Here's another one, folks, another Silicon Slopes-based company that few people have ever heard of that's now raised tens of millions of dollars in funding.
The company in question: Udo, a Farmington, Utah-based company that got its start in 2019.
Early this morning Udo announced that it has raised $20 million from a group of private investors, many from the healthcare industry, with no prior funding for the firm.
Additionally, the 60-person firm simultaneously announced the launch of Udo Care, the company's video-based mobile healthcare collaboration app" that Udo says
"... allows providers to interact directly with patients (and lets) patients add family members or loved ones to the conversation."
According to Udo Co-Founder and Chief Product Officer, Dr. S. Ryan Facer, "Udo Care is intended to universally collaborate across all healthcare sectors, industries, and institutions .... This empowers providers with immediate access to the most relevant information, in context, to ensure better patient outcomes."
Sounds like Udo Care is a mobile telehealth application to me (which is totally fine).
As a post-performance grant, the tax credit is conditioned upon Udo successfully adding up to 300 new jobs to its Utah operations over the next five years.
Taken in concert ...
- The $20MM funding,
- The Udo Care launch, and
- The Go Utah post-performance tax credit ...
seems like a great way to kickstart a formal product/service launch.
Nicely done, Udo. Nicely done.