Proving the Business Case for the Internet of Things

InfoBionic raises $17 million for patient monitoring development

Iain Morris
November 26, 2014

Remote patient monitoring player InfoBionic has raised $17 billion in its latest round of funding and appointed new senior executives.

The company said the funding would prove critical to its commercialization of the MoMe patient monitoring system for chronic disease management.

New investors participating in the funding round included Excel Venture Management and Zaffre Investments, said the company in a statement.

It also revealed that Steven Wasserman has become its new Chief Financial Officer, joining InfoBionic (Lowell, MA, USA) from software-as-a-service company AppNeta (Boston, MA, USA), with William Swavely – who previously worked for connected health company BioTelemetry/CardioNet (Malvern, PA, USA) – appointed Senior Vice President of IT.

InfoBionics plans to use proceeds from the financing to commercialize MoMe – a remote patient monitoring platform for cardiac arrhythmia detection – in Europe and the US.

“We are pleased to add Excel Venture Management, a knowledgeable healthcare technology investor, and Zaffre Investments, a subsidiary of Blue Cross Blue Shield of Massachusetts, to our investor group,” said Nancy Briefs, the president, chief executive and co-founder of InfoBionic.

“Our investors collectively share our vision of improving patient monitoring, diagnosis and treatment,” added Briefs. “This funding is critical to commercializing our MoMe system and building out our proprietary platform.”

Excel described the MoMe system as a “radical leap forward” in cardiac monitoring, saying it would make it easier for patients to be diagnosed and lead to better care and reduced costs.

“We think that software plays a significant role in improving healthcare and ultimately saving lives,” said Caleb Winder, managing director at Excel.

Briefs said the appointments of Wasserman and Swavely would add valuable strategic and financial expertise to InfoBionic’s executive team.

“We continue to execute against our vision to improve patient monitoring, diagnosis and treatment, ultimately reducing operating and healthcare costs and, most importantly, saving lives.,” she said. “Our goal remains the same – to revolutionize how chronic diseases are detected and monitored, and in turn, treated.”
 
 
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