Siren, a smart textile company known for its temperature-monitoring socks, has added another $9 million to an $11.8 million Series B raise from early summer. The latest raise adds new backers Manta Ray, Mighty Capital and David Helgason to the company's Series B round, which included names like Anathem Ventures, Khosla Ventures, DCM, Founders Fund and other prior investors.
WHAT IT DOES
Founded in 2015, Siren has built a remote patient monitoring system based on its proprietary Neurofabric material. Taking the form of smart socks, the garments connect to a broader software application that allows a podiatrist to look out for inflammation or other risks that presage diabetic foot ulcers.
Like many others in the health tech space, Siren says that it's seen a major increase in its remote monitoring business since COVID-19 cut down in-person medical visits. The company said that its monthly subscriptions have increased nearly twenty-fold, its number of patients with signed contracts has increased by 340% and the number of its ordering clinics has increased by 216%.
WHAT IT'S FOR
The company said that it has been, and continues to, grow its team to meet the higher demand for its product. In addition, Siren hinted at new functionality coming to its system.
“To further serve our patients, Siren is also rolling out cellular connectivity, which means users can use the product anywhere with access to an electrical plug – no smartphone, WiFi or setup required,” Ran Ma, CEO and cofounder of Siren, said in a statement.
Smart clothes have long been a target for health tech. Sitting alongside Siren in the smart footwear space, Sensora Health developed a smart boot that reduces the weight and pressure placed on a diabetes patient's injured foot.
French health tech company Chronolife recently announced the commercial launch of a smart T-shirt. Others, like Spire Health, took a different approach by developing sensors easily attached to the wearer's undergarments. Conversely, OMSignal, an early pioneer within the space, called it quits early last year and sold off its patents.
This summer also saw plenty of new academic research into smart clothing sensors – as in one project to analyze the wearer's sweat and another to potentially detect COVID-19.
ON THE RECORD
“The majority of clinics have seen a 90% decrease of in-person visits. Now, more than ever, it’s important for patients to stay connected to their doctors and for doctors to stay connected to their patients,” Ma said.
"Because Siren allows doctors and healthcare workers to transition to remote monitoring, we have forecasted inbound demand from clinics to well above 400% of expectations. The future of digital healthcare is RPM, giving healthcare providers insights they can’t glean from telehealth alone.”