LOWELL, MA, Emerging digital health company focused on creating superior patient monitoring solutions for chronic disease management, has closed the first tranche of a $17 million Series B.
InfoBionic, an emerging digital health company focused on creating superior patient monitoring solutions for chronic disease management, today announced that it has closed the first tranche of a $17 million Series B financing, which was led by Safeguard Scientifics, Inc. (NYSE: SFE). Previous investors-Mass Medical Angels (MA2), Broadview Ventures, TiE, Beta Fund, Boardwalk, Launchpad Venture Group, Cherrystone TCA, HTC, Boynton, and Keiretsu-also contributed to the round. Proceeds from the financing will enable InfoBionic to commercialize its MoMe System, a remote patient monitoring platform for cardiac arrhythmia detection, in Europe and the United States.
'This financing marks a significant milestone for our company's development, expansion and commercialization,' commented Nancy Briefs, CEO of InfoBionic. 'We are excited to partner with our current investors as well as Safeguard Scientifics to launch our lead product, the MoMe System, later this year. Specifically, Safeguard has an excellent track record of supporting innovation and building great healthcare and technology companies. We are pleased that they share our vision for this proprietary platform that leverages cloud technology to improve patient monitoring, diagnosis and treatment, ultimately reducing operating and healthcare costs and most importantly, saving lives.'
The MoMe System is the first cloud-based, Multi-pass Analysis universal remote patient monitoring platform that provides unprecedented analytics with seamless transition between Holter, Event, and Mobile Cardiac Telemetry (MCT) monitoring modes in one device. MoMe Kardia is poised to revolutionize the $3B worldwide cardiac monitoring market by delivering superior arrhythmia detection and on-demand access to patient data for diagnosis.
'We are excited to support a team of serial entrepreneurs with significant domain expertise,' stated Al Wiegman of Safeguard Scientifics. 'Our constant goal is to identify visionaries who push the boundaries of innovation, operate in large markets and have a compelling growth strategy. We believe the MoMe System has the potential to provide significant value to all key stakeholders-patients, physicians, practices and payers-revolutionizing how cardiac arrhythmias are diagnosed and, in turn, treated.'
As part of this financing, Safeguard Scientifics acquired 20% primary ownership of InfoBionic and Mr. Wiegman will join InfoBionic's board of directors.
On April 10, InfoBionic's announcement will be highlighted at the Massachusetts Technology Transfer Center's (MTTC) 10th Early-Stage Life Sciences Technology Conference X. The meeting will showcase about 20 life sciences technologies developed at the universities, and hospitals of Massachusetts as well as recently formed companies to an audience of angel investors, venture capitalists and corporate investors.
About Safeguard Scientifics
For more than 60 years, Safeguard Scientifics, Inc. (NYSE:SFE) has been synonymous with entrepreneurship and innovation. Founded in 1953 and based in the Greater Philadelphia area, Safeguard has a distinguished record of building market leaders by providing capital and operational support to entrepreneurs across an evolving and innovative spectrum of industries. Today, Safeguard targets healthcare companies focusing on medical technology, healthcare technology and specialty pharmaceuticals and technology companies focusing on financial technology, internet and digital media, and Enterprise 3.0. www.safeguard.com
InfoBionic Inc. is an emerging digital health company that is dedicated to providing anywhere, anytime access to cardiac event monitoring with improved event detection and clinical efficacy through a lower cost business model. InfoBionic's MoMe System offers superior remote patient monitoring for chronic diseases with an initial market focus on cardiac arrhythmias. For more information please visit www.infobionic.com.
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