Best Buy, a consumer electronics retailer, signed an agreement to acquire Current Health (formerly snap40), the developer of an AI-enabled wearable device that helps health professionals monitor patients in the hospital and at home.
Current Health offers a healthcare-at-home technology platform that uses biosensors to monitor a patient’s condition and identifies when they might need help from a clinician.
According to Best Buy, the acquisition builds on its remote monitoring and senior care platform.
“The future of consumer technology is directly connected to the future of healthcare,” said Deborah Di Sanzo, President of Best Buy Health. “We have the distinct expertise in helping customers make technology work for them directly in their homes, and by combining Current Health’s remote care management platform with our existing health products and services, we can create a holistic care ecosystem that shows up for someone across all of their healthcare needs.”
“Over the coming decade, significantly more healthcare can be delivered in the home. We started Current Health to make that exciting transition radically easier for healthcare providers to achieve,” said Christopher McCann, CEO of Current Health. “Best Buy has unparalleled physical reach, world-class supply chain logistics, and trusted support services–allowing us to provide a high-touch consumer experience at scale. We’re excited to join with Best Buy Health to move safe and effective healthcare into the home globally.”
The financial terms of the acquisition were not disclosed. Current Health has raised over $50 million VC funding from Northpond Ventures, LRVHealth, OSF HealthCare, Section 32, and Elements Health Ventures.
One hundred thirty-six digital health companies were acquired in the first half of 2021 compared to 83 in 1H 2020. WHOOP, the creator of an app-connected smart wearable strap that tracks fitness activities, providing performance metrics and other data, acquired PUSH. PUSH is a connected wearable sensors system that helps athletes, and their trainers quantify weightlifting performance, plan, track, assess, and improve performance in real-time.