Wearable biometric diagnostic patch company VitalConnect said today it closed a $33 million Series C preferred stock financing round.
The funding round was led by newly invested MVM Life Science Partners and Baxter Ventures, the San Jose, Calif.-based company said. As part of the round, MVM founder Dr. Stephen Reeders will join the company’s board of directors.
“MVM has been looking for some time for a wireless technology that can deliver better care for patients and a high return on investment for providers, across a range of care environments. We have found it in VitalConnect,” MVM founder Dr. Reeders said in a press release.
VitalConnect produces the VitalPatch wearable biosensor, as well as its VitalConnect Platform to enable monitoring of the patch’s sensor data.
The company’s devices can return multiple measurements in a single biosensor patch, including single-lead ECG data, heart rate, RR interval, heart rate variability, respiratory rate, skin temperature, body posture, fall detection and activity including steps, according to the company’s site.
“VitalConnect provides an innovative biosensor and monitoring solution to enable predictive and personalized patient care. Baxter Ventures is pleased to invest in VitalConnect and support its innovative approach for improving patient care,” Baxter Ventures VP Anne Sissel said in prepared remarks.
Funds from the round will support continued commercialization of its VitalConnect platform, the company said.
“The integration of wearable biosensors into existing and emerging healthcare environments will change the care paradigm within hospitals as well as enable virtual care opportunities that were never before possible. Biosensors, when paired with sophisticated data analytics platforms, have the unique opportunity to enable better care for patients while reducing costs for hospitals – a win for both patients and providers,” chair & CEO Dr. Nersi Nazari said in a prepared statement.