Devices & Diagnostics, Health IT, Startups

Scanadu attracts Asian investors in $35M Series B round as it preps for China expansion

Scanadu, a mobile health device maker that wants to shape digital health technology, has sparked […]

Scanadu, a mobile health device maker that wants to shape digital health technology, has sparked the interest of China-based investors with deep pockets and has raised a $35 million B round, according to a company statement. It is working to complete orders from some of the 8,500 participants in its record-setting $1.6 million Indiegogo crowdfunding campaign.

Fosun International and Tencent Holdings led the funding round. China Broadband Capital and iGlobe Partners of Singapore also participated. Participants who previously invested in the company included Relay Ventures and AME Cloud Ventures.

Scanadu CEO Walter De Brouwer said he is interested in getting market approval for its Scout device as a “medical grade diagnostic” in China and the U.S., according to The Wall Street Journal.

Fosun International’s healthcare subsidiary business,FosunPharma, includes diagnostic products and medical devices aswelll as pharmaceutical manufacturing, pharmaceutical distribution and retail, and healthcare services. iGlobe Partners targets investments in wireless technologies and invested in Zephyr Technologies.

In 2013 Scanadu had previously raised $10.5 million to support clinical trials of Scanadu Scout, its lead device, with Scripps Translational Science Institute last year.

Scanadu Scout is designed to monitor vital signs such as temperature, respiratory rate, pulse oximetry, ECG, systolic blood pressure and diastolic blood pressure in 10 seconds. Scanadu is also developing a disposable urine analysis testing platform, called ScanaFlo. It is seeking FDA clearance for the smartphone diagnostic to indicate pregnancy complications, preeclampsia, gestational diabetes, heart-related kidney problems and urinary tract infections.

This move is in keeping with interest in mobile health innovation in China. Last year Qualcomm said it would develop a center for mobile health innovation with The George Institute to develop and evaluate mobile health platforms. The goal is to improve access to healthcare in the country.

The company is also competing for the Qualcomm Tricorder Prize. Earlier this month it joined forces with zensor, a competitor, led by Jim McLaughlin, CTO of Intelesens to compete for the $10 million prize, which is scheduled to be announced in the first half of 2016. In order to win, teams must successfully create a device that can diagnose and interpret a set of 15 medical conditions and capture five vital health metrics.

Update: This story has been updated following the release of a statement from Scanadu detailing the fundraise.

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