Veterinary software company TeleVet has rebranded as Otto and secured $43 million in Series B funding. The company offers a comprehensive practice management system that helps veterinary clinics streamline their operations, from scheduling appointments to after-hours triage to payments and digital prescription refills. By integrating with existing veterinary platforms like Cornerstone, Neo, and AVImark, Otto ensures complete and accurate data management. This, in turn, frees up to eight hours per week for veterinary teams.
Key Takeaway
Otto, formerly TeleVet, has repositioned itself as a comprehensive end-to-end solution for veterinary clinics, aiming to address the industry’s challenges and improve the delivery of pet healthcare. The company’s approach has resulted in significant growth, with a 600% increase in customer base and the addition of 1,000 new veterinary clinics and hospitals in the past year.
Otto’s CEO, Zeynep Young, highlights the increasing demand for pet care services alongside a decline in the number of veterinary clinics, primarily due to burnout. Young emphasizes the need for technology to support clinics and enhance their ability to meet the expectations of today’s clients. Otto’s goal is to develop tools that empower clinics rather than disrupt their operations.
One of the main challenges faced by veterinary clinics is the “14 tabs problem,” where staff members navigate multiple software solutions simultaneously. This leads to issues such as sending appointment reminders to pets that are no longer alive and causes disruptions in care and communication. Otto’s solution aims to consolidate these processes into a single platform, reducing staff burnout and improving efficiency.
The company’s growth and success are evident in the significant reduction in appointment no-shows and call volume, as well as the introduction of new features like the communication platform Flow and Care membership plans. While specific revenue details are undisclosed, Otto is on track to achieve breakeven by the end of 2025.
With the new $43 million funding round, Otto’s total venture-backed funding now stands at $48 million. Mercury Fund, an existing investor that led Otto’s Series A funding in 2022, is leading this round. Boehringer Ingelheim, another existing investor, and Hill’s Pet Nutrition, a new investor, also participated in the funding. Health Butler from Mercury Fund will join Otto’s board of directors, while Nicki Baty, President, and General Manager of Hills US, will serve as a board observer.
In conjunction with the funding announcement, Otto has unveiled its new name, which reflects the company’s automation focus and commitment to improving veterinary clinic workflows. The rebranding from TeleVet to Otto signifies the company’s evolution beyond its initial equine health focus to a broader telemedicine solution for pets and animal care.
