Scanadu Raises Additional $35 Million To Bring It’s Scout Tricorder To Market

11-12-2013 8-14-33 PM

Scanadu, a medical device startup working on a project that aims to replace the traditional thermometer with a device that will capture a full set of vitals, announces that it has raised a $35 million Series B led by Fosun International, with additional participation from new investors Tencent Holdings, China Broadband Capital, IGlobal Partners, and Sungent BioVenture. The round also included fresh funding from existing investors Relay Ventures and AME Cloud Ventures. The new round brings Scanadu’s total funding to just under $60 million since its 2011 launch.

Scanadu is making a series of at-home medical devices that it hopes will shift care away from the clinic and into the home. Its flagship product is the Scout, a small device that captures a full set of vitals plus an ECG trace in just 10 seconds. It currently has FDA clearance as an investigational device, meaning that it can proceed with clinical trials, but cannot market the devices to the general public yet. Scanadu is also making a home-based urine test that will let users self-diagnose UTIs and other conditions. All results are stored in an accompanying smartphone app where users can share the data with their doctors.

Scanadu has enjoyed extensive media coverage nearly since its founding, largely because of its record-breaking Indiegogo campaign, but also because it is considered a front runner in the Qualcomm Tricorder X-Prize competition. During the Indiegogo campaign, Scanadu raised $1.6 million in crowdfunded investments, and as a biproduct now has a core group of early adopters that it will use to pilot its new device and collect clinical trial data for the FDA.

For the X-Prize competition, participants have been asked to develop a device or series of devices capable of capturing a complete set of vitals and capable of diagnosing a core set of 15 common conditions like UTIs and influenza. Scanadu is a strong contender in this field, as they are heavily funded and have a large team working full time on prototype development. To this end, Scanadu announced last week that it would further strengthen its position in the contest by partnering with fellow X-Prize finalist Team Zensor, an academic team working from the University of Ulster’s Nanotechnology and Integrated BioEngineering Centre in Northern Ireland. Given the very late stage of the competition, it will be interesting to see how the teams merge their prototypes into a single entry. Consumer testing for the competition is slated to begin in June of 2015 and requires a supply of completed, market-ready prototypes to distribute to the judges.

While Scanadu is hopeful about its chances in the X-Prize competition, and the $10 million prize that goes to its winner, the company is also moving forward on a commercialization path to bring the Scanadu Scout and Flo to market. The company’s new funding will be used to fund full clinical trials and then move the company’s application through the rest of the FDA clearance process.

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