Health

Patient monitoring company VitalConnect scoops up $39M

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VitalConnect, maker of biosensors for in-hospital and remote patient monitoring, announced Monday it closed a $39 million Series E round led by EW Healthcare Partners.

The company also said Robert S. White, operating partner at EW Healthcare Partners, will join VitalConnect’s board of directors. 

“We believe the VitalConnect platform will transform the way patient care is delivered by providing physicians with real-time, and more comprehensive, insights into the health of their patients in ways never experienced before,” White said in a statement. “I look forward to working with the team at VitalConnect to accelerate the company’s growth.”

WHAT IT DOES

VitalConnect makes wearable and wireless sensors to enable in-hospital or at-home patient monitoring. 

In November 2020, the company launched its VitalPatch RTM, which continuously checks heart rate, heart rate variability, respiratory rate and activity.

Its VitalPatch also received Emergency Use Authorization from the FDA in May 2020 to keep an eye on patients undergoing treatment for COVID-19. 

WHAT IT’S FOR

VitalConnect plans to use the influx of cash to hire more employees for its commercial team, scale operations and develop new products. 

“This latest round of financing will help VitalConnect continue our upward trajectory in Cardiac Monitoring spaces,” CEO Peter Van Haur said in a statement. “We’ve experienced significant growth and rapid physician adoption over the past year, and with the help of our investors we will continue to bring customers the most comprehensive, remote patient monitoring platform on the market.”

MARKET SNAPSHOT

Remote patient monitoring in particular is a fast-growing area in digital health and health tech. 

Late last year, Cadence, a remote monitoring and virtual care platform focused on chronic conditions, scored $100 million in Series B financing

Also in December, Sound Life Sciences got the FDA green light for its prescription app that enables a smartphone or smart speaker to monitor respiration at home or in a clinical setting. 

OnSky Health launched its SkyPad system in October, which was developed for continuously-contact free vital-sign sensing, as well as an emergency alert and calling system.

Other companies in the RPM space include LifeSignals, Connect America, Amazon and Best Buy.