InfoBionic Raises $17 Million Series B Round, Marking Second Major mHealth Deal This Week

2014-04-10_15-48-23

Lowell, MA-based patient home monitoring startup InfoBionic announces a $17 million Series B round led by Safeguard Scientifics, with additional contributions from returning investors: Mass Medical Angels (MA2), Broadview Ventures, TiE, Beta Fund, Boardwalk, Launchpad Venture Group, Cherrystone TCA, HTC, Boynton, and Keiretsu. 

The round follows a $1.2 million convertible note provided by Cherrystone in November 2013, a Series A round in March 2013, and a December 2012 seed round that raised just under $1 million. As part of the deal, Safeguard has negotiated a 20 percent ownership stake in InfoBionic, and will install Safeguard Scientifics investment partner Al Wiegman to the board. Safeguard has a history of investing in health IT projects, with multi-round funding participation in QuantiaMD, and Medivo and an additional investment in genetics startup Good Start Genetics.

InfoBionic markets an at-home patient monitoring system called MoMe developed to help physicians monitor and diagnose patients. The first version was designed to help with the detection and treatment of cardiac arrhythmias. The platform includes home monitoring devices, wireless integration with a mobile app and bi-directional data transmission to physician user interface. Data from Holter, Event, and Mobile Cardiac Telemetry monitoring devices can all be captured and imported by MoMe.

The round marks the second major investment in a healthcare IT startup in recent days, both focusing on bringing healthcare into the home. Earlier this week, HIStalk Connect reported on the $23 million Series B round closed by Omada Health, a Rock Health graduate focused on commercializing a web-based platform designed to help the general public address the growing prevalence of pre-diabetes.

With a shift in healthcare now focusing more heavily on treating patients outside of the hospital, and especially the ED, and instead in less expensive outpatient and home-based treatment areas, innovative startups that can safely introduce connected medical device and wellness services into the patient home stand to fare well.

Safeguard Scientifics’ Al Wiegman explains, “We are excited to support a team of serial entrepreneurs with significant domain expertise. Our constant goal is to identify visionaries who push the boundaries of innovation, operate in large markets, and have a compelling growth strategy. We believe the MoMe System has the potential to provide significant value to all key stakeholders—patients, physicians, practices and payers—revolutionizing how cardiac arrhythmias are diagnosed and, in turn, treated.”


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