US based remote and in-hospital wearable biosensor technology company VitalConnect has closed a $30 million Series F funding round to expand its remote cardiac monitoring business and advance partnerships with US hospitals.
The company specialise in remote patient monitoring (RPM) devices with products like the VitalPatch which gives 24/7 access to real-time and historic patient data through a secure URL allowing physicians to monitor patients recovering at home.
A poll on RPM conducted by GlobalData surveyed 201 participants and found that 66% were more willing to use a RPM device post pandemic indicating growth in the market. The results also showed that 6% were less willing to us RPM devices based on efficiency doubts while 17% said their main concern was privacy. As the market grows, cybersecurity and privacy concerns are also expected to grow.
The players involved in the latest funding round include Pacific General Ventures, EW Healthcare Partners, and was led by Revelation Partners.
According to VitalConnect CEO Peter Van Haur the company has seen an uptick in users of the service over the past two years. “VitalConnect’s services have been widely adopted at an accelerated pace over the past 24 months, enabling our revenue to triple from 2021 to 2022, and putting us on track to nearly double revenue again in 2023. We are also experiencing significant earnings before interest, taxes, depreciation, and amortisation (EBITDA) improvement and we expect to achieve profitability in 2024.”
Discussing the recent investment Fred Lee, Partner at Revelation Partners said: “VitalConnect is in the unique position of being able to meaningfully participate in multiple billion-dollar markets that are growing at double-digit rates. The adoption of the technology in the marketplace, thus far, has been unprecedented, thereby giving us confidence in the leadership team’s ability to execute.”
In 2022 the company raised $39 million in its Series E financing round which was led by existing investor EW Healthcare Partners. In the same year they also onboarded their new Chief Financial Officer, Amy Covert who brought more than 20 years of experience to the role.
