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 buyers, together with Chase Subject LLC and Thomas Krebs, former treasurer of medical system firm Penumbra.
Alio mentioned the Sequence C brings its complete 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 presents a distant monitoring system for power situations, at present targeted on sufferers present process dialysis.
Earlier this 12 months, the corporate introduced the system had obtained FDA 510(okay) clearance to gather physiological information — like pores and skin temperature; auscultation, or inner physique sounds; and coronary heart charge — within the residence.
In keeping with the 510(okay) abstract, the system contains the SmartPatch wearable sensor, its Bedside Hub (which collects and uploads patch information), the Alio Medical Cloud that shops that info, 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 12 months, 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 12 months — we achieved a serious regulatory milestone with our preliminary FDA clearance for our platform, accomplished our FDA submission to incorporate potassium monitoring and shaped quite a lot of strategic partnerships, laying the groundwork for commercialization. With this sturdy basis established, we’ve got reached a important level in our journey,” Alio cofounder and CEO David Kuraguntla mentioned in a press release.
Distant affected person monitoring use grew in the course of the COVID-19 pandemic, in line with an evaluation of conventional Medicare claims revealed in JAMA Inner Medication earlier this 12 months. Although nonetheless small, the research’s authors be aware extra analysis could possibly be performed to find out the place RPM could possibly be most helpful, like stopping hospital readmissions.
Quite a lot of firms are creating RPM expertise. GE Healthcare not too long ago 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 mentioned it had added one other $20 million to its Sequence D increase.