VitalConnect, a San Francisco-based company that develops wearable sensors for the healthcare industry, has raised $33 million in its latest investment round.
The company’s Series C equity financing round was led by new investors MVM Life Science Partners and Baxter Ventures, the venture capital arm of Baxter International.
With this money, the firm will further commercialise its remote monitoring platform and work towards developing new solutions for healthcare scenarios.
Positioned as the firm’s leading product, the Vital Patch wearable biosensor is capable of monitoring and recording eight patient vital signs continuously.
This lightweight, wireless, adhesive patch is integrated with cloud-based software and analytics so doctors can constantly monitor the condition of patients.
It doesn’t cause any discomfort to the patient and provides caregivers with an insight into their health, helping them to make the best medical decisions.
The patch and platform are already being rolled out in hospitals across the US and other locations around the world. Results have already shown high patient satisfaction and improved economics, the company claims.
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Dr. Nersi Nazari, chairman and CEO of VitalConnect, said that wearable biosensors are capable of transforming the medical world and that his firm is a key part of this.
“The integration of wearable biosensors into existing and emerging healthcare environments will change the care paradigm within hospitals as well as enable virtual care opportunities that were never before possible,” he said.
“Biosensors, when paired with sophisticated data analytics platforms, have the unique opportunity to enable better care for patients while reducing costs for hospitals – a win for both patients and providers.”
Anne Sissel, vice president and head of Baxter Ventures, praised the company.“VitalConnect provides an innovative biosensor and monitoring solution to enable predictive and personalized patient care,” she said.
“Baxter Ventures is pleased to invest in VitalConnect and support its innovative approach for improving patient care.”
Dr. Stephen Reeders, founder of MVM, is to join the VitalConnect board of directors as the part of the deal, with a remit to help the company grow globally.
He said: “MVM has been looking for some time for a wireless technology that can deliver better care for patients and a high return on investment for providers, across a range of care environments. We have found it in VitalConnect.”
The rise of health wearables
Phil Brunkard, CIO of local government and health at BT, said wearables are transforming healthcare. “Devices with sensors worn by patients can collect data on blood pressure or oxygen levels, glucose levels, sleep patterns and coagulation rates,” he said.
“The connected medical wearables and even implants can also check patients are taking their prescribed medicines and perhaps even administer drugs too”.
“The potential to integrate wearable patient monitoring devices into existing patient care record systems, healthcare diagnostic and prescription systems would also make it easier to track patient recovery and health outcomes.”