Bose may be known mainly for high-end speakers and audio systems, but the company has recently become an investor in the healthcare space, contributing to $2.5 million in a Series A funding round for Signature Medical Inc., an Allied Minds portfolio company. Allied Minds is also an investor, as is Riot Ventures, an early-stage investment group focused on emerging technologies.
Signature Medical is developing AcoustiCare, a wearable product focused on heart failure evaluation and monitoring, the goal being to to improve patient outcomes while preventing hospital readmissions. AcoustiCare differs from other typical sensor-based wearables with its proprietary cloud-based audio technology and artificial intelligence enabling remote monitoring and the evaluation of heart failure and other ailments. Most other technology today addresses rhythm, movement or impedance.
Heart failure recurrence represents an enormous underserved market opportunity, ranking among the most prevalent and costly chronic diseases. It is the primary cause of hospital admissions among U.S. adults over the age of 65, and consumes 1 to 2 percent of all healthcare expenditures in developed countries.
Heart failure readmission rates alone are estimated to be about 25 percent within 30 days of hospital discharge at a cost of approximately $5 billion in the U.S. annually. Proceeds from the financing will be used to accelerate the development and commercialization of the AcoustiCare system.
Steve Romine of Bose Ventures said in a statement the company was “excited about Signature Medical's innovative use of audio to help heart patients with their recovery, and we're pleased to support Signature Medical in their efforts." Dr. Omar Amirana, founder and CEO of Signature Medical and senior vice president of Allied Minds, said the move will improve heart failure patient outcomes while saving the system substantial expense with our proprietary wearable technology."