18 Jan LindaCare raises seven million Euro funding to improve remote patient monitoring for chronic disease management
Leuven (Belgium) / Hartford, CT (USA), 18. January 2018 – LindaCare, a digital health company specializing in remote patient monitoring solutions for chronic disease management, today announced a seven million Euro Series B investment, featuring participation by Philips, together with PMV as new investors. Existing investors Capricorn ICT Arkiv, Connecticut Innovations and a number of other minority shareholders also participated in this round.
The investment will be used to help LindaCare accelerate its US market expansion and product commercialization. It will also support the building of new services around the existing software platform and explore options for expanding its products to a broader range of cardiac diseases. This, in turn, will assist healthcare professionals and hospitals in reducing the cost of delivery of care, improve quality of life for the patient, and guarantee the safety of patients whilst delivering health care in the home.
“This investment is a significant step for us, as it enables LindaCare to execute faster on our ambitious vision and strategy, and to take a leading market position across both Europe and the US,” says Shahram Sharif, LindaCare’s Founder and CEO. “With Philips onboard as a strategic partner, alongside existing and new venture capital providers’ support, LindaCare significantly increases its ability and credibility to create an impact on a global scale.”
LindaCare’s first product, OnePulseTM, has been successfully installed and is in use in a number of major hospitals in Europe, as well as being launched in its first pilot projects in the US. This product enables cardiologists to significantly improve the efficiency of remote monitoring of patients suffering from chronic heart failure and cardiac arrhythmia with Cardiac Implanted Electronic Devices (CIED); a figure which amounts to an estimated 10 million patients worldwide.
“Through our new Health Technology Venture Fund, Philips invests in high potential start-up and scale-up companies like LindaCare. As promising commercial partners, these companies provide an additional added value to Philips’ existing product portfolio, while Philips can provide additional distribution channels and expertise for these companies,” says Rich Wilmot, head of Philips Health Technology Ventures. “We were impressed by the robustness, flexibility, and scalability of LindaCare’s single data view for the remote monitoring of cardiac implant patients, and we are convinced that LindaCare and Philips will be able to deliver a remote monitoring solution that will make a difference for healthcare providers and their patients around the globe.”
“Whilst remote monitoring of patients with a Cardiac Implanted Electronic Device is recommended as a standard of care, we see that the number of patients benefiting from it remains limited. LindaCare’s products greatly simplify such remote monitoring, thereby enabling better care and utilization of healthcare resources. I am delighted to see that this new investment will enable the company to support more clinical teams and patients,” stated Diane Lejeune, senior investment manager, Life Sciences and Care, at PMV.
With this latest investment, LindaCare will also provide remote patient monitoring services through its Independent Diagnostic and Testing Facility (IDTF) service organization, and other local service providers, thereby allowing overloaded medical professionals to focus on diagnosis and care of patients, and outsource the remote patient data gathering and analysis.
LindaCare, headquartered in Leuven, Belgium, is a scale-up company specialized in the development of integrated remote monitoring software solutions for chronic disease management. Created in 2015 with initial focus on patients with heart failure and cardiac arrhythmia with CIEDs, LindaCare’s solutions will be extended to other chronic disease domains, integrating a wide range of remote monitored medical devices. The company has operations in Europe and US, and plans to expand the team across both regions substantially in 2018. For more information, please visit www.lindacare.com.
PMV is an investment company that shapes the economic future of Flanders by financing promising companies from the very start to growth and internationalization. With over 1 billion euros in assets under management and led by experienced professionals, PMV offers tailor-made financial solutions for entrepreneurs with a solid business plan and a strong management team, including venture capital, loans, and guarantees. More info about PMV can be found on www.pmv.eu.
About Capricorn Venture Partners
Capricorn Venture Partners is an independent European manager of venture capital and equity funds, investing in innovative European companies with technology as a competitive advantage. The investment team of Capricorn is composed of experienced investment managers with deep technology expertise and a broad industrial experience. Capricorn Venture Partners is managing the venture capital funds Capricorn ICT Arkiv Fund, Capricorn Sustainable Chemistry Fund, Capricorn Health-tech Fund and Capricorn Cleantech Fund. In addition, it is the management company of Quest for Growth, quoted on NYSE Euronext Brussels, and the investment manager of Quest Cleantech Fund and Quest+ Fund, sub-funds of Quest Management SICAV. For more information, please visit www.capricorn.be.
About Connecticut Innovations Inc
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. For more information on CI, please visit www.ctinnovations.com.
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