TORONTO--(BUSINESS WIRE)--Swift Medical, the world leader in enterprise-grade digital wound care management, has secured $11.6 million in funding led by Data Collective in Palo Alto, Calif., with participation by Montreal-based Real Ventures, as well as Relay Ventures in Toronto, DHVC in Palo Alto, and Business Development Bank of Canada in Montreal. This positions Swift for even greater success in its goal of digitizing wound care management and providing transformational new capabilities to Swift’s partners and the skilled nursing facilities, home health agencies and hospitals they serve.
“This growth funding enables us to expand our reach and bring Swift’s solution to every bedside in every hospital and care facility,” said Carlo Perez, co-founder and CEO of Swift Medical, which has blazed a trail in the industry by engineering a first-of-its-kind solution that digitizes and streamlines every stage of the wound care management clinical and administrative workflow, from initial image capture all the way through to claims submission.
“There are more patients worldwide suffering from chronic wounds than from lung cancer, breast cancer, colon cancer and leukemia combined,” Perez added. “By augmenting the abilities of clinicians and facility administrators to deliver the best possible wound care management, we’re helping them heal over 10,000 patients a month. And we’re just getting started.”
“Swift’s product execution is a wonderful example of Data Collective’s Computational Care philosophy of pushing compute intelligence closer to the patient, but in a way that is empathetic to the patient and the caregivers and systems that surround them,” said Scott Barclay, partner at Data Collective. “We invested because of Swift’s near science-fiction quality machine vision, Carlo’s leadership, and because Swift enables wound care quality that all of us should demand for a loved one.”
The Series A funding builds on rapid growth at Swift Medical, whose solution has been adopted by over 1,000 healthcare facilities managing more than 100,000 beds across North America. Through partnerships with PointClickCare, the leading provider of electronic health record platforms in the long-term care industry, and Healogics, the largest provider of advanced wound care services in the U.S., Swift has cemented its position as the global market leader and enterprise solutions partner of choice in digital wound care management.
Accurate wound measurement and monitoring are critical in effective wound care, but traditional measuring techniques such as the ruler method or acetate tracings are imprecise and can cause pain and discomfort for patients. The company’s enterprise-grade, smartphone-ready Swift Skin and Wound software captures images and measurement – including wound depth – without having to touch the wound and with no extra equipment and accessories. Swift Skin and Wound also gives patients, their families and healthcare administrators peace of mind by tracking every stage of the patient’s wound care.
Chronic wounds are a critical global issue believed to affect as much as two per cent of the population in developed countries – a number likely to increase as people age, and as conditions such as diabetes, which often lead to wound infections, become more prevalent. In the U.S., a study of Medicare data found chronic wounds affect around 8.2 million patients, translating into at least US$32 billion spent annually on treatment. The global advanced wound care market is estimated to grow at a compound annual rate of 8.4 per cent between 2017 and 2024, according to Data Bridge Market Research.
About Swift Medical
Swift Medical is the world leader in digital wound care management, delivering advanced wound care visualization and touchless 3D measurement through its smartphone-ready Swift Skin and Wound software. Swift’s enterprise-grade solution streamlines clinical and administrative wound care management workflows, from image capture and automatic risk scoring to assessment scheduling and claims submission. Today, Skin and Wound has been adopted by more than 1,000 facilities to monitor over 100,000 beds. To learn how Swift has digitized and transformed wound care, visit https://swiftmedical.com.
Learn more about Swift Medical’s Series A investors
Data Collective www.dcvc.com @dcvc, @sabarclay
Real Ventures www.realventures.com @realventures
Relay Ventures www.relayventures.com @relayventures
An Economic Evaluation of the Impact, Cost, and Medicare Policy Implications of Chronic Nonhealing Wounds http://www.valueinhealthjournal.com/article/S1098-3015(17)30329-7/pdf
Data Bridge Market Research, Advanced Wound Care Market - Global Industry Trends and Forecast to 2024 http://databridgemarketresearch.com/reports/global-advanced-wound-care-market/