Remote vital sign monitoring company Current Health (formerly snap40) has completed an $11.5 million Series A round of financing headed by MMC Ventures, the Edinburgh, London and San Francisco-based company announced this morning.
Legal & General played a major role in the raise as the heaviest backer and Current’s first corporate investor, with additional funds coming from Par Equity and Scotting Investment Bank.
WHAT THEY DO
The primary device of Current’s monitoring platform is an FDA-cleared upper-arm wearable that tracks skin temperature, pulse rate, oxygen saturation, movement and other metrics. Patients using the platform receive the tracker alongside a tablet that provides a Q&A chatbot, educational content, medication reminders and support for video or text conversations with a clinician. These clinicians, meanwhile, can follow their patients’ vitals through a provider-facing interface and intervene when necessary.
But a few months ago, the company revealed to MobiHealthNews additional plans to strategically incorporate additional tracking devices, such as those from VivaLNK and MIR, and position Current's offering as a more modular, fleshed-out post-acute care monitoring platform.
“What we are really trying to do is build as wide a physical picture of the patient’s health as possible, and then we also get them an application they can use to report symptoms,” CEO Christopher McCann told MobiHealthNews at the time. “We’re also capturing the behavioral side of their health, and we’re trying to use both that broad physical picture and that broad behavioral picture to identify who is at risk earlier. So, we’re going to keep building more and more and more of these integrations to keep giving us a better understanding of human health.”
WHAT IT’S FOR
“This latest funding will be used to scale Current Health’s patient management technology,” McCann told MobiHealthNews in an email discussing the raise. “With a goal to serve 1 million patients in the next [two to three] years, we will use the capital to invest in key sales, marketing and clinical operations hires, and to expand our global footprint (opening a US headquarters in New York City). We will also use the funding to continue enhancing our AI algorithm and create integrations with best-in-class devices and systems to broaden the solution’s value — making it easier than ever to access, and experience value from, our platform.”
Remote monitoring technologies have captured the attention of both physicians and patients due to their increased flexibility, while reduced costs have system stakeholders eyeing so-called “hospital at home” care models employing these technologies.
A number of tech vendors are stepping up to answer this early demand. Biobeat’s cuffless blood pressure, oxygenation and heart rate monitor recently received 510(k) clearance, while Spry Health’s COPD wearable also snagged a clearance in the spring. Last week saw an investment announcement from G Medical Innovations, while Bardy Diagnostics raised $35.5 million for its remote monitoring patches earlier this year.