InfoBionic has raised another $8 million as part of its Series B financing. Safeguard Scientifics led the round with participation from Excel Venture Management, Zaffre Investments, and angel investors.
The company will use the funds to commercialize the second generation of its MoMe Kardia device that transmits a continuous feed of the patient’s heart rhythm to detect cardiac arrhythmia. Also, InfoBionic is looking to add 10-20 staff, mainly for sales and marketing support, as well as to fund further product development, and expand its platform to include other chronic conditions.
The first generation MoMe Kardia had a short battery life and patients didn’t want to care the equivalent of a second smartphone around with them. So InfoBionic avoided commercializing it and focused on a new device that patients could wear. This second-gen product is expected to get FDA’s class 2 medical device classification around the second quarter of 2016.
While rival devices can only transmit “snippets” of data, MoMe Kardia can send a continuous feed. It delivers automated reporting to any mobile device, tablet or web-based portal where physicians can access and interact with the data they need and in the detail they want.