SEATTLE--(BUSINESS WIRE)--Wavely Diagnostics, Inc., a digital diagnostics company developing smartphone-based apps to bring accurate, data-driven virtual pediatric care into every U.S. household, raised $1.35MM in new funding to advance its first-of-its-kind digital diagnostics platform for enabling virtual ear infection care for children, bringing Wavely’s total investor and grant funding to $6.35MM. The new funding will enable Wavely to seize upon growing interest from healthcare systems and pediatric care providers and accelerate development ahead of its planned public release in app stores later this year. Robin Hood Ventures is leading the funding round with follow-on investment from WRF Capital, Ambit Health Ventures, the WXR Fund, Wealthing, HealthTech Capital, and Princeton Alumni Angels.
“We are at a critically exciting moment in Wavely’s trajectory as we prepare for wide scale commercialization, meeting the significant interest from providers and payers across the U.S. who are ready to leverage Wavely’s technology to expand their use of virtual care for pediatrics,” said Arna Ionescu Stoll, CEO of Wavely Diagnostics. “This new funding gives us the runway to cement existing and new partnerships, ultimately bringing our transformative digital health solution to providers and parents faster.”
Wavely’s diagnostic app turns a smartphone into an acoustic tool that can quickly and easily detect fluid in a child’s ear, the leading indication of ear infections. The process is non-invasive, painless, and provides parents and providers with reliable answers to direct treatment options from the comfort of home, often sparing a trip to urgent care or the emergency room. Wavely’s smartphone platform is currently being used in a phase II pilot with a leading U.S. health system after completing a successful phase I pilot.
“Wavely Diagnostics is at the forefront of leveraging the potential of digital health to revolutionize the field of pediatric diagnostics,” said Donna Cordner, Managing Director at Robin Hood Ventures. “We’re proud to support their mission to deliver effective, accessible and simple-to-use pediatric diagnostic tools to every home in the U.S.” Following the investment, Robin Hood Ventures member Sasha Schrode joins Wavely’s Board of Directors where she will leverage nearly two decades’ leadership experience in the medical device and healthcare industries to help guide Wavely’s strategic direction and growth.
This funding announcement comes on the heels of a $1.8MM Phase II Small Business Innovation Research (SBIR) grant award from the National Institute on Minority Health and Health Disparities in November of last year to leverage remote diagnostics to increase access to care and reduce health disparities in rural communities.
About Wavely Diagnostics
Wavely Diagnostics is enabling pediatric virtual care through its platform of app-based diagnostic solutions that provide the key physical exam findings for the most common reasons for pediatric visits. Beginning with ear infections, the platform will eventually offer diagnostics to enable nearly 70% of acute pediatric visits to shift virtual. By leveraging smartphone technology with no additional training or hardware requirements, Wavely significantly increases access to high-quality, patient-centric care, at any time, from anywhere. Currently available to healthcare systems for pilots, the app will launch broadly in late 2023. Founded as an academic spinout of University of Washington in 2018, the Seattle-based company rebranded as Wavely Diagnostics and received its first venture investment in 2021.
About Robin Hood Ventures
Robin Hood Ventures invests in early-stage, high-growth startups, enroute to building great companies. We syndicate with venture capitalists, institutions, and other angels in our network. Our members are experienced entrepreneurs, scientists, operators, and industry leaders who have built world-class companies.