InfoBionic said today that it raised another $50 million for its wireless remote cardiac monitor.
Boston-based InfoBionic said Eagle Investments, Excel Venture Management, Safeguard Scientifics, Blue Cross Blue Shield of Massachusetts subsidiary Zaffre Investments and Blue Cross and Blue Shield of Kansas all participated in the round.
The company sells the MoMe Kardia device, a remote, wireless outpatient system for monitoring & diagnosis of cardiac arrhythmias. It won 510(k) clearance from the FDA in 2015. Last month, InfoBionic inked a deal giving exclusive U.S. distribution rights for the MoMe Kardia system to Biotronik; proceeds from the funding round are earmarked for expanding the its commercial footprint, it said.
“We are pleased by the completion of the company’s latest financing round which was based upon the strong market traction of our proprietary MoMe Kardia system,” CEO Stuart Long said in prepared remarks. “Since this time last year, the MoMe Kardia system month-to-month subscription growth rates have exceeded 35%. Favorable marketplace developments, combined with our recently announced U.S. distribution agreement for our system, should result in continued customer traction and strong growth.”
In April 2014 InfoBionic brought in a $17 million Series B round.