Preventice Solutions, the developer of wearable patches that monitor cardiac arrhythmias remotely, raised $137 million in a Series B financing round.
Vivo Capital, a California-based investment firm focused on healthcare, led the financing round with participation from Novo Holdings A/S, a Danish company wholly owned by the Novo Nordisk Foundation. Both are new investors in Preventice Solutions.
Existing investors, including Merck Global Health Innovation Fund, Boston Scientific, and Samsung Catalyst Fund, also joined the round with significant investment.
As part of the Investment, Joe Siletto, Managing Director of Vivo Capital, will join the Preventice board of directors.
“Preventice’s team has leveraged its software industry experience to design a scalable, mobile, and cloud-based solution and establish the company as a leader in the rapidly growing remote monitoring space,” Siletto said in a statement.
According to the company, the new funds will support to expand its sales team and continue to build out its technology.
Preventice Solutions makes small reusable wearable remote heart-monitoring patches, paired with a companion smartphone app.
Powered by deep learning and artificial intelligence, the patches track electrocardiogram, average heart rate for arrhythmias, including atrial fibrillation, tachycardia, bradycardia, and pause data near real-time and wirelessly sends data to the companion app. Physicians can access their patients’ data and review notifications over the app. Additionally, they can set thresholds for each patient allowing for individualized monitoring and care plan support. Further, the electrocardiogram reports can be integrated with the medical practice electronic health records system or reviewed on the web or app based on the physician’s needs.
“We are setting a new standard for monitoring of cardiac arrhythmia patients. Our robust and growing success with physicians and payers accentuates the compelling value proposition of using novel technology to improve diagnosis, while also increasing the efficiency of healthcare delivery,” said Jon P. Otterstatter, Chief Executive Officer of Preventice Solutions.
Digital Health wearable sensor companies raised $312 million in the first half of 2020, according to Mercom IH & Q2 2020, Digital Health Funding Report.
Image credit: Preventice Solutions