Strategic funding will support company’s growth and global expansion of continuous multi-parameter monitoring devices and data services for medical grade remote care at scale
BioIntelliSense, Inc., a continuous health monitoring and clinical intelligence company, today announced it has recently closed its Series B financing round that was significantly oversubscribed at $45 million. This financing round followed a prior Series A financing completed in 2019 and a Series A-Prime completed in 2020 to support BioIntelliSense’s continued growth and global expansion of its medical grade wearable devices and advanced data services for scalable remote care.
Participation in the Series B financing was prominently led by Chimera (UAE), and joined by 7wire Technology Partners, Mary Tolan of Chicago Pacific Founders, James Murren formerly of MGM Resorts International, as well as Pendrell Corporation, Royal Philips, and Fresenius Medical Care North America. These parties joined the existing investors from the Series A financing, namely TripleTree Holdings, UCHealth and the CU Healthcare Innovation Fund.
“This series of strategic investments further validates our accomplishments to date and marks a significant milestone in the growth and expansion of BioIntelliSense,” stated James Mault, MD, CEO of BioIntelliSense. “We proudly launched our Data-as-Service clinical intelligence platform, along with our flagship FDA-cleared BioSticker™ medical device, in January 2020. This industry first multi-parameter wearable device and data services for continuous vital sign monitoring, paved the way for the rapid acceleration and commercial launch of the BioButton health screening solution to address the COVID-19 pandemic and remote care. This pattern of success speaks to our collective passion and unyielding commitment in serving patients, the healthcare community along with our valued strategic partners and investors. With this strong financial support, the BioIntelliSense team will continue to innovate and commercialize its growing portfolio of medical grade wearables and data services across care settings, while making a profound impact on the delivery of personalized care, globally.”
Investing parties provide the following remarks on this financing round with BioIntelliSense:
“The burden of the COVID-19 pandemic and surging prevalence of chronic disease has resulted in exponential global demand for remote care technologies that provide better patient care at a fraction of the cost,” stated Mr. Syed Basar Shueb, Chairman of Chimera (UAE), part of Abu Dhabi’s Royal Group. “BioIntelliSense is uniquely positioned to address health care provider and population-health initiatives with its proprietary portfolio of biosensors and data science that combines an unparalleled user experience with medical-grade clinical accuracy for cost-effective, scalable remote care. As the lead for the BioIntelliSense Series B financing, we are excited to support the company’s innovation, global reach and adoption.”
“The Remote Patient Monitoring market is in hyper-growth mode with projections reaching USD $117.1 billion by 2025,” noted Lee Shapiro, former CFO of Livongo Health and Co-founder and Managing Partner at 7wireVentures. “BioIntelliSense is poised to grow its footprint with provider and payer organizations seeking to accelerate and operationalize their virtual care programs by deploying effortless medical-grade monitoring and advanced analytics that are built for scale.”
“BioIntelliSense represents the future of health care; medical grade monitoring with best-in-class data science feeding life-changing AI and prescriptive analytics at reasonable cost,” said Dr. Richard Zane, UCHealth Chief Innovation Officer and Professor and Chair of Emergency Medicine for the University of Colorado School of Medicine. “As one of BioIntelliSense’s earliest partners, UCHealth already is utilizing this technology to remotely observe patients for detection of deterioration, allowing for early intervention to improve outcomes.”
“Digital transformation within the senior living and post-acute market that optimizes clinical workflow, care pathways and reimbursement models is proven to benefit the provider-patient experience,” said Mary Tolan, private investor, Co-founder and Managing Director of Chicago Pacific Founders. “BioIntelliSense represents a new standard for remote patient monitoring that aligns with CMS reimbursement codes and bundled payments to support a continuous model of care based on sophisticated biosensor wearable technology and actionable clinical intelligence.”
“In today’s business environment, data is currency,” said Craig McCaw, Chairman and Co-CEO of Pendrell Corporation. “BioIntelliSense harnesses passive continuous health monitoring data and applies advanced algorithmic analytics to deliver a personalized care experience for improved clinical and financial outcomes. Its Data-as-a-Service (DaaS) platform leverages the latest sensor and wireless technologies, while adhering to strict privacy and security standards, enabling healthcare organizations to scale with confidence.”
“Philips Ventures leverages its targeted investments and collaborations to help develop solutions that enable healthcare providers deliver a better experience for patients and staff, and lower cost of care,” said Rich Wilmot, Managing Partner, Philips Health Technology Ventures. “As part of our ecosystem approach to enable seamless patient monitoring across multiple care settings, Philips also has a commercial relationship with BioIntelliSense for its medical-grade BioSticker and BioButton wearable devices and data services for remote monitoring of at-risk patient populations.”
“Fresenius Medical Care North America (FMCNA) is committed to helping more people living with chronic kidney disease through earlier interventions and has proudly invested in BioIntelliSense as a leading innovation in remote health sensors and services to accelerate medical grade monitoring at home,” said Jeff Burbank, Chief Strategy and Transformation Officer of FMCNA. “With the BioSticker and BioButton, our medical staff can more efficiently and effectively continuously monitor patients between treatments with actionable clinical insights and facilitate precise and timely interventions to reduce cost of care.”
“BioIntelliSense has established a comprehensive, novel approach to medical-grade remote monitoring at an attractive price point with strong reimbursement coverage, making it deployable at scale in a way that can revolutionize the industry,” said Dawn Owens, CEO of TripleTree Holdings.
“The COVID-19 pandemic has been a catalyst for the rapid adoption and deployment of digital health technologies by healthcare providers and enterprise employers worldwide,” commented James Murren, private investor and former Chairman and CEO of MGM Resorts International. “Through public and private partnerships, a new era of technological innovations has enabled unprecedented public health emergency response and preparedness. The BioIntelliSense BioButton solution is a hallmark example by combining medical-grade wearables and analytics for the early detection of signs and symptoms associated with an infectious process. This continuous vital sign monitoring and health screening capability has proven beneficial to patients and frontline healthcare workers, as well as enterprises, in enabling safe return to work, school, travel and events at scale.”