Digital cardiology startup Vector Remote Care scored $12.5 million in a Series A funding round led by Updata Partners.
Located on the West Coast, Vector was founded by Kevin Hoffman in 2017 and focused on remote heart monitoring.
WHAT IT DOES
The company has created HIPAA-compliant software that is able to help capture data and help manage and analyze patients remotely. One of the company's tools, called CIED Monitoring, is focused on helping clinicians incorporate and make sense of cardiac implantable devices with its intelligence platform and on-demand device technicians.
The other tool, called CardiacRPM, is able to capture data from hypertension and heart failure patients' smart devices such as connected scales and blood pressure monitors.
Vector's Cardiac Intelligence Platform is able to help aggregate and manage patient episodes, give clinicians a real-time alert when action is needed and can integrate data into a clinician's HER.
WHAT IT'S FOR
The new funds will be used towards building out production, engineering and patient engagement.
“The COVID-19 pandemic accelerated the use of digital health technology. While health care providers worked to adapt and create solutions to address the urgent need for remote cardiac monitoring, Vector quickly established itself as a leader in this space with its unique, already proven patient-centered approach to solving this problem,” Jon Seeber, a general partner at Updata Partners, said in a statement.
“We are honored to be part of Vector’s journey at a time when their solutions and support literally have become a lifeline to patients unable or unwilling to visit their doctor in-person.”
THE LARGER TREND
This isn't the only company looking at remote cardiac monitoring. In 2018 Endotronix, maker of heart failure management and remote monitoring devices scored $45 million in Series D financing.
Digital cardiopulmonary health startup Eko is also raking in the funds. In 2020 the company landed $65 million in Series C funding led by Capital Partners and Questa Capital.
Heart health monitoring has also become popular in the consumer space after Apple added an ECG feature to its Apple Watch 4 in 2018. Since then other big consumer brands, including Fitbit, Withings and Samsung, have added ECG features.
ON THE RECORD
“Everyone who works for Vector, from sales to engineering, shares a patient-first perspective that supports our mission to improve the lives and safety of cardiac patients. We don’t just manage data and devices – we connect with patients,” Kevin Hoffman, Vector's founder and CEO, said in a statement.
“Adding growth funding from an industry visionary like Updata Partners is a huge vote of confidence in our team and technology. We’re on a mission to connect every patient to their doctor through remote monitoring technology to help improve outcomes, while driving down the cost of care.”