Rhaeos, a provider of a wearable thermal sensor system that helps improve the care of people suffering from chronic and difficult-to-treat conditions, announced the closing of its $10.5 million in Series A funding round, bringing the company’s total funding to date to more than $18 million.
Steele Foundation for Hope led the investment round with participation from Creative Ventures and Lateral Capital.
The company plans to use the new funds to launch its in-hospital FlowSense shunt monitor, a wireless thermal sensor that rapidly monitors shunt function in people with hydrocephalus. The funding will also accelerate the development of the company’s pipeline products, including an at-home version of the FlowSense shunt monitor, and establish a path to better serve people with hydrocephalus in vulnerable communities worldwide.
Over 1 million people in the US live with hydrocephalus, a chronic condition characterized by excess cerebrospinal fluid in the brain. Approximately 50% of neurosurgically implanted ventricular shunts (the standard treatment for hydrocephalus) fail within the first two years of placement.
Rhaeos hopes to address this clinically unmet chronic health crisis.
The company’s shunt monitor system is intended to address a clinically unmet need for people with hydrocephalus, Rhaeos said in a press statement. The system utilizes a small, bandage-sized patch that adheres to a person’s skin above the implanted shunt tubing. Critical data on shunt functionality is wirelessly transmitted to a mobile app in a matter of minutes, supporting clinical decision-making to optimize treatment plans.
Commenting on the funding news, Anna Lisa Somera, Chief Executive Officer of Rhaeos, said: “At Rhaeos, we are passionate about improving the care of people living from hydrocephalus.” “We are grateful for this round of financing that will advance the availability of our innovative shunt monitor to significantly improve the management of failed shunts and accelerate the development of our platform technology to improve care of other chronic conditions.”
“Our mission is to fund technology and innovation focused on improving the quality of life. Rhaeos’ technology addresses a critical unmet need for those suffering from hydrocephalus, how to monitor shunt function and improve clinical decision making,” said Joe Exner, Chief Executive Officer of the Steele Foundation for Hope. “Our investment will enable the exceptional team at Rhaeos to expand access to its innovative thermal sensors across the globe, improving the quality of care and outcomes for hydrocephalus patients.”
Wearable health monitoring
Digital health startups providing wearable health monitoring systems have raised close to $10 billion in funding to date, according to our funding database. The latest funding rounds include:
Chinese SiBionics recently raised $72 million in Series D funding for its sensor-enabled wearable device that monitors blood sugar levels in real time and sends critical information to both patients and providers via a companion app.
Alio.ai recently raised $18 million in Series C funding to scale up its sensor-enabled wearable vital signs monitoring system. Widjaja Family Investment Office led the Series C round with participation from Chase Field and Thomas Krebs.
Click here to learn more about digital wearable health monitoring startups.