LindaCare, a health IT startup developing remote monitoring tools to minimize alert fatigue for hospitals, has raised a $1.6 million Series A round. It plans to use the funding to support product development and to launch the first iteration of its product aimed at patients with arrhythmias with implanted devices in European markets, according to a company statement.
Capricorn Venture Partners led the funding round for the Belgium-based company. Its health tech fund focuses on investments in prevention, diagnosis and treatment of diseases.
The first application for its product platform will provide remote monitoring for cardiology patients with chronic heart failure and cardiac arrhythmia with implanted electronic devices. With the funding, LindaCare will expand into other areas such as support for patients with chronic obstructive pulmonary disease, according to the statement. It will also use the funding to launch the product in European markets.
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Its clinical software a dashboard that organizes remote monitoring data from different cardiac implantable device vendors in one program and helps triage alerts. The company claims the data can be integrated with electronic medical records.
The company previously took part in incubator programs with iStart and Microsoft’s Innovation Center in Flanders.
A Frost and Sullivan report, Remote Patient Monitoring Markets in Europe, observed that the remote patient monitoring market in Europe is still at the initial stage of development, noted Malgorzata Filar, the research analyst who authored the report. The most mainstream part of this market is telecare,—sensor-based monitoring for safety and is the largest opportunity for technology providers. Once telehealth surmounts regulatory and reimbursement challenges it will be more widely adopted.
He wrote: “As the majority of telehealth patients are 65 or older, the market favors horizontal solutions (i.e., adjusted for both telehealth and telecare purposes). Vital sign monitoring systems supported by video consultation and Web-based applications are the most demanded technologies and are expected to grow rapidly across Europe.”
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LindaCare: A Start-up Demonstration from iMinds on Vimeo.
Photo: Flickr user Sara Bjork