Optimize.health, a remote patient monitoring platform has raised $15.6 million. The company was previously known as Pillsy, was developing a smart pill bottle that sounds an alarm if people forget to take their pills.
Over the years, the company expanded its business strategy and is now capitalizing on a recently announced Medicare policy change, which allows healthcare providers to bill for remote health monitoring. Optimize.health is currently developing software platforms that help physician practices and health systems implement remote patient monitoring programs.
U.S. Venture Partners, a venture capital firm that invests in early-stage startups, led the funding round. Foundry Group, Daher Capital, Openview Venture Partners, Bonfire Ventures, and SOSV also participated in the round, bringing the company’s total raised to $21 million.
The latest funding round comes less than four months after a $3.5 million seed round in June. The company employs less than 30 people and announced a more than 800% increase in year-over-year revenue in 2020.
“This is an unprecedented opportunity to implement lasting change in the way healthcare is delivered, and we’re delighted to have strong backing from investors that share our vision for a more accessible, more convenient, and more cost-effective healthcare system,” said Jeff LeBrun, CEO of Optimize.health.
Remote monitoring software companies raised over $500 million in the past five years, according to the Mercom data. Recently, CloudCath, a remote monitoring platform for catheter-based treatments, announced a $12 million Series A financing round, which Capital Integral led with participation from FundRx, The Capital Partnership, Coconut Tree Investments, and Stanford University’s StartX Fund. Automated remote care platform Datos Health raised $7 million in Series A financing round, bringing its total funding to $9.2 million. The funding round was led by Crescendo Venture Partners, an Israeli venture fund, with additional participation from Industry Ventures and existing investors, including Vertex and Angular Ventures.
Image Credit: Optimize.health
