Lowell, Massachusetts-based remote patient monitoring company InfoBionic raised $17 million in a round led by Safeguard Scientifics, which now owns 20 percent of the company. Other investors that participated in the round include Excel Venture Management, Zaffre Investments and existing investors Mass Medical Angels (MA2), Broadview Ventures, TiE, Beta Fund, Boardwalk, Launchpad Venture Group, Cherrystone TCA, HTC, Boynton, and Keiretsu.
InfoBionic will use the funds to commercialize its remote patient monitoring system, called the MoMe System (short for "monitor me") in Europe and the United States. The wearable device, designed to help detect cardiac arrhythmias in patients, senses ECG, heart rate, and motion. It transmits this 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.
A physician can access the patient's data via web or iPad app. According to the company's website physicians can diagnose the patient directly from the app.
At the beginning of the year, InfoBionic received a CE Mark for the MoMe System. In September, the device was granted an FDA clearance for prescription use.
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 22 and older.
The two predicate devices InfoBionic listed include BioTelemetry's (formerly CardioNet) ECG Monitoring and Arrhythmia Detection System and Preventice's Body Guardian.
InfoBionic also recently hired William Swavely, previously vice president of information technology at BioTelemetry (formerly CardioNet) as the company’s senior vice president of IT.