A cloud-based remote monitoring system known as MoMe, which can revolutionize how cardiac arrhythmias are diagnosed and treated, may soon be saving the lives of heart patients.
InfoBionic, an emerging digital health company focused on creating superior patient monitoring, has closed the first tranche of a $17 million Series B financing led by Wayne-based Safeguard Scientifics, Inc. Other investors also contributed to the round.
Proceeds from the financing will enable InfoBionic to commercialize the MoMe System in both Europe and the U.S.
“This financing marks a significant milestone for our company’s development, expansion and commercialization,” said Nancy Briefs, chief executive officer of InfoBionic.
“Safeguard has an excellent track record of supporting innovation and building great healthcare and technology companies,” she said. “ We are pleased that they share our vision for this proprietary platform that leverages cloud technology to improve patient monitoring, diagnosis and treatment, ultimately reducing operating and healthcare costs and most importantly, saving lives.”
According to Safeguard Scientifics, the worldwide cardiac monitoring market is a $3 billion market. As part of the financing, Safeguard Scientifics acquired 20 percent primary ownership of InfoBionic and Al Wiegman, a Safeguard venture partner, will join InfoBionic’s board of directors.
Safeguard Scientifics, founded in 1953, provides capital and operational support to entrepreneurs in medical technology, healthcare technology and specialty pharmaceuticals.