Diagnostics monitoring company iRhythm Technologies grabbed $16 million in new Series D venture funding, offering yet another example of how investors in the med tech world continue to focus their energies on safer, later stage companies.
|iRhythm's FDA-cleared Zio Patch--Courtesy of iRhythm|
For investors, iRhythm fits one of the major requirements these days, that it has a product already approved for market. The San Francisco company's Zio Patch device is FDA cleared to be worn for 14 straight days for continual cardiac monitoring. Data from each patch is then processed into a special report that highlights important results. That cash will come in handy as a result: iRhythm will use the money for a commercial rollout and also invest in new product development.
Norwest Venture Partners led the company's latest round. And existing investors such as New Leaf Ventures, Synergy Life Science Partners and Kaiser Permanente Ventures also participated, according to the company. NVP partner Casper de Clercq joined iRhythm's board of directors.
Company president and CEO Kevin King insisted in a statement that iRhythm has already made market gains against the current standard of care, Holter Monitoring, and that the new investment will be crucial "in this important growth phase of the company."
Norwest Venture Partners is an intriguing venture choice as well. The firm, which has funded more than 500 companies and counting, has offices in Palo Alto, CA; Herzelia, Israel; and Mumbai and Bengaluru in India, with an eye on emerging markets as well as major technology centers.
- read the release