Barcelona, Spain-based Devicare, which is developing remote patient monitoring devices for people with chronic conditions, has raised nearly $3.3 million (3 million euros) in seed funding. Investment holding company Emesa Coporacion Empresarial and several family and corporate partners contributed to the round. The company has raised $4.9 million (4.5 million euros) since its founding in 2012.
Devicare will use the funding to launch clinical studies for two of their main products in Spain: Lit-Control, a sensor-enabled sample cup used to measure urinary pH that works to promote self-management (and prevention of) recurring urinary diseases; and Tao-Control, a device intended for patients who take oral anticoagulants.
Devicare founder and CEO Rosenda Garganta, who also coordinates the commission on medical technology for the Spanish life science and health association CataloniaBio, pointed to the high profile of investors as well as the increasing size of the remote patient monitoring market in Europe as factors in Devicare’s recent growth.
As urologic diseases like lithiasis, interstitial cystitis or overactive bladder are the second cause of primary care visits in Europe, the company believes remote monitoring devices have a significant role to play in transforming how healthcare services are delivered for chronic condition management. Moreover, the company estimates half of patients who are under remote monitoring programs in the next four years will be connected to devices such as those made by Devicare.
“We are convinced that this is the way to improve healthcare management and the quality of life for patients who suffer from chronic diseases,” Devicare’s sales and marketing director, Xavier Peris, said in a statement.