SAN FRANCISCO--(BUSINESS WIRE)--iBeat, a health tech company empowering people to live longer, today announced two investments totaling upward of seven figures from SCOR Life & Health Ventures and Transamerica Ventures. The investments also include enterprise partnerships and booked revenue for the company’s cardiac monitoring smartwatch that will eventually be rolled out to the insurers’ agents and policy holders.
iBeat will use the new funding to advance product marketing and expansion for its lifesaving Heart Watch. They will also work with life insurers and reinsurers carriers to offer eligible policyholders an iBeat Heart Watch – an everyday watch that monitors real-time changes in heart rate and circulation and looks for any behavior that appears to be unsafe or potentially life threatening.
“This partnership reflects SCOR Global Life’s active role in the life (re)insurance industry to work with our life insurance clients in offering policyholder benefits that promote healthy lifestyle choices and help manage medical conditions. As a reinsurer, we are continually looking for ways to measure and improve mortality experience,” said Brona Magee, Head of Client Solutions at SCOR Global Life.
SCOR Life & Health Ventures and Transamerica Ventures’ investments and desire to partner signal a shift in the way technology is being embraced by insurance organizations to improve quality of life and longevity. Through technology like iBeat, people can improve health outcomes and increase their chances of survival from a life-threatening event.
“It’s invigorating to see life insurers recognize the value in investing in technology that advocates for longevity,” said Ryan Howard, founder and CEO of iBeat. “The Heart Watch is the first of its kind to offer continuous heart monitoring and life-saving aid in the most critical moments.”
The product is primed for the Baby Boomer population – a generation that will not go softly into the days and nights of retirement. They want to stay active and will continue running, biking, playing tennis and dancing well into their 90s, and their demands on the health care front and how technology plays a role, will be huge.
“iBeat recognizes these demands, as do life insurers and reinsurers like SCOR and Transamerica. We can and will be the technology arm that enables insurers to take action toward having a measurable impact on longevity. Together, we will provide users with unparalleled safety. We will give them confidence to continue pursuing all the activities they love in their later years, and we will save lives,” adds Howard.
iBeat has received upward of 11,000 pre-orders for its personal safety watch that monitors for potential life-threatening cardiac emergencies and will be shipping orders early this summer.
Located in the heart of San Francisco, iBeat is a health and wellness company empowering people to be fearless, explore, and live longer lives. The team is bringing to market the iBeat Heart Watch – a breakthrough cellular smartwatch that continually monitors users’ 24-7 heart activity. In a life-threatening emergency, iBeat will instantly alert the user, their loved ones, and emergency responders in real-time, helping ensure immediate care and potentially saving the user’s life. The watch also has an emergency help button that can be pressed at any time to get users aid.
About SCOR Life & Health Ventures
SCOR Life & Health Ventures does targeted strategic partnerships and investments in companies that can bring a complementary and differentiating offering to SCOR Global Life’s value proposition. SCOR Global Life (SCR:PAR) ranks among the top four Life reinsurers in the world. Its expert teams have been providing worldwide clients with superior reinsurance products and services for over 40 years and its strategy is based on the development of long-term relationships with its clients throughout the world. For more information, visit: www.scor.com.
About Transamerica Ventures
Transamerica Ventures, the corporate venture capital arm of the Aegon Group (AEG:NYSE) and Transamerica, invests in early-stage, high-growth technology companies throughout the United States and around the world. Transamerica Ventures is an extension of Aegon’s innovation strategy and makes equity investments in companies that align with and help facilitate these strategic goals. Transamerica Ventures adds strategic value to its portfolio companies by providing them with the unique opportunity to leverage the global networks and resources of one of the world’s leading life insurance, pension and asset management firms.