Lowell, Massachusetts-based remote patient monitoring company InfoBionic has raised $8 million led by existing investor Safeguard Scientifics. Other existing investors also contributed to the round, including Excel Venture Management and Zaffre Investments, a subsidiary of Blue Cross Blue Shield of Massachusetts.
When InfoBionic raised a previous funding round, in November 2014, the company reported that Safeguard Scientifics took a 20 percent share of the company. This new round brings the company's total funding to at least $25 million to date.
InfoBionic will use the funding to commercialize its remote patient monitoring system, the MoMe Kardia. The MoMe Kardia is designed to help detect cardiac arrhythmias in patients by sensing ECG, respiration, and motion. The lightweight monitoring device can be worn as a necklace or belt attachment.
MoMe transmits data to a cloud-based platform where the data is analyzed, which minimizes false positives. At that point, the analyzed data is sent on the the physician. The device works as a Holter, Event, and Mobile Cardiac Telemetry (MCT) monitor. This means, if a physician feels that the patient's cardiac symptoms call for a different type of monitoring technology, they can switch the device remotely to any one of three main monitoring modes.
A physician can access the patient’s data via web or iPad app. The physician dashboard provides views of patient monitoring progress and generates automated reporting in multiple parameters and data displays.
“We’ve seen first-hand the need for innovation amongst complex, fragmented systems that have been used in arrhythmia detection and monitoring for years,” InfoBionic CEO Nancy Briefs said in a statement. “...With continued support from our financial partners, we believe that we have a unique opportunity to commercialize our platform and, in turn, revolutionize how chronic diseases are detected, monitored, and treated.”
At the beginning of 2014, InfoBionic received a CE Mark for the MoMe System. Later that year, the company secured FDA clearance for prescription use of the device.
The FDA explained in the clearance documents that the MoMe system is indicated for nine types of patients, including: patients who should receive cardiac monitoring, but are at a low risk of developing primary ventricular fibrillation; patients who are experiencing dizziness; patients with palpitations; patients who pass out because of an undetermined cause; and patients who require monitoring for non-life threatening arrhythmias, like atrial fibrillation. The device is cleared for use with patients aged 22 and older.