InfoBionic, a Lowell, Massachusetts-based remote patient monitoring company, has raised $50 million in a new round of funding. Eagle Investments, Excel Venture Management, Safeguard Scientifics, Zaffre Investments (a subsidiary of Blue Cross Blue Shield of Massachusetts), and Blue Cross and Blue Shield of Kansas all contributed to the round. This round brings the company's total funding up to at least $75 million.
The company's main product is the MoMe Kardia system. It 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. The system recently launched in the US via an exclusive distributorship with Biotronik.
“We are pleased by the completion of the company’s latest financing round which was based upon the strong market traction of our proprietary MoMe Kardia system,” CEO Stuart Long said in a statement. “Since this time last year, the MoMe Kardia system month-to-month subscription growth rates have exceeded 35 percent. Favorable marketplace developments, combined with our recently announced US distribution agreement for our system, should result in continued customer traction and strong growth.”
MoMe Kardia, which received FDA clearance in 2015, 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 to 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.
The company plans to use the funding to expand commercialization of the platform.