The hype around COVID-19 testing is waning but the demand for remote patient monitoring is stronger than ever. Investors hammered home this point when they got behind BioIntelliSense – doling out $45 million for the firm’s oversubscribed series B round.
“The onset of [COVID-19] forced hospitals, physician practices, and health systems to figure out how to take care of a lot of people without having them physically come in to have their appointment,” James Mault, MD, BioIntelliSense CEO told MD+DI. “We saw the telehealth sector really come into full bloom.”
The Denver, CO-based company has developed the BioSticker wearable sensor for monitoring patient vital signs. The wearable was cleared by FDA in early 2020. Mault said the adoption and interest for the BioSticker has been tremendous.
“What happened as well is recognition that having a web cam visit with a patient really doesn’t give you the data that you typically measure when they come to the clinic,” Mault said. “Now the ability to collect those vital signs remotely using a medical grade wearable sensor completes the picture.”
The technology is designed to be worn comfortably on the upper left chest for effortless continuous vital sign monitoring for up to 30 days on a single use device. It allows for the continuous remote monitoring of a patient’s vital signs — respiratory rate at rest, heart rate at rest, and skin temperature — along with other parameters like activity levels, body position, and gait analysis.
Proceeds for the financing will be to support the company's growth and global expansion of continuous multi-parameter monitoring devices and data services for medical-grade remote care at scale
“We’re in a scale-up phase and we have a very large pipeline of customers,” Mault said. “Really it’s about expanding our organization to support all of these hospital and medical rollouts.”
This financing round followed a prior Series A financing completed in 2019 and a Series A-Prime completed in 2020 to support BioIntelliSense's continued growth and global expansion of its medical-grade wearable devices and advanced data services for scalable remote care.
Participation in the Series B financing was prominently led by Chimera (UAE), and joined by 7wire Technology Partners, Mary Tolan of Chicago Pacific Founders, James Murren formerly of MGM Resorts International, as well as Pendrell Corporation, Royal Philips, and Fresenius Medical Care North America. These parties joined the existing investors from the Series A financing, namely TripleTree Holdings, UCHealth and the CU Healthcare Innovation Fund.
"The Remote Patient Monitoring market is in hyper-growth mode with projections reaching $117.1 billion by 2025," Lee Shapiro, former CFO of Livongo Health and Co-founder and Managing Partner at 7wireVenture, said in a release. "BioIntelliSense is poised to grow its footprint with provider and payer organizations seeking to accelerate and operationalize their virtual care programs by deploying effortless medical-grade monitoring and advanced analytics that are built for scale."