Remote patient monitoring startup Alio scores $18M

Distant affected person monitoring firm Alio scooped up $18 million within the first shut of a Collection C funding spherical.

The elevate was led by the Widjaja Household Funding Workplace with participation from current traders, together with Chase Area LLC and Thomas Krebs, former treasurer of medical machine firm Penumbra.

Alio mentioned the Collection C brings its whole quantity the corporate has raised to greater than $50 million. The startup final raised $20 million in Collection B funds in 2021. 

WHAT THEY DO

Alio presents a distant monitoring system for power situations, at the moment centered on sufferers present process dialysis.

Earlier this yr, the corporate introduced the system had acquired FDA 510(ok) clearance to gather physiological knowledge — like pores and skin temperature; auscultation, or inside physique sounds; and coronary heart price — within the house. 

In response to the 510(ok) abstract, the system consists of the SmartPatch wearable sensor, its Bedside Hub (which collects and uploads patch knowledge), the Alio Medical Cloud that shops that data, and a clinician-facing portal. 

Alio mentioned it has accomplished one other submission to the FDA to obtain clearance to watch hemoglobin, hematocrit and potassium. It expects a response within the first half of subsequent yr, and the corporate plans to launch the platform commercially if it receives the company’s inexperienced gentle. 

Funds from the Collection C spherical will go towards increasing Alio’s distant affected person monitoring tech and scaling operations.

“We made large progress over this previous yr — we achieved a significant regulatory milestone with our preliminary FDA clearance for our platform, accomplished our FDA submission to incorporate potassium monitoring and shaped various strategic partnerships, laying the groundwork for commercialization. With this sturdy basis established, we’ve reached a vital level in our journey,” Alio cofounder and CEO David Kuraguntla mentioned in an announcement. 

MARKET SNAPSHOT

Distant affected person monitoring use grew through the COVID-19 pandemic, in response to an evaluation of conventional Medicare claims revealed in JAMA Inner Drugs earlier this yr. Although nonetheless small, the examine’s authors observe extra analysis could possibly be carried out to find out the place RPM could possibly be most helpful, like stopping hospital readmissions.

Various firms are growing RPM expertise. GE Healthcare just lately partnered with AMC Well being to supply distant affected person monitoring expertise to sufferers after they have been discharged from the hospital.

One other firm within the RPM area is Biofourmis, which introduced a $300 million Collection D in April that boosted its valuation to $1.3 billion. In August, the corporate mentioned it had added one other $20 million to its Collection D elevate.