Remote patient monitoring company 100Plus landed $25 million in seed funding. Angel investors Henry Kravis and George Roberts led the round
The announcement also revealed new distribution partnerships between the San Francisco-based startup and health tech companies AdvancedMD, DrChrono and athenahealth.
WHAT IT DOES
Founded in 2020 the company's platform is dedicated to supporting clinicians in remotely monitoring patients. The technology is also able to capture data and work as a clinical decision support tool for providers. Clinicians can see data trends from patients and receive alerts if a patient's reading is elevated.
100Plus's connected devices include a blood pressure cuff, a blood glucose monitor, digital scale, a pulse oximeter, an emergency watch and a digital thermometer. The tool also has a patient adherence element, where they get reminders to take daily readings.
WHAT IT'S FOR
The company plans to use the new cash to fund the development of its AI tool, aimed at driving patient engagement
"Remote patient monitoring has more potential than any other initiative to dramatically decrease the healthcare costs associated with chronic conditions as well as help patients avoid episodic care," Ryan Howard, CEO of 100Plus, said in a statement.
"With Medicare committed to reimbursing remote patient monitoring long-term, physicians now have both the incentives and, with 100Plus, a seamless end-to-end tool to improve care and potentially save the lives of millions of patients."
While remote patient monitoring has been a tool in the medical sphere for quite some time, the technology came into the spotlight during the coronavirus pandemic.
For example, Biofourmis, a predictive care startup with its own patient monitoring platform and wearable, landed $100 million in Series C funding led by SoftBank Vision Fund 2. Additionally, Withing, a connected-device company that got its start in the consumer space, landed $60 million in series B funding to expand its B2B business, which includes a smart scale and connected blood pressure monitor.
While there has been a lot of funding news in the remote monitoring space, it hasn't been all smooth sailing. Medical technology company Hilrom made an acquisition deal with remote cardiac-monitoring company Bardy Diagnostics.
However, a few months later, Hilrom was looking to back out, due to lower-than-expected reimbursement rates for the technology. Bardy fought back, filing a legal complaint to keep things moving forward.