Siren, a developer of smart textiles with remote patient monitoring applications, announced today that it raised $11.8 million in a Series B financing.
The San Francisco-based medical device company had its funding round led by Anathem Ventures, with participation from existing investors DCM, Khosla Ventures, 500 Startups and Peter Thiel’s Founders Fund. Additionally, DCM partner Jason Krikorian will join Siren’s board and Anathem managing partner Crystal McKellar will join Siren as an advisor.
Siren’s latest round of funding adds nearly $12 million to the $22 million it has already raised across three funding rounds since its founding in 2015, according to a news release. The company noted in the release that the finances it has secured is helping it to position itself for commercial expansion.
The company’s portfolio includes a temperature-monitoring sock capable of connecting wirelessly to a software application, allowing podiatrists to detect early signs of inflammation in people who are at risk of developing diabetic foot ulcers.
Siren noted that its remote monitoring capabilities can also come in handy during the COVID-19 pandemic, allowing practitioners to remain engaged with and care for patients remotely, limiting in-clinic visits.
“COVID-19 has changed healthcare now and forever,” Siren CEO Ran Ma said in the release. “Digitization and virtual care is no longer a nice-to-have, it’s a need-to-have. Patients need remote patient monitoring to collect and send crucial health data to their physicians. Clinics, by transitioning some medical staff into virtual monitoring, can stay operational, prevent job loss, and allow patients continued access to care.
“Additionally, as a medical device company, we have changed the way that we do business – how we make sales, provide customer support, and how our products work. The companies who not only survive, but thrive, are the ones best able to evolve and help their customers adapt to this new world.”