|MoMe patient monitoring system--Courtesy of InfoBionic|
InfoBionic raised the first tranche of $17 million in Series B financing to develop its innovative patient monitoring system for cardiac arrhythmia.
Safeguard Scientifics led the round, and previous investors such as Mass Medical Angels, Broadview Ventures, Beta Fund, and Launchpad Venture group also contributed funding. InfoBionic plans on using proceeds to market its MoMe patient monitoring device in the United States and Europe, the Massachusetts-based company said in a statement. Safeguard will also acquire a 20% share in the company through the transaction.
InfoBionic's cloud-based monitoring device helps physicians quickly diagnose and treat patients with cardiac arrhythmia. It features interfaces on multiple devices so patients and doctors can easily share data. By developing its MoMe system, the company hopes to cash in on a $3 billion worldwide cardiac monitoring market, InfoBionic said in a statement.
"This financing marks a significant milestone for our company's development, expansion and commercialization," CEO Nancy Briefs said in a statement. "We are excited to partner with our current investors as well as Safeguard Scientifics to launch our lead product, the MoMe System, later this year."
- read the release