meet increasing demand and ensure scalability of solutions.

Pipeline Development

Tenovi has developed a robust pipeline of RPM devices and solutions, including:

Cellular-Connected Pillbox: Launched in April 2024, this FDA-listed device automatically tracks medication adherence without disrupting patient routines.

Infrared Thermometer: Released in July 2023, this FDA-cleared, cellular-enabled thermometer provides real-time temperature readings for early infection detection.

Integration with A&D Medical Devices: In July 2024, Tenovi partnered with A&D Medical to offer FDA-cleared blood pressure monitors, pulse oximeters, and weight scales connected through the Tenovi Cellular Gateway.

These developments demonstrate Tenovi's commitment to expanding its product offerings and enhancing remote patient monitoring capabilities.

Technological Platform and Innovation

Tenovi's technological platform is distinguished by several proprietary technologies and innovative methodologies:

Tenovi Cellular Gateway: A plug-and-play device that connects various medical devices, automating the transfer of patient vitals to the cloud without the need for Wi-Fi or apps.

API-Driven Fulfillment and Automation Services: Enables seamless deployment of RPM programs by integrating with existing healthcare systems.

FDA-Cleared Devices: A suite of user-friendly devices, including blood pressure monitors, weight trackers, blood glucose meters, pulse oximeters, and activity trackers, all designed for seamless data transmission through the Cellular Gateway.

These innovations position Tenovi as a leader in providing comprehensive and efficient remote patient monitoring solutions.

Leadership Team

Dr. Nizan Friedman: Co-founder and Chief Executive Officer. Dr. Friedman has a background in healthcare technology and has been instrumental in guiding Tenovi's strategic direction and growth.

Jay Lenick: Appointed as Chief Revenue Officer in September 2023. Lenick brings over two decades of healthcare leadership experience, including roles at GE Healthcare and Vave Health, and is responsible for overseeing business growth strategies.

Sara Barone: Director of Business Development. Barone focuses on expanding Tenovi's market presence and forging strategic partnerships.

Brad Stoll: Director of Business Development. Stoll plays a key role in identifying new business opportunities and enhancing client relationships.

Ian Russell: Director of Product. Russell leads product development initiatives, ensuring the alignment of Tenovi's offerings with market needs.

Leadership Changes

In September 2023, Tenovi appointed Jay Lenick as Chief Revenue Officer. Lenick's extensive experience in healthcare leadership and business development is expected to drive Tenovi's growth and expansion strategies.

Competitor Profile

Market Insights and Dynamics

The remote patient monitoring market is experiencing rapid growth, driven by the increasing prevalence of chronic diseases and the demand for efficient healthcare delivery solutions. The market is characterized by technological advancements, regulatory support, and a shift towards value-based care models.

Competitor Analysis

Tenovi operates in a competitive landscape with several key players:

Cadence: Founded in 2020, Cadence focuses on health care technology and has raised $141 million in funding. The company generates revenue between $100K and $5 million.

Optimize Health: Established in 2015, Optimize Health operates in the telemedicine and e-health industry, with $45.1 million in funding and revenue between $25 million and $100 million.

MD Revolution: Founded in 2011, MD Revolution specializes in health care technology, generating revenue between $25 million and $100 million.

These competitors offer various RPM solutions, and Tenovi differentiates itself through its proprietary technologies, user-friendly devices, and strategic partnerships.

Strategic Collaborations and Partnerships

Tenovi has established several significant partnerships to enhance its market position and innovation capacity:

Nonin Medical: In October 2024, Tenovi partnered with Nonin Medical to integrate advanced pulse oximetry technology into its RPM ecosystem, aiming to advance health equity.

Rimidi: In June 2024, Tenovi collaborated with Rimidi to enhance RPM device data integration and clinical decision support, providing a seamless end-to-end RPM experience.

Trividia Health: In August 2024, Tenovi partnered with Trividia Health to offer the TRUE METRIX® AIR blood glucose meter, reducing the overall cost of diabetes care through efficient and affordable monitoring solutions.

These collaborations demonstrate Tenovi's commitment to expanding its capabilities and delivering comprehensive RPM solutions.

Operational Insights

Tenovi's strategic considerations in relation to major competitors include:

Technological Differentiation: Leveraging proprietary technologies like the Tenovi Cellular Gateway to offer seamless data transmission and integration.

User-Centric Design: Focusing on developing FDA-cleared, user-friendly devices that enhance patient adherence and streamline care management.

Strategic Partnerships: Collaborating with industry leaders to expand device offerings and improve service delivery.

These factors contribute to Tenovi's distinct competitive advantages in the RPM market.

Strategic Opportunities and Future Directions

Tenovi's strategic roadmap includes:

Product Expansion: Continuing to develop and launch innovative RPM devices to address a broader range of health metrics.

Market Expansion: Targeting new markets and healthcare segments to increase the adoption of RPM solutions.

Technological Advancements: Investing in research and development to enhance existing technologies and develop new solutions that meet evolving healthcare needs.

By building on its current strengths and strategic partnerships, Tenovi is well-positioned to achieve its future objectives and contribute to the advancement of remote patient monitoring.