Remote patient monitoring company LindaCare announced on Friday that they landed $8.6 million (€7 million) in Series B funding with participation by Philips, PMV, Capricorn ICT Arkiv, and Connecticut Innovations.
“This investment is a significant step for us, as it enables LindaCare to execute faster on our ambitious vision and strategy, and to take a leading market position across both Europe and the US,” says Shahram Sharif, LindaCare’s Founder and CEO. “With Philips onboard as a strategic partner, alongside existing and new venture capital providers’ support, LindaCare significantly increases its ability and credibility to create an impact on a global scale.”
The Leuven, Belgium and Hartford, Connecticut-based startup plans to use the funding to accelerate its US market expansion and commercialization. The money will also be used toward expanding its products to a broader range of cardiac diseases.
The company’s first product, OnePulse, allows cardiologist to monitor patients with chronic heart failure and cardiac arrhythmia with a Cardiac Implanted Electronic Devices (CIED). The product is currently installed in some major European hospitals and is part of a US pilot. LindaCare claims 10 million patients are using the product worldwide.
The platform promises to offers a unified dashboard for remote patient monitoring data from different cardiac implantable device vendors, triage alerts across venders in customized ways, workflow automation and integration with electronic patient records.
The company was founded in 2013 by Shahram Sharif and is now has a total of $10.7 million (€8.6 million), according to Crunchbase. In January of 2017 the company announced its plan to expand to the US market, citing substantial interest in the product at the Heart Rhythm Society last year.
Also in 2017, the company tapped Donald Deyo, CEO of FemPulse, as chairman of the board, citing his knowledge of the US market as an asset.
"We are extremely pleased to have someone with Don's depth and breadth in the industry join us,” Sharif said in a statement. “The US market is incredibly important to us and we know that Don's experience will support us in executing our aggressive growth plans.”
The company said that after this latest investment it will continue to provide remote patient monitoring services through its Independent Diagnostic and Testing Facility service origination, and other local service providers.
“Whilst remote monitoring of patients with a Cardiac Implanted Electronic Device is recommended as a standard of care, we see that the number of patients benefiting from it remains limited,” Diane Lejeune, senior investment manager, Life Sciences and Care, at PMV, said in a statement. "LindaCare’s products greatly simplify such remote monitoring, thereby enabling better care and utilization of healthcare resources. I am delighted to see that this new investment will enable the company to support more clinical teams and patients.”