Current Health (formerly snap40), the developer of an AI-enabled wearable device that helps health professionals monitor patients in the hospital and at home, closed an $11.5 million Series A funding round.
The financing round was led by MMC Ventures, with significant participation from Legal & General, Par Equity, and Scottish Investment Bank, the investment arm of Scottish Enterprise.
Current Health will use the fresh funds to scale its patient management platform and further improve its service offerings worldwide.
With this round, the company has now raised a total of $22 million in VC funding since 2016, according to Mercom data.
The company develops an FDA-cleared upper-arm wireless wearable vital signs monitoring device that tracks pulse rate, respiratory rate, SpO2, skin temperature, step count, and movement. The wearable comes with a companion app that engages patients with their healthcare provider and keeps them connected to their care team. It also enables patients to share their daily health data with a doctor and receive consultation over by video visits or text conversation.
For healthcare providers, its app provides real-time insights about their patients to make proactive and informed decisions.
“Healthcare is undergoing a paradigm shift from reactive, in-hospital treatment, to proactive, community-based care,” said Bruce Macfarlane, Managing Partner at MMC Ventures in a company press release. “Today’s healthcare systems must deliver improved patient outcomes while reducing costs. Current Health’s revolutionary solution offers unprecedented insight into patients’ health. Reliable, continuous patient monitoring enables earlier intervention in the event of patient deterioration, better patient experiences and fewer unnecessary hospital readmissions. With its world-class team and platform, Current Health has the right fundamentals to execute on a vast opportunity and become a global category leader in this important market.”
Similar technologies that received funding:
Tula Health, the developer of a wearable device that continuously and noninvasively monitors blood glucose, blood pressure, blood oxygen, EKG, and hydration, among other key health metrics, raised $2.7 million.
Peerbridge Health, a developer of a wearable vital sign monitoring sensor that provides heart rate and heart rhythm information to consumers, raised $11 million.
Embr Labs, the developer of a smart bracelet that cools and warms temperature-sensitive nerves with algorithmically designed waves, raised $6 million in funding.