Digital health player InfoBionic says it has raised a total of $17 million in a financing round led by Safeguard Scientifics, which will acquire “20% primary ownership” of InfoBionic as a result of the transaction.
InfoBionic (Lowell, MA, USA) is focused on developing patient monitoring services for chronic disease management and says the financing marks a “significant milestone” in its development, expansion and commercialization.
While Safeguard led the financing round, funding was also provided by Mass Medical Angels, Broadview Ventures, TiE, Beta Fund, Boardwalk, Launchpad Venture Group, Cherrystone TCA, HTC, Boynton and Keiretsu.
InfoBionic intends to use the proceeds to commercialize its MoMe system, a remote patient monitoring platform aimed at detecting cardiac arrhythmia, in Europe and the US.
“This financing marks a significant milestone for our company’s development, expansion and commercialization,” said Nancy Briefs, InfoBionic’s chief executive. “We are excited to partner with our current investors as well as Safeguard Scientifics to launch our lead product, the MoMe System, later this year.”
“Specifically, Safeguard has an excellent track record of supporting innovation and building great healthcare and technology companies,” she added. “We are pleased that they share our vision for this proprietary platform that leverages cloud technology to improve patient monitoring, diagnosis and treatment, ultimately reducing operating and healthcare costs and most importantly, saving lives.”
InfoBionic claims the cloud-based MoMe service offers greater functionality than similar technologies that are already commercially available, and expects MoMe to “revolutionize the $3 billion worldwide cardiac monitoring market” by providing superior arrhythmia detection.
“We believe the MoMe System has the potential to provide significant value to all key stakeholders—patients, physicians, practices and payers—revolutionizing how cardiac arrhythmias are diagnosed and, in turn, treated,” said Al Wiegman of Safeguard Scientifics.