Preventice Solutions, a leader in digital healthcare solutions and remote cardiac monitoring services powered by deep learning and artificial intelligence (AI), announced that it has raised $137 million in a Series B financing to accelerate investment in salesforce expansion, technology and product innovation and further development of clinical evidence supporting its flagship solution.
The financing round was led by new investor, Vivo Capital, with participation by another new investor, Novo Holdings A/S, as well as significant support from existing investors, including Merck Global Health Innovation Fund, Boston Scientific and Samsung Catalyst Fund.
“Vivo is extremely pleased to partner with Jon Otterstatter and his management team, Merck Global Health Innovation Fund, Boston Scientific, Samsung Catalyst Fund and Novo Holdings to provide expansion capital to accelerate the tremendous growth the company has achieved in the cardiac monitoring space over the past few years,” said Joe Siletto, Managing Director of Vivo Capital, who has also joined Preventice’s board of directors. “Preventice’s team has leveraged its software industry experience to design a scalable, mobile and cloud-based solution and establish the company as a leader in the rapidly growing remote monitoring space.”
“We are pleased to have Vivo Capital and Novo Holdings as new investors, and with this funding we are poised to further accelerate our growth,” said Jon P. Otterstatter, Chief Executive Officer of Preventice Solutions. “We are setting a new standard for monitoring of cardiac arrythmia patients. Our robust and growing success with physicians and payers accentuates the compelling value proposition of using novel technology to improve diagnosis, while also increasing the efficiency of healthcare delivery.”
Over the past few years, Preventice’s growth trajectory in remote cardiac monitoring has increased significantly, driven by the rollout of its new BodyGuardian MINI family of monitors and its PatientCare Platform. PatientCare, a cloud-based subscription platform, provides best-in-class solutions for all constituents in the cardiac monitoring ecosystem including patients, physicians and hospital networks.
Preventice has over a decade of experience as a trusted service and technology partner providing monitoring for millions of patients, supporting thousands of practices nationwide and leveraging its proprietary BeatLogic deep learning platform. In May 2020, Preventice was the first to publish in the Heart Rhythm Journal and show that BeatLogic outperformed the leading gold standard algorithms on Afib in the MIT Atrial Fibrillation Database (AFDB) library and MIT Ventricular Ectopic Beats (VEB) classification.
Founded in 1996, Vivo Capital is a global investment firm focused on healthcare. Vivo has approximately $4.3 billion in assets under management, invested in over 260 public and private companies worldwide. The firm is headquartered in Palo Alto, California, with additional offices in Asia. Vivo provides a multi-fund investment platform, covering growth equity, private equity including buyout, venture capital, and public equity. Across all fund strategies, Vivo invests broadly in the healthcare sector including biotechnology, pharmaceuticals, medical devices, and healthcare services.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.