InfoBionic snags $8M in financing to market cardiac monitoring device

MoMe patient monitoring system--Courtesy of InfoBionic

InfoBionic roped in $8 million in Series B-1 financing to ramp up development for its patient monitoring system for cardiac arrhythmia, adding new funds to the pot as it prepares to commercialize the device.

Safeguard Scientifics led the round, with existing shareholders including Excel Venture Management and Blue Cross Blue Shield of Massachusetts subsidiary Zaffre Investment contributing funds, the company said in a statement. Proceeds will go toward helping InfoBionic market its MoMe Kardia system, a cloud-based remote patient monitoring device that allows doctors to keep tabs on cardiac arrhythmia.

Most cardiac monitors require separate devices to track the condition, but InfoBionic's product incorporates three monitors into one system. The Lowell, MA-based company's MoMe device continuously streams electrocardiogram, respiration and motion data and sends results to the cloud for analysis, reporting results on mobile devices, tablets, or web-based portals. The system "puts physicians in the driver's seat," the company said in a statement, providing them access to a streamlined reporting system that could improve monitoring.

"We've seen first-hand the need for innovation amongst complex, fragmented systems that have been used in arrhythmia detection and monitoring for years," InfoBionic CEO Nancy Briefs said in a statement. "With continued support from our financial partners, we believe that we have a unique opportunity to commercialize our platform and, in turn, revolutionize how chronic diseases are detected, monitored and treated."

InfoBionic CEO Nancy Briefs

InfoBionic is no stranger to fundraising. In April 2014, the company closed the first tranche of a Series B round with Safeguard Scientifics and previous investors such as Mass Medical Angels and Broadview Ventures chipping in funds. In November, InfoBionics reeled in $17 million in a Series B round to commercialize its MoMe system. The company has already secured CE mark and FDA clearance for its device.

But InfoBionic faces some stiff competition in the cardiac monitoring market, where device heavyweights such as Medtronic ($MDT) and Boston Scientific ($BSX) are eager to make their mark. In February, Medtronic unveiled clinical trial results showing its tiny insertable cardiac monitor was more effective at detecting atrial fibrillation. Earlier this month, Boston Scientific said it would team up with Preventice Solutions to exclusively market the company's cardiac monitoring products.

- read InfoBionic's statement

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