AirStrip Technologies announced a strategic investment from Qualcomm's recently announced Qualcomm Life Fund. Terms of the investment were not disclosed.
In August 2010 MobiHealthNews reported that Sequoia Capital had made a strategic investment in AirStrip and the terms were undisclosed at the time then, too. According to an SEC filing published shortly after the deal was announced, AirStrip raised $30 million in funding that month.
The new funding is a bit of a surprise since AirStrip is already inking multi-million dollar deals with its customers. UPDATE: AirStrip tells MobiHealthNews in an email: "From our perspective, this was not about needing additional capital at all but, with Sequoia's encouragement, the investment is an excellent vehicle for us to more closely align with a key partner. As previously announced, we will be working with Qualcomm to invent a new paradigm for home care of chronic diseases, and this step will ensure all our incentives for success remain closely aligned."
Qualcomm announced the formation of its Life Fund at the mHealth Summit last December. The fund is an offshoot managed by its Qualcomm Ventures group and it focuses on venture-backed wireless health companies -- focused on everything from personal wellness to disease management -- that will "help accelerate commercialization of wireless health technologies."
Qualcomm also launched its 2net platform at the mHealth Summit last year, and it named AirStrip as one of its many partners. While few details were available at the time, the companies now disclose that "the collaboration will initially focus on improving outcomes for congestive heart failure (CHF) patients after their initial discharge from the hospital, in an effort to reduce readmission rates and lower healthcare costs." Up until now AirStrip has focused on in-patient care settings, while its app enabled clinicians to remotely monitor from anywhere. With the 2net deal, AirStrip now will be able to help clinicians and others remotely monitor patients who are at home.
Here's how AirStrip describes its offerings: "The AirStrip Technologies platform allows clinicians to securely access patient monitoring data such as continuous heart tracings and other waveforms - along with other physiologic parameters such as blood pressure, temperature, oxygen saturation, weight, and pulse - from EMRs, bedside monitors and devices, lab, and other clinical information systems. Physicians, nurses and case managers can view and interact with the information seamlessly using a mobile device such as a smartphone or tablet. AirStrip solutions are FDA cleared, compliant with federal patient privacy standards and are CE Mark certified for sale in Europe and elsewhere."
The AirStripOB app is widely known as the first iPhone app to secure FDA 510(k) clearance.
For more, read the press release below:
AIRSTRIP TECHNOLOGIES ANNOUNCES INVESTMENT FROM QUALCOMM
SAN ANTONIO – Feb. 9, 2012 - AirStrip Technologies, Inc. announced that it has received a strategic investment from Qualcomm Incorporated, acting through its Qualcomm Life Fund.Qualcomm invests in emerging technologies and business models that further accelerate the wireless market. Terms of the investment were not disclosed.
The Qualcomm Life Fund, an investment allocation of Qualcomm that is managed by Qualcomm Ventures, Qualcomm’s investment group, focuses on investments in venture-backed wireless health companies and start-ups that will help accelerate commercialization of wireless health technologies, such as the Qualcomm Life 2netTM Platform. Areas of specific interest range from personal wellness to disease management.
The AirStrip Technologies platform allows clinicians to securely access patient monitoring data such as continuous heart tracings and other waveforms - along with other physiologic parameters such as blood pressure, temperature, oxygen saturation, weight, and pulse - from EMRs, bedside monitors and devices, lab, and other clinical information systems. Physicians, nurses and case managers can view and interact with the information seamlessly using a mobile device such as a smartphone or tablet. AirStrip solutions are FDA cleared, compliant with federal patient privacy standards and are CE Mark certified for sale in Europe and elsewhere.
“AirStrip Technologies has developed and implemented the most sophisticated suite of native mobile solutions available today,” AirStrip CEO Alan Portela noted. “We recognize where the future lies for mobility in healthcare: erasing the boundaries to more effectively diagnose and treat patients throughout the continuum of care. We are pleased to announce this investment by the Qualcomm Life Fund, which acknowledges the game-changing potential presented by the AirStrip platform.”
AirStrip also recently announced in collaboration with Qualcomm Life, Inc., a Qualcomm wholly owned subsidiary that conducts Qualcomm’s wireless health business, a home health monitoring initiative that integrates the AirStrip patient monitoring solution with the Qualcomm 2net Platform. The collaboration will initially focus on improving outcomes for congestive heart failure (CHF) patients after their initial discharge from the hospital, in an effort to reduce readmission rates and lower healthcare costs.
The collaboration will leverage Qualcomm Life’s 2net Hub, a plug-and-play connectivity gateway, to collect home-based medical device data using wireless medical devices with AirStrip’s applications.
"Smartphone adoption by physicians is amongst the highest in any given profession. Airstrip Technologies' solutions can increase efficiency in a resource-constrained healthcare system, improving patient care and communications while reducing medical errors," said Jack Young, senior manager at Qualcomm Ventures. "As the demand for home monitoring and wireless health solutions increases, Airstrip Technologies and Qualcomm Life are well positioned to help customers and patients address this need."
AirStrip officials made the announcement as the company prepares to participate in HIMSS 2012, beginning Feb. 20 in Las Vegas. Demos of the latest solutions will be shown by AirStrip in Booth 870. AirStrip will also
participate in the Qualcomm Pavilion (Booth # 13234) and the Intelligent Hospital Pavilion, which will provide a practical overview of technologies seamlessly integrated to provide clinicians with near real time patient information delivered to their smartphones and tablets.
About AirStrip Technologies, Inc.
Headquartered in San Antonio, Texas and backed by Sequoia Capital, AirStrip Technologies develops first-in- class mobile technology that enables access to live and actionable patient data across the care continuum. By pioneering mobility in healthcare through solutions that can be accessed without restrictions—geographic or otherwise—AirStrip will further enhance physician reach and improve patient outcomes to transform healthcare. AirStrip Technologies develops native smartphone and tablet applications for true mobility- enhancing clinical workflow and decision making, allowing physicians to be anywhere and still access patient information. Visit www.airstriptech.com for more information.
Chris Lato, AirStrip Technologies 608.219.7231 firstname.lastname@example.org
About Qualcomm Ventures
Qualcomm Ventures, the venture investment group of Qualcomm Incorporated, was launched in the United States in November 2000 with an initial US $500 million allocation. Qualcomm Ventures’ aim is to support Qualcomm’s mission of enabling and fostering 3G and wireless Internet markets through investments in privately owned startup ventures. These investments include companies focusing on wireless communication technologies and products serving consumer, enterprise and vertical markets worldwide. The US $100 million Qualcomm Life Fund is part of the existing allocation for Qualcomm Ventures, specifically focused on wireless health business initiatives that will help accelerate 2netTM Platform adoption and the adoption of other wireless health initiatives. For more information, please visit www.qualcomm.com/ventures and www.qualcommlife.com/qualcomm-life-fund.