Chicago-based company PhysIQ announced recently that it has raised $8 million in its Series B round of funding. This round was led by 4490 Ventures, with participation from GF Securities, Global Health Sciences Fund, LionBird, and Quark Venture. LionBird led PhysIQ’s last round, a Series A that raised $4.6 million three years ago.
Dan Malven, PhysIQ board member and managing partner at 4490 Ventures, said that the company’s suite of patents and extensive experience in commercializing their technology in other industries makes it an excellent prospect for investors.
“The convergence of IT and medicine holds the promise to fundamentally change how clinicians diagnose, treat, prescribe, intervene and manage patient health,” said Malven in a statement. “The physIQ team is uniquely equipped to make that happen with their market leading cloud-based platform and personalized analytics technology, protected with over 100 issued patents, that they previously commercialized in other highly demanding industries.”
PhysIQ will be using the funding to launch new product, VitaLink, which combines artificial intelligence technologies and internet of things (IoT) to allow caregivers the ability to monitor patients at home. The new platform will capture vital signs, such as respiration, heart rate, and activity. It also has features for population monitoring, and drilldowns for access to an individual patient’s data.
More About Vitalink
VitaLink can also provide automatic alerts to providers if the vital signs are out of the ordinary. The product can be used for patients who have been discharged following invasive procedures such as hip replacement surgery or ACL repairs. It also may be used after patients experience heart failure. The technology may also be used by pharmaceutical companies and medical device manufacturers looking to do research into product safety.
“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,” said founder and CEO Gary Conkright in a statement.
The health care product features third-party wearable biosensors, clinician user interface, and mobile devices for secure transmission of patient data. It can also accommodate any number of Bluetooth-enabled biosensors, making it very scalable and capable of continuous monitoring of tens of thousands of patients at the same time. The personalized analytics solution is currently being evaluated and studied across many clinical use cases, along with various patient populations.
The company is known to employ about 20 people in its offices found in Naperville and the Loop in Chicago. It is expected that this number will go up to approximately 25 by the end of the year.
Technology is beginning to play a huge role in enabling new clinical workflows, as healthcare payment models push care from hospitals to the community. As such, companies like PhysIQ may be the answer to providing excellent care without the typical hospital setting. It will be interesting to watch and see how things pan out for PhysIQ and their new VitaLink solution.