BioIntelliSense has raised $45 million in a Series B funding round. The financing round, which the company described in a statement as “significantly oversubscribed”, was led by Chimera, and featured contributions from 7wire Technology Partners, Pendrell Corporation, Royal Philips, and Fresenius Medical Care North America, as well as the individual investors Mary Tolan and James Murren.
The capital raise helps to illustrate the excitement over BioIntelliSense’s wearable biometric solutions aimed at health monitoring and the collection of clinical data. One of those solutions, the BioSticker, received FDA clearance for commercial sale at the start of last year; and the company went on to launch a wearable sensor called the BioButton that can monitor health signals including heart rate, respiration, and temperature, in the spring of 2020.
In addition to these pieces of wearable hardware, BioIntelliSense offers a “data-as-a-service” health monitoring platform and a 5G, cloud-connected device for automated health data uploading.
Commenting on 7wireVentures’s investment in the company, Managing Partner Lee Shapiro gestured to positive market dynamics in the sector that BioIntelliSense is targeting.
“The Remote Patient Monitoring market is in hyper-growth mode with projections reaching USD $117.1 billion by 2025,” he said. “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.”
Chimera (UAE) Chairman Syed Basar Shueb added that the COVID-19 pandemic, together with the 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,” adding that BioIntelliSense is “uniquely positioned” to address the trend.
The funding round’s announcement comes just a couple of weeks after the news of BioIntelliSense’s partnership with AirStrip, which agreed to integrate the BioSticker and BioButton into its AirStrip ONE remote care platform.