CEO Adrian Gilmore said the company is looking at strategic partnerships, M&A and other general scaling of the business in the year to come.

Peerbridge announces $11M raise to grow ECG ambulatory sensor patch business

By Dave Muoio
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Peerbridge Health has closed $11 million in funding from Northwell Health, Ascent Biomedical Ventures, Olipan Investments and Kinled Holding, company founder Dr. Angelo Acquista and other unnamed backers, the ECG sensor patch maker announced recently.

WHAT THEY DO

The startup’s primary offering is Peerbridge Cor, a multi-channel wireless ECG patch that is adhered to the chest. Cleared in 2017, the continuous monitoring device can be worn up to seven days, and is able to classify 26 types of arrhythmia indications. Patients can use an app to manually transmit any events, with all these data passing through the company’s cloud network and algorithms before reaching the provider and medical records. According to the company can be reimbursed under common ECG tests, and is approved under certain insurance codes.

WHAT IT’S FOR

“We’ve had an exciting year. To further fuel growth, these new funds allow us to scale sales and operations while advancing strategic partnerships and M&A activity in 2020,” CEO Adrian Gilmore told MobiHealthNews in a statement.

Peerbridge said in its announcement that it is looking to expand into additional reimbursement qualifications for its monitoring platform.

MARKET SNAPSHOT

Peerbridge has a handful of competitors in the cardiac monitoring wearable space, including VitalConnect, maker of the VitalPatch disposable monitor, and iRhythm, which makes the Zio continuous ECG patch. Additionally, fellow adhesive ambulatory cardiac patch maker Bardy Diagnostics announced a $35.5 million Series B funding round led by River Cities Capital Funds earlier this year.