SAN JOSE, Calif.--(BUSINESS WIRE)--VitalConnect®, a leader in medical-grade wearable biosensor systems, today announced that it has closed a Series C Preferred Stock equity financing round of $33 million led by new investors MVM Life Science Partners and Baxter Ventures, the venture arm of Baxter International. This funding round will be used to further commercialize the VitalConnect Platform and make significant strides in changing the way patient monitoring is utilized in hospitals and at home.
“The integration of wearable biosensors into existing and emerging healthcare environments will change the care paradigm within hospitals as well as enable virtual care opportunities that were never before possible,” said Dr. Nersi Nazari, VitalConnect Chairman and CEO. “Biosensors, when paired with sophisticated data analytics platforms, have the unique opportunity to enable better care for patients while reducing costs for hospitals – a win for both patients and providers.”
The VitalPatch® wearable biosensor is a lightweight, wireless, adhesive patch that continuously monitors and records eight patient vital signs. The VitalConnect Platform integrates the VitalPatch biosensor with mobile and cloud-based software and analytics so patients can be monitored around the clock and across care settings. Patients enjoy the comfort the VitalPatch provides while caregivers have access to unprecedented insight into a patient’s health, aiding in critical decisions when it matters most. The VitalConnect Platform is already being implemented in hospitals across the United States and select locations globally – results have demonstrated high patient satisfaction and improved economics.
VitalConnect’s Series C funding is evidence of the appetite for disruptive healthcare solutions. “VitalConnect provides an innovative biosensor and monitoring solution to enable predictive and personalized patient care. Baxter Ventures is pleased to invest in VitalConnect and support its innovative approach for improving patient care,” said Anne Sissel, Vice President and Head of Baxter Ventures.
As part of the transaction, Dr. Stephen Reeders, MVM founder, will join the VitalConnect Board of Directors. Dr. Reeders states, "MVM has been looking for some time for a wireless technology that can deliver better care for patients and a high return on investment for providers, across a range of care environments. We have found it in VitalConnect."
About VitalConnect, Inc.
VitalConnect is a leader in wearable biosensor technology for wireless hospital and remote patient monitoring. VitalConnect leverages extensive expertise in bioengineering, data analytics, chip design, and mobile and cloud software, creating technology that supports decision-making paradigms to achieve better health and economic outcomes. VitalConnect’s products are designed for use in a broad range of inpatient and outpatient settings for hospital monitoring, post discharge care, cardiac monitoring and pharmaceutical solutions. For more information: www.vitalconnect.com.
About MVM Life Science Partners LLP
MVM Life Science Partners LLP, founded in 1997, is a leading global healthcare Venture Capital / Private Equity firm based in London and Boston who manages four funds totaling over US$700 million. MVM invests across the Life Sciences market including biopharmaceuticals, diagnostics, drug delivery, gene therapy, medical devices, OTC medicines, research tools and vaccines. The MVM team has broad experience across the Life Science and Venture Capital / Private Equity markets. For more information: www.mvm.com
About Baxter International Inc.
Baxter provides a broad portfolio of essential renal and hospital products, including home, acute and in-center dialysis; sterile IV solutions; infusion systems and devices; parenteral nutrition; biosurgery products and anesthetics; and pharmacy automation, software and services. The company’s global footprint and the critical nature of its products and services play a key role in expanding access to healthcare in emerging and developed countries. Baxter Ventures identifies companies with promising technologies, products and therapies and provides them with the capital and expertise needed to drive successful innovation. For more information: www.baxter.com