VitalConnect, Maker of biosensors for hospital and remote patient monitoring, announced Monday that a US $ 39 million Series E round led by EW Healthcare Partners has been completed.
The company also announced that Robert S. White, operational partner at EW Healthcare Partners, will join VitalConnect’s board of directors.
“We believe the VitalConnect platform will transform the way we care for patients by providing physicians with real-time, more comprehensive insights into the health of their patients in ways never seen before,” White said in a statement. “I look forward to working with the VitalConnect team to accelerate the growth of the company.”
WHAT IT DOES
VitalConnect manufactures wearable and wireless sensors to enable patient monitoring in the hospital or at home.
In November 2020 the company launched its VitalPatch RTM, which continuously monitors heart rate, heart rate variability, respiratory rate and activity.
His VitalPatch also received emergency clearance from the FDA in May 2020 to keep tabs on patients undergoing treatment for COVID-19.
WHAT IT IS FOR
VitalConnect plans to use the cash flow to hire more employees for its sales team, scale operations and develop new products.
“This latest round of funding will help VitalConnect continue our upward trend in cardiac monitoring,” CEO Peter Van Haur said in a statement. “We experienced significant growth and rapid acceptance by doctors in the past year and with the help of our investors will continue to offer our customers the most comprehensive remote monitoring platform on the market.”
Remote patient monitoring, in particular, is a rapidly growing area in digital health and health technology.
Late last year, Cadence, a remote monitoring and virtual care platform focused on chronic diseases, raised $ 100 million in Series B funding.
Also in December, Sound Life Sciences received the go-ahead from the FDA for its prescription app that enables a smartphone or smart speaker to monitor breathing in the home or clinical setting.
OnSky health launched its SkyPad system in October, which was developed for continuous contactless recording of vital parameters as well as an emergency alarm and call system.
Other companies in the RPM space are LifeSignals, Connect America, Amazon and Best Buy.