The remote care management market has seen tremendous growth throughout the past year because of the pandemic. Investors are paying very close attention to the space.
Current Health’s recent financing is an example of the increased amount of attention being paid to the space. The company has raised $43 million in a series B financing round.
The round was led by Northpond Ventures, with additional financing from LRVHealth, OSF HealthCare, Section 32, Elements Health Ventures, and existing investors.
Current Health has developed an artificial intelligence-powered remote monitoring solution. The platform was cleared by FDA in April of 2019.
The company provides a single point of insight into patient health outside the hospital, ingesting data from hundreds of remote monitoring devices – along with patient-reported data and electronic medical record data – to identify and predict the onset and progression of disease. Current Health’s physician-led virtual command center provides 24/7 care management capability and seamlessly integrates with a range of in-home healthcare services, such as blood tests, durable medical equipment (DME), and meal delivery.
It could be argued that 2020 was a breakout year for Current Health. The company entered into separate collaborations with the Biomedical Advanced Research and Development Authority and Mayo Clinic to help with the monitoring of COVID-19 patients.
Current Health pointed it had seen significant growth in year-over-year revenue.
“In the next 5 years, we’ll see a majority of healthcare services delivered in a patient’s home, with the hospital reserved for intensive care, trauma, and surgery,” said Chris McCann, CEO and Co-Founder, Current Health. “To make this shift, healthcare providers must move away from point solutions and develop system-wide strategies to deliver care at home. We’ve built Current Health to serve as the ‘mission control’ for organizations to transition healthcare from the hospital to the home and meet patients where they are. Our Series B financing, from the top investors in both healthcare and pharma, will enable us to rapidly grow on a global scale and meet the demand for an integrated, enterprise approach.”