Purdue University-affiliated artificial intelligence company PhysIQ has reaised $6 million in equity, according to an amended SEC Form D.
West Lafayette, Ind.-based PhysIQ listed the first sale of the amended equity offering as occurring on Nov. 15, 2019. The company does not intend for the offering to last for more than one year, according to the SEC filing dated Feb. 11.
A total of 31 investors contributed to the offering, which is set for a total of $7 million, leaving $1 million remaining to be sold.
PhysIQ did not list its intended use of proceeds for the funding secured in the offering. The company develops healthcare solutions by applying AI to real-time physiological data from wearable sensors.
The FDA-cleared PhysIQ platform is designed to offer tools for healthcare specialists to engage at-risk patients while also providing pharmaceutical companies with data-driven support to demonstrate the efficacy of their products. The technology is designed to process multiple vital signs from wearable sensors in an effort to create a personalized dynamic baseline for each individual user.
Adding to the recent $6 million in funding, PhysIQ announced last month that it received a $500,000 investment from the Purdue Research Foundation’s Foundry Investment Fund to help the company advance its medical technology.