Waire Health – a provider of a sensor-powered remote hospital ward and patient monitoring system – raised £2 million in funding led by Scottish Enterprise and St. Andrews-based Eos Advisory.
According to the company website, its real-time AI-powered remote monitoring device operates autonomously in hospitals and homes, reducing unnecessary hospital visits/readmissions for patients.
With new funds, Waire Health plans to accelerate its worldwide market expansion, including in North America. The funds will also help to expand our management team and product development capacities, the Scottish startup said in a press release.
According to Waire Health, its remote patient monitoring device, C-Detect, operates in hospitals and homes autonomously, reducing costs and improving outcomes through continuous real-time monitoring and advanced artificial intelligence. The company sells platform-agnostic sensors primarily to healthcare technology platform providers, who in turn sell into hospitals and other healthcare organizations.
Commenting on the funding news, Dave Hurhangee, CEO and Founder of Waire Health, said: “The whole area of care at home got pushed over the edge during Covid. What many companies didn’t fully appreciate was the paramount importance of usability. If devices have to rely on mobile connections or Bluetooth, they become difficult to use from the outset, for both patients and healthcare providers. We bring design and detail from years of experience of working with the technology, and our devices fall back to cellular if Wi-Fi falls off. We think we have the best-of-class offering in the industry, and that’s being evidenced by the success we’re having in the market.”
According to our funding database, remote patient monitoring system startups have raised more than $9 billion in funding.
More recently, Lumen, a provider of wireless personal metabolism tracking device system, raised $62 million in Series B funding. Pitango Venture Capital led the investment round with participation from Hanwha Group, Resolute Ventures, RiverPark Ventures, Unorthodox Ventures, Almeda Capital, and Disruptive VC.
In another deal, care.ai, a provider of an AI-powered autonomous monitoring sensor system for healthcare facilities that can track clinical and operational workflows in real-time and alert and report on activities to improve the quality of patient cares, raised $27 million in funding from Crescent Cove Advisors.