PhysIQ Nabs $8M Series B Financing
CHICAGO, IL, PhysIQ today announced the closure of $8 million Series B financing led by 4490 Ventures.
PhysIQ, a leader in developing solutions that leverage artificial intelligence (AI) to empower digital health for ambulatory patient monitoring and clinical trial support, today announced the closure of $8 million Series B financing led by 4490 Ventures. Joining 4490 is the Global Health Sciences (GHS) Fund through Quark Venture Inc. and GF Securities, along with existing investor LionBird and others. Dan Malven, Managing Partner at 4490 Ventures, and Zafrira Avnur, PhD, Chief Scientific Officer at Quark Venture, have also both joined the PhysIQ Board of Directors.
The financing will be used in support of the commercial launch of the physIQ VitaLink solution. The company's solution collects continuous physiological patient data from wearable and implantable sensors and applies AI technology to transform this data into personalized patient insight. Healthcare providers, payers, pharmaceutical and medical device companies are leveraging the FDA-cleared personalized analytics to proactively manage at-risk ambulatory patients. Pharmaceutical and medical device manufacturers are also integrating VitaLink into their clinical trials in order to capitalize on new, "real world" data sets to validate the safety and efficacy of their products.
"Market reception to our transformational VitaLink solution confirms we have entered a new era of health careŽone where continuous real world data and personalized analytics are generating unprecedented patient insight. PhysIQ's proprietary AI-enabled technology detects subtle, yet significant, changes in physiological parameters, thereby allowing healthcare enterprises to proactively manage patients to mitigate the costs associated with readmissions, inadequate therapies, non-adherent patients and other clinical events in commercial, government and clinical trial settings. As we scale to meet demand for our game-changing healthcare solution, we enthusiastically welcome our new financial partners 4490 Ventures and Quark Venture/GF Securities," said Gary Conkright, physIQ CEO, Director and Founder.
"The convergence of IT and medicine holds the promise to fundamentally change how clinicians diagnose, treat, prescribe, intervene and manage patient health. Converting continuous data into actionable insight is a foundational capability to the future of healthcare delivery," added Malven. "The physIQ team is uniquely equipped to make that happen with their market leading cloud-based platform and personalized analytics technology, protected with over 100 issued patents, that they previously commercialized in other highly demanding industries."
"PhysIQ's ability to detect changes from a patient's personalized baseline is a game-changer for pharmaceutical and medical device companies seeking better approaches to validate the safety and efficacy of their products. As a fund that invests in breakthrough health science technology platforms that lead to transformational change, we are very excited about the opportunity presented by physIQ's powerful technology," added Karimah Es Sabar, Director of the GHS Fund and Chief Executive Officer of Quark Venture.
Technology Platform to Realize the Power of Personalized Medicine
The VitaLink end-to-end solution includes the physIQ software platform and AI analytics suite, third-party wearable biosensors, a mobile Android device for secure patient data transmission, and clinician user interface. As a data- and device-agnostic platform, it can accommodate any Bluetooth-enabled biosensor and has been engineered to be massively scalable and capable of continuously monitoring tens of thousands of patients at a time. The condition-agnostic personalized analytics solution is being studied and evaluated across multiple clinical use cases (e.g. post-acute skilled nursing, home health and clinical trials) and patient populations (e.g. heart failure, COPD, oncology and chronic pain).
PhysIQ is a company dedicated to enabling proactive care delivery models through its Personalized Physiology Analytics (PPA) and highly scalable cloud-based platform. The FDA 510k-cleared data analytics platform is designed to process multiple vital signs from wearable sensors to create a personalized dynamic baseline for each individual. By mapping vital sign relationships this way, physIQ's analytics detect subtle deviations that may be a precursor to disease exacerbation or change in health and warrant clinical attention. With applications in both healthcare delivery and clinical trial support, physIQ is transforming continuous physiological data into insight for providers, health systems, payers, and pharmaceutical and medical device companies. For more information, please visit www.physiq.com.
About 4490 Ventures
4490 Ventures is an early-stage venture capital firm that invests broadly across the software technology spectrum, including hardware-enabled software and information businesses. 4490 Ventures specializes in partnering with Midwest-based entrepreneurs focused on building billion-dollar enterprise value companies. For more information, please visit www.4490.ventures.
About Global Health Science Fund
Global Health Science Fund was jointly established by Quark Venture Inc. and GF Securities in late 2016. Global Health Science Fund is a health sciences venture fund that invests globally in a diversified portfolio of innovative biotechnology and health sciences companies who are addressing unmet medical needs through innovations in drug development, medical devices, health IT and emerging convergent technologies.
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