Allied Minds’ Portfolio Company Signature Medical Raises $2.5 Million in Series A Financing
July 26 2017 - 2:00AM
Business Wire
Proceeds to fund accelerated product
development
Participation from Boston-based Riot
Ventures and Bose Corporation
Signature Medical, Inc. (Signature Medical), an Allied Minds
(LSE: ALM) portfolio company, today announced that it has completed
a $2.5 million Series A funding round, including participation from
Riot Ventures, an early stage investment group focused on emerging
technologies; Bose Corporation, a global leader in audio
innovation; and Allied Minds.
Signature Medical is developing AcoustiCare™, its flagship
wearable product focused on heart failure evaluation and monitoring
to improve patient outcomes while preventing hospital
re-admissions. AcoustiCare differs from other typical sensor-based
wearables with its proprietary cloud-based audio technology and
artificial intelligence enabling remote monitoring and evaluation
of heart failure and other indications. Most other technology today
addresses rhythm, movement or impedance. Heart failure recurrence
represents an enormous underserved market opportunity and ranks
among the most prevalent and costly chronic diseases. It is the
number one cause of hospital admissions among U.S. adults over the
age of 65 and consumes 1-2 percent of all healthcare expenditures
in developed countries. Heart failure re-admission rates alone are
estimated to be approximately 25 percent within 30 days of hospital
discharge at a cost of approximately $5B in the U.S. annually.
Proceeds from this financing will be used to accelerate the
development and commercialization of the AcoustiCare system.
Stephen Marcus, Founder of Riot Ventures, commented, “Signature
Medical’s incorporation of artificial intelligence and acoustic
technology into a wearable device should help heart failure
patients globally and have enormous impact.” Steve Romine of Bose
Ventures expressed, “We are excited about Signature Medical’s
innovative use of audio to help heart patients with their recovery,
and we’re pleased to support Signature Medical in their
efforts.”
“Engaging the support and contribution of Riot and Bose in this
important opportunity is simply wonderful,” said Omar Amirana, MD,
Founder and Chief Executive Officer of Signature Medical and Senior
Vice President of parent company, Allied Minds. “We are eager to
markedly improve heart failure patient outcomes while saving the
system substantial expense with our proprietary wearable
technology.”
ABOUT SIGNATURE MEDICAL, INC.Signature Medical is a digital
healthcare company offering innovative solutions focused on
value-based healthcare initially focused on heart failure. It is
dedicated to improving outcomes while reducing costs in high-value,
large underserved markets using proprietary cloud-based and
wearable technology.
ABOUT RIOT VENTURESRiot is an early-stage venture fund focused
on bringing the future into reality. We invest in audacious
founders that are building and scaling emerging technologies such
as artificial intelligence, internet of things, autonomous
vehicles, robotics, augmented and virtual reality. Riot is
headquartered in Boston with offices in Los Angeles.
ABOUT BOSE CORPORATIONBose Corporation was founded in 1964 by
Dr. Amar G. Bose, then a professor of electrical engineering at the
Massachusetts Institute of Technology. Today, the company is driven
by its founding principles, investing in long-term research with
one fundamental goal: to develop new technologies with real
customer benefits. Bose innovations have spanned decades and
industries, creating and transforming categories in audio and
beyond. Bose products for the home, in the car, on the go and in
public spaces have become iconic, changing the way people listen to
music.
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version on businesswire.com: http://www.businesswire.com/news/home/20170725006574/en/
Signature Medical, Inc.Omar Amirana, MD, +1 617-419-1800Chief
Executive OfficerorFTI ConsultingBen Atwell / Brett Pollard, +44 20
3727 1000
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