Current Health — a remote patient monitoring platform that is gaining more and more attention in the home — has raised $ 43 million in Series B funding. The company announced the news on Thursday.
Boston-based Current Health’s technology platform measures patient vital signs in real time, enabling clinicians to provide patients with enhanced virtual care at home and institution. Its tack includes respiratory rate, oxygen saturation, skin temperature and more.
Series B was led by Northpond Ventures and received additional funding from LRV Health, OSF HealthCare, Section 32, Elements Health Ventures and existing investors.
“These represent some of the most sophisticated and thoughtful professional investments in healthcare and life sciences,” Current Health CEO and co-founder Chris McCann told Home Health Care News. “The expertise they have brought to successfully build a company in the field is what we consider to be more valuable, if not more valuable than the capital itself. ”
In addition to the investment, Northpond Ventures Director Andrea Jackson and LRV Health General Partner Tripp Peak have been appointed to the Current Health Board of Directors.
In the future, the new funding will help the current health team grow and support the company’s efforts to build the platform, McCann said.
“First and foremost, we plan to grow the team rapidly,” he said. “We planned to more than double the number of employees within 2021. This is about 100 more. We plan to double the number of employees again in 2022. Of those personnel, for research and development. We have invested heavily and hired an additional 50 or 60 software engineers. With that investment, we are focusing on building platforms quickly and getting them into the hands of more medical institutions. To let them pass. ”
McCann said one of Current Health’s main goals is to improve the quality of care provided at home.
According to McCann, Current Health Series B is the largest funding round ever. In 2019, the company won $ 11.5 million in a Series A round.
Current Health, which started in 2015, has been well known for many years by forming partnerships with major healthcare systems.Company counts Mount Sinai, Banner Health and Baptist Health as Partners, etc.
Based in New York, Mount Sinai is enabling home cancer treatment programs, especially in partnership with Current Health.
“Sinai is an innovator and proud to be a leader in this area,” Dr. Cardinale Smith, Chief Quality Officer for Cancer Services at Mount Sinai, previously told HHCN. “And this makes no difference.”
Current Health has seen the business grow exponentially in 2020.
“We grew about 3,000% year-on-year and 90% of our revenue came from the United States. [last year]”McCann said. “Our main focus continues to grow and expand to another 40 or 50 large healthcare systems and pharmaceutical organizations in the United States. We are all these large healthcare organizations. Is an adhesive that allows you to provide safe medical care at home. ”
In addition, Current Health saw a 400% year-on-year increase in customers such as Mount Sinai, Geisinger Health and the United Kingdom National Health Service (NHS).
The company has also grown more than 100% of its employees, including growth of executives and board of directors. Current has hired CFO John McLean and CMO Adam Wolfberg to add a few well-known healthcare veterans.
Ultimately, Current Health looks to the future of healthcare, taking into account its unique evolution.
“We are now seeing the healthcare system trying to completely rethink how our healthcare system works,” McCann said. “They are no longer just physical store facilities.”
Current Health Raises $ 43 Million: We Are Adhesives That Enable Safer Health Care At Home
Source link Current Health Raises $ 43 Million: We Are Adhesives That Enable Safer Health Care At Home