PhysIQ raises $8m to support AI health platform
August 3, 2017
Illinois-based PhysIQ, which uses artificial intelligence (AI) to empower digital health for ambulatory patient monitoring and clinical trial support, has closed $8m series B financing led by 4490 Ventures.
Joining 4490 is the Global Health Sciences Fund through Quark Venture and GF Securities, along with existing investor LionBird and others. Dan Malven, managing partner at 4490 Ventures, and Zafrira Avnur, chief scientific officer at Quark Venture, have joined the PhysIQ board.
“The convergence of IT and medicine holds the promise to fundamentally change how clinicians diagnose, treat, prescribe, intervene and manage patient health,” said Malven. “Converting continuous data into actionable insight is a foundational capability to the future of healthcare delivery. The PhysIQ team is uniquely equipped to make that happen with their market leading cloud-based platform and personalised analytics technology, protected with over 100 issued patents that they previously commercialised in other highly demanding industries.”
The financing will be used in support of the commercial launch of PhysIQ’s VitaLink, which collects continuous physiological patient data from wearable and implantable sensors and applies AI technology to transform these data into personalised patient insight. Healthcare providers, payers, pharmaceutical and medical device companies are leveraging the FDA-cleared personalised analytics to manage at-risk ambulatory patients proactively.
Pharmaceutical and medical device manufacturers are also integrating VitaLink into their clinical trials to capitalise on real-world data sets to validate the safety and efficacy of their products.
“Market reception to our transformational VitaLink solution confirms we have entered a new era of health care, one where continuous real world data and personalised analytics are generating unprecedented patient insight,” said Gary Conkright, PhysIQ CEO. “PhysIQ’s proprietary AI-enabled technology detects subtle, yet significant, changes in physiological parameters, thereby allowing healthcare enterprises to proactively manage patients to mitigate the costs associated with readmissions, inadequate therapies, non-adherent patients and other clinical events in commercial, government and clinical trial settings. As we scale to meet demand for our game-changing healthcare solution, we enthusiastically welcome our new financial partners 4490 Ventures and Quark Venture-GF Securities.”
VitaLink includes a software platform and AI analytics suite, third-party wearable biosensors, a mobile Android device for secure patient data transmission, and clinician user interface. As a data- and device-agnostic platform, it can accommodate any Bluetooth-enabled biosensor and has been engineered to be scalable and capable of continuously monitoring tens of thousands of patients at a time. The condition-agnostic personalised analytics are being studied and evaluated across multiple clinical use cases – such as post-acute skilled nursing, home health and clinical trials – and patient populations with heart failure, COPD, oncology and chronic pain.
The FDA 510k-cleared data analytics platform is designed to process multiple vital signs from wearable sensors to create a personalised dynamic baseline for each individual. By mapping vital sign relationships this way, analytics detect subtle deviations that may be a precursor to disease exacerbation or change in health and warrant clinical attention.
“PhysIQ’s ability to detect changes from a patient’s personalised baseline is a game-changer for pharmaceutical and medical device companies seeking better approaches to validate the safety and efficacy of their products,” said Karimah Es Sabar, director of the GHS Fund and chief executive officer of Quark Venture. “As a fund that invests in breakthrough health science technology platforms that lead to transformational change, we are very excited about the opportunity presented by PhysIQ’s powerful technology.”