Spry Health Raises $5.5 Million to Fuel Commercialization of Its Medical-Grade Wearable
The Loop wearable enables continuous health monitoring and hospitalization prevention for chronically ill patients
Palo Alto, California, June 15, 2017 (Newswire.com) - Spry Health, a leader in health management technologies and remote patient monitoring, announced today a Series A investment of $5.5M led by Grove Ventures with participation from the Stanford-StartX Fund. Previous investors OVO Fund and Think+ also participated in the round. This round of financing will be used to fund commercialization of Loop, Spry Health’s disease management platform. Mr. Guy Resheff, partner at Grove Ventures, has joined Spry Health’s Board of Directors.
“We’re thrilled to be partnering with Grove at this stage of the development of our company,” said Pierre-Jean “PJ” Cobut, co-founder. “Beyond the capital that will fuel our growth, we found partners who understand and value core technology and have expertise bringing it to market. We’re looking forward to this next phase and deploying Loop across healthcare organizations this year.”
“We are excited about the prospects of transforming healthcare using advanced patient-level vital sign data. We were blown away by Spry’s technology, which is the only solution to demonstrate medical-grade accuracy in a large-scale human trial,” said Guy Resheff, partner at Grove Ventures. “The Loop is Healthcare’s Holy Grail, enabling a continuous medical presence on patients’ wrists to monitor the breadth of vital sign information. As many have noted, data is the new oil. PJ, Elad, and their team of experts in optics, signal processing, and machine learning are extracting and refining the most important data of all. We are proud to have the chance to join them on this journey.”
Founded in Palo Alto, California, Spry Health develops transformative digital health solutions that enable patients to get the right care at the right time. Unlike anything currently in use in the home setting, the Loop wristband continuously collects cardiovascular and respiratory parameters from the chronically ill without requiring input from the user. The data is streamed to Loop’s analytics platform for tracking and analysis — to pinpoint the earliest signs of patient deterioration in advance of any new symptoms noticeable to the patient. Health care organizations can then guide their most vulnerable members to the right care at the right time — preventing hospitalizations and lowering the cost of patient care.
“This round of funding will allow us to reach thousands of more patients with our technology,” said Elad Ferber, co-founder. “Our past and current deployments with hundreds of patients allowed us to create an invaluable second by second dataset of health. In the last three years, we developed an extensive set of Machine Learning and Expert Systems algorithms that helps contextualize real-time, continuous physiological data and pinpoints signs of deterioration. As we reach more patients, we will continue to strengthen our advantage by providing broader monitoring capabilities across more conditions.”
Since officially launching in 2014, Spry Health has grown from just Elad and PJ to 15 employees dedicated to developing digital health solutions for the most vulnerable patients. Spry Health has extensively validated its clinical-grade wearable Loop. The evaluation had over 250 participants to prove the clinical equivalence of Loop against standards of care for blood pressure, heart rate, oxygen saturation, respiration, and CO2 monitoring. Spry Health has submitted with the FDA and is seeking clearance for Loop by early 2018.
About Spry Health
Spry Health (www.spryhealth.com) develops transformative digital health solutions that enable patients to get the right care at the right time. The company creates a new channel of information from the most vulnerable patients through wearable technology. Spry Health provides health care organizations with analytics to allow for better care of their patients, decrease hospital admissions, and reduce spending.
The Spry Health logo is available at http://spryhealth.com/press.
Source: Spry Health