BOSTON--(BUSINESS WIRE)--Signature Medical, Inc. (Signature Medical), an Allied Minds (LSE: ALM) portfolio company, today announced that it has completed a $2.5 million Series A funding round, including participation from Riot Ventures, an early stage investment group focused on emerging technologies; Bose Corporation, a global leader in audio innovation; and Allied Minds.
Signature Medical is developing AcoustiCare™, its flagship wearable product focused on heart failure evaluation and monitoring to improve patient outcomes while preventing hospital re-admissions. AcoustiCare differs from other typical sensor-based wearables with its proprietary cloud-based audio technology and artificial intelligence enabling remote monitoring and evaluation of heart failure and other indications. Most other technology today addresses rhythm, movement or impedance. Heart failure recurrence represents an enormous underserved market opportunity and ranks among the most prevalent and costly chronic diseases. It is the number one cause of hospital admissions among U.S. adults over the age of 65 and consumes 1-2 percent of all healthcare expenditures in developed countries. Heart failure re-admission rates alone are estimated to be approximately 25 percent within 30 days of hospital discharge at a cost of approximately $5B in the U.S. annually. Proceeds from this financing will be used to accelerate the development and commercialization of the AcoustiCare system.
Stephen Marcus, Founder of Riot Ventures, commented, “Signature Medical’s incorporation of artificial intelligence and acoustic technology into a wearable device should help heart failure patients globally and have enormous impact.” Steve Romine of Bose Ventures expressed, “We are excited about Signature Medical’s innovative use of audio to help heart patients with their recovery, and we’re pleased to support Signature Medical in their efforts.”
“Engaging the support and contribution of Riot and Bose in this important opportunity is simply wonderful,” said Omar Amirana, MD, Founder and Chief Executive Officer of Signature Medical and Senior Vice President of parent company, Allied Minds. “We are eager to markedly improve heart failure patient outcomes while saving the system substantial expense with our proprietary wearable technology.”
ABOUT SIGNATURE MEDICAL, INC.
Signature Medical is a digital healthcare company offering innovative solutions focused on value-based healthcare initially focused on heart failure. It is dedicated to improving outcomes while reducing costs in high-value, large underserved markets using proprietary cloud-based and wearable technology.
ABOUT RIOT VENTURES
Riot is an early-stage venture fund focused on bringing the future into reality. We invest in audacious founders that are building and scaling emerging technologies such as artificial intelligence, internet of things, autonomous vehicles, robotics, augmented and virtual reality. Riot is headquartered in Boston with offices in Los Angeles.
ABOUT BOSE CORPORATION
Bose Corporation was founded in 1964 by Dr. Amar G. Bose, then a professor of electrical engineering at the Massachusetts Institute of Technology. Today, the company is driven by its founding principles, investing in long-term research with one fundamental goal: to develop new technologies with real customer benefits. Bose innovations have spanned decades and industries, creating and transforming categories in audio and beyond. Bose products for the home, in the car, on the go and in public spaces have become iconic, changing the way people listen to music.