Why we invested in Canopy, the intelligent care platform for cancer
Lavi Kwiatkowsky, founder and CEO of Canopy, is a force to be reckoned with. We learned first-hand how passionate he is, and how committed to the growth of his company, when we hosted him in our offices in Tel Aviv soon after he launched in 2018. We connected Lavi with seed investors and, later, introduced him to GSR Ventures, which led a $13 million funding round for Canopy that we recently participated in.
Our investment in Canopy is indicative of an overarching investment philosophy at Samsung Next. We are connectors, neutral investors who are at the center of the action. Since we don't lead funding rounds, and we usually make small investments, we are a perfect partner for both VCs looking for deals and entrepreneurs in search of VCs. Samsung Next is increasingly a matchmaker, connecting entrepreneurs with lead investors. This is an effective strategy because it enables us to participate in the support of companies we know, while ensuring that the lead investor is a good fit.
Of course, a successful match also requires a good founder-market-fit. Lavi understands the oncology market. He realized that for oncology practices to adopt a proactive care paradigm using remote patient monitoring (RPM), they would need a complete stack of EMR-integrated solutions to manage all aspects of care delivery. Today, the Canopy platform is an end-to-end solution that improves treatment outcomes by providing cloud-based tools for patient care management, practice workflows, and autonomous reimbursement capture.
In addition to its efficacy in improving patient-outcomes, Canopy’s subscription-based SaaS platform reduces costs and improves margins. Moreover, Canopy’s autonomous reimbursement solution gives clinics the potential to capture new revenue streams by intelligently weighing different CPT codes for proactive care management and remote monitoring.
The pharmaceutical market is another significant opportunity for Canopy. Pharma companies are already approaching Canopy because they see value in accessing data that was never collected before. Perhaps more importantly, pharmaceutical companies are interested in using data from the Canopy platform to improve patient outcomes. Strategically, the pharma layer could fuel explosive growth for Canopy.
Canopy’s intelligent treatment platform is already gaining traction with an effective go-to-market strategy in the U.S. We think the company is well-positioned to become a leading oncology treatment solution provider.
Jonathan Machado is a Managing Director for Samsung Next. Samsung Next's investment strategy is limited to its own views and does not reflect the vision or strategy of any other Samsung business unit, including, but not limited to, Samsung Electronics.
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