Distant affected person monitoring firm Alio scooped up $18 million within the first shut of a Collection C funding spherical.
The elevate was led by the Widjaja Household Funding Workplace with participation from current traders, together with Chase Subject LLC and Thomas Krebs, former treasurer of medical gadget firm Penumbra.
Alio mentioned the Collection C brings its complete quantity the corporate has raised to greater than $50 million. The startup final raised $20 million in Series B funds in 2021.
WHAT THEY DO
Alio gives a distant monitoring system for persistent situations, at present targeted on sufferers present process dialysis.
Earlier this yr, the corporate introduced the system had received FDA 510(k) clearance to gather physiological information — like pores and skin temperature; auscultation, or inside physique sounds; and coronary heart price — within the dwelling.
In response to the 510(k) summary, the system contains the SmartPatch wearable sensor, its Bedside Hub (which collects and uploads patch information), the Alio Medical Cloud that shops that data, and a clinician-facing portal.
Alio mentioned it has accomplished one other submission to the FDA to obtain clearance to observe hemoglobin, hematocrit and potassium. It expects a response within the first half of subsequent yr, and the corporate plans to launch the platform commercially if it receives the company’s inexperienced gentle.
Funds from the Collection C spherical will go towards increasing Alio’s distant affected person monitoring tech and scaling operations.
“We made great progress over this previous yr — we achieved a significant regulatory milestone with our preliminary FDA clearance for our platform, accomplished our FDA submission to incorporate potassium monitoring and fashioned quite a lot of strategic partnerships, laying the groundwork for commercialization. With this robust basis established, now we have reached a vital level in our journey,” Alio cofounder and CEO David Kuraguntla mentioned in an announcement.
MARKET SNAPSHOT
Distant affected person monitoring use grew through the COVID-19 pandemic, in response to an analysis of traditional Medicare claims printed in JAMA Inside Medication earlier this yr. Although nonetheless small, the examine’s authors notice extra analysis might be achieved to find out the place RPM might be most helpful, like stopping hospital readmissions.
Quite a lot of firms are growing RPM expertise. GE Healthcare lately partnered with AMC Health to supply distant affected person monitoring expertise to sufferers after they have been discharged from the hospital.
One other firm within the RPM house is Biofourmis, which introduced a $300 million Series D in April that boosted its valuation to $1.3 billion. In August, the corporate mentioned it had added one other $20 million to its Series D raise.
