Spry Health said this week it raised $5.5 million in a Series A round of financing to support the commercialization of its Loop wearable chronic disease management platform.
Funds in the round were led by Grove Ventures and joined by the newly invested Stanford-StartX Fund and previous investors OVO Fund and Think+.
“This round of funding will allow us to reach thousands of more patients with our technology. Our past and current deployments with hundreds of patients allowed us to create an invaluable second by second dataset of health. In the last three years, we developed an extensive set of Machine Learning and Expert Systems algorithms that helps contextualize real-time, continuous physiological data and pinpoints signs of deterioration. As we reach more patients, we will continue to strengthen our advantage by providing broader monitoring capabilities across more conditions,” co-founder Elad Ferber said in a press release.
“We are excited about the prospects of transforming healthcare using advanced patient-level vital sign data. We were blown away by Spry’s technology, which is the only solution to demonstrate medical-grade accuracy in a large-scale human trial. The Loop is healthcare’s holy grail, enabling a continuous medical presence on patients’ wrists to monitor the breadth of vital sign information. As many have noted, data is the new oil. PJ, Elad, and their team of experts in optics, signal processing, and machine learning are extracting and refining the most important data of all. We are proud to have the chance to join them on this journey,” Grove Ventures partner Guy Resheff said in a prepared statement.
The company is developing a platform to help patients manage their chronic illnesses, centered around its wearable Loop wristband which is designed to continuously collect cardiovascular and respiratory data.
Collected data is fed through the company’s platform for tracking and analysis, where it can identify early signs of patient deterioration in advance of new, noticeable symptoms, the company said.
Spry Health said that with the information on developing conditions, healthcare groups can guide their chronically ill patients towards appropriate care and prevent unnecessary hospitalizations and lower the cost of care.
“We’re thrilled to be partnering with Grove at this stage of the development of our company. Beyond the capital that will fuel our growth, we found partners who understand and value core technology and have expertise bringing it to market. We’re looking forward to this next phase and deploying Loop across healthcare organizations this year,” co-founder Pierre-Jean Cobut said in a prepared release.
The company said it has submitted an application to the FDA and is hopeful for clearance of the Loop by early 2018.