InfoBionic, a company that helps doctors identify arrhythmias through its remote monitoring device, Mome Kardia, has raised the second tranche of a $17 million Series B round to commercialize the device following the initial fundraise in April. The device is designed to be part of a strategy of helping physicians reduce unnecessary readmissions and spot heart problems such as afib earlier. But the cloud-based platform leaves room for other chronic condition applications to be added.
Among the new investors who participated in the Series B round are Excel Venture Management and Zaffre Investments, a subsidiary of Blue Cross Blue Shield of Massachusetts. It marks the second investment for the venture division, which has also backed InformedDNA, one of the country’s largest independent genetic testing providers, with $4.5 million in Current investors include Safeguard Scientifics, Mass Medical Angels, Broadview Ventures, The Indus Entrepreneurs, Beta Fund, Launchpad Venture Group, Cherrystone, TCA, HTC, Boynton, and Keiretsu.
The Lowell, Massachusetts company also added a CFO, Steven Wasserman, and William Swavely as senior vice president for IT. Wasserman previously worked for AppNeta Inc. as CFO.
Some of the cool technology bits includes a way for doctors to remotely adjust settings to reduce office visits. A “multipass” analysis tool helps eliminate false positives. Although it transmits a continuous signal of the patient’s heart rhythm, the device also retains a high definition copy for 30 days. Beyond heart conditions, the company’s platform is presented as a way to do remote monitoring for other chronic conditions, so it will be interesting to see what the next priorities are.
Nancy Briefs, CEO, and Ravi Kuppurage, CTO, co-founded the company in 2011. Prior to InfoBionics, Briefs was CEO of Eleme Medical, a medical device company that produced an FDA cleared cellulite elimination device. Kuppurage previously worked for medical device business CareFusion.’
Berg Insights estimated that remote patient monitoring market’s value at $5.85 billion last year. Of the 3 million patients connected to some form of device in 2013, cardiac rhythm management accounted for two-thirds of them or 2 million people.
