Vector Remote Care, a provider of remote cardiac monitoring solutions, closed a $12.5 million Series A funding round led by Updata Partners.
The company plans to use the new funds to accelerate product, engineering, and patient engagement to support the rapidly growing demand for the company’s remote cardiac monitoring solutions.
Founded in 2017, Vector provides a remote cardiac monitoring solution. The solution helps care teams accurately capture, manage, analyze, and act on the growing volume of remote data generated from cardiac devices. It also helps monitor and manage the entire cardiac remote monitoring lifecycle – from patient set up to data transmission to analysis – so that care teams can focus on what matters most while delivering the best care.
More than 10 million people have implanted cardiac devices today. At the height of the COVID-19 pandemic, when healthcare organizations were shut down, remote cardiac monitoring technology quickly became an essential tool for keeping cardiac patients safe, the company said in a statement.
“The COVID-19 pandemic accelerated the use of digital health technology. While health care providers worked to adapt and create solutions to address the urgent need for remote cardiac monitoring, Vector quickly established itself as a leader in this space with its unique, already proven patient-centered approach to solving this problem,” said Jon Seeber, General Partner at Updata Partners. “We are honored to be part of Vector’s journey at a time when their solutions and support literally have become a lifeline to patients unable or unwilling to visit their doctor in-person.”
The latest investment comes on the heels of solid growth for Vector, which saw annual recurring revenue increase 250% over the past two years. According to Vector, its software monitored more than 910 billion heartbeats in 2020.
Remote Monitoring companies raised $356 million during Q1 2021, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report.