Patient monitoring company VitalConnect has raised $100m through a combination of equity and debt capital.
The US company stated that it would use the funds to expand the commercial presence of its biosensor and remote patient monitoring offerings.
VitalConnect’s portfolio includes VitalPatch RTM, a wearable biosensor for the remote monitoring of up to 21 different cardiac arrhythmias and vital signs including respiratory rate and body temperature; and VitalConnect Solution, a platform for the remote monitoring of key vital signs for home use or in hospital settings.
The equity financing portion of the funding tranche was led by new investor Ally Bridge Group, with participation from existing VitalConnect investors, including EW Healthcare Partners, MVM and Revelation Partners. Trinity Capital provided the debt financing.
VitalConnect CEO Peter Van Haur commented: “Our best-in-class proprietary biosensor, coupled with the live streaming of eight vital signs and biometric parameters over a seven-day wear period, sets VitalConnect apart from the competition.
“Additionally, we continue to develop our in-patient remote patient monitoring offering in close collaboration with some of the leading healthcare facilities in the US.
In line with the financing round, Ally Bridge vice president Steven Plachtyna is joining VitalConnect’s board.
Plachtyna commented: “Ally Bridge Group is pleased to lead this financing to accelerate VitalConnect’s growth, appreciating the company’s highly differentiated strengths in addressing conditions that significantly affect the quality of life for millions of patients.”
In 2020, VitalConnect gained emergency use authorisation (EUA) status from the US Food and Drug Administration (FDA) for VitalPatch as part of the response to the Covid-19 pandemic, given the biosensor’s ability to monitor the potential heart-related side effects related to Covid-19 treatments.
GlobalData analysis indicates that the latest financing round brings VitalConnect’s total funds raised since 2013 to around $272m.
The overall global patient monitoring market is growing at a CAGR of 2.30% and will be worth around $15.1m by 2033, as per GlobalData analysis.
