Distant affected person monitoring firm Alio scooped up $18 million within the first shut of a Sequence C funding spherical.
The increase 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 system firm Penumbra.
Alio stated the Sequence C brings its whole quantity the corporate has raised to greater than $50 million. The startup final raised $20 million in Sequence B funds in 2021.
WHAT THEY DO
Alio affords a distant monitoring system for persistent situations, at the moment centered on sufferers present process dialysis.
Earlier this yr, the corporate introduced the system had acquired FDA 510(okay) clearance to gather physiological knowledge — like pores and skin temperature; auscultation, or inner physique sounds; and coronary heart fee — within the dwelling.
Based on the 510(okay) abstract, the system contains the SmartPatch wearable sensor, its Bedside Hub (which collects and uploads patch knowledge), the Alio Medical Cloud that shops that data, and a clinician-facing portal.
Alio stated 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 Sequence 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 serious 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 sturdy basis established, now we have reached a essential level in our journey,” Alio cofounder and CEO David Kuraguntla stated in a press release.
MARKET SNAPSHOT
Distant affected person monitoring use grew in the course of the COVID-19 pandemic, in line with an evaluation of conventional 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.
Numerous firms are creating RPM expertise. GE Healthcare lately partnered with AMC Well being 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 Sequence D in April that boosted its valuation to $1.3 billion. In August, the corporate stated it had added one other $20 million to its Sequence D increase.