Boston-based digital health company InfoBionic has raised $50 million to support commercialization of its MoMe Kardia remote monitoring platform.
The company’s technology mirrors in-hospital telemetry data by transmitting a continuous feed of the patient’s heart rhythm, respiration and motion data collected through a device that can be worn around the neck or on the belt.
Providers can log into a HIPPA-compliant portal to review monitoring reports, track medication compliance and determine triggers for cardiac events.
InfoBionic was founded in 2011 and has raised more than $75 million in venture capital funding, including this most recent financing round. The financing round included participation by Eagle Investments, Safeguard Scientifics and Zaffre Investments, the venture arm of Blue Cross Blue Shield of Massachusetts.
The MoMe Kardia device received FDA clearance in 2015 and functions as three-in-one Holter, Event, and Mobile Cardiac Telemetry monitor, which gives doctors’ more flexibility in determining how best to track patient heart activity.
Earlier this year the company signed an exclusive distribution deal with Biotronik to expand access to the device.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
“We are pleased by the completion of the company’s latest financing round which was based upon the strong market traction of our proprietary MoMe Kardia system,” CEO Stuart Long said in a statement.
“Since this time last year, the MoMe Kardia system month-to-month subscription growth rates have exceeded 35%. Favorable marketplace developments, combined with our recently announced U.S. distribution agreement for our system, should result in continued customer traction and strong growth.
The market opportunity in cardiac monitoring is estimated at approximately $26.6 billion by 2020. Major players in the market include iRhythm’s Zio Patch device and Bardy Diagnostics’ wearable ECG monitor.
Most recently the space has seen the introduction of over-the-counter devices targeting general consumers like AliveCor’s KardiaBand and the new heart monitoring capabilities on the Apple Watch 4.
Photo: Abscent84, Getty Images
