Leuven, Belgium: 4 December 2015 – LindaCare, a software company specializing in the field of tele-monitoring solutions for chronic disease patients, has announced the closing of a € 1.5 million Series A financing round, led by Capricorn Venture Partners. The funding will be used to support the development and launch of LindaCare’s product in key markets in Europe. LindaCare’s first version of the product is a web-based software platform for the tele-monitoring of patients suffering from chronic heart failure (CHF) and cardiac arrhythmia with Cardiac Implanted Electronic Devices (CIED), estimated today at about 10 million patients worldwide. Part of the proceeds will also be used to extend the software tele-monitoring platform into other chronic disease areas such as chronic obstructive pulmonary disease (COPD).
LindaCare started off with the concrete frustrations of a nurse, Linda, confronted on a daily basis with the complexity of having to manage a variety of different tele-monitoring systems from several vendors in order to properly follow up large numbers of patients. The current patient follow-up process using tele-monitoring is very inefficient and human resource intensive. It creates a potential risk factor in quality of patient care and is an obstacle for extending the enrolment of tele-monitored patients.
“By simplifying patient tele-monitoring, LindaCare will help healthcare professionals and hospitals reduce cost of delivery of care, improve quality of care and patient safety for chronic disease management,” states Shahram Sharif, CEO and founder of LindaCare. “LindaCare’s ambition is to be the leading integrator solution partner for all tele-monitoring needs for hospitals and care providers, across a range of tele-monitoring devices covering multiple chronic disease domains. Capricorn’s investment, as well as earlier incubation support from iMinds (selected into iStart incubation program) and Microsoft Innovation Center (winning project MIC Hack For Health), helped enable us to achieve this ambition,” concludes Shahram Sharif. “The current Series A financing round allows us to accelerate the go-to-market strategy which is key in such a dynamic market place,” adds Damien De Greef, Chief Commercial Officer and co-founder of LindaCare.
Katrin Geyskens, Partner at Capricorn Venture Partners, believes in LindaCare’s vision and strategy: “Today, ageing populations and the prevalence of many chronic diseases make tele-monitoring one of the fastest growing markets in Europe and the US. By addressing this acute need for an integrated tele-monitoring solution, we believe that LindaCare will position itself strongly within this market and develop rapidly as a key player in the field of digital healthcare innovations; the main focus area of the Capricorn ICT Arkiv.”
LindaCare, a Belgian based start-up company, is specialised in the development of integrated tele-monitoring software solutions for chronic disease management. The initial focus of LindaCare are patients with chronic heart failure (CHF) and cardiac arrhythmia, equipped with Cardiac Implanted Electronic Devices (CIED) for Cardiac Rhythm Management (CRM). The solution will subsequently be extended to other chronic disease domains integrating a wide range of tele-monitored medical devices.
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 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 investing out of the venture capital funds Capricorn Cleantech Fund, Capricorn Health‐tech Fund and Capricorn ICT Arkiv. In addition it is the asset manager of Quest for Growth, quoted on NYSE Euronext Brussels, and the investment manager of Quest Cleantech Fund, sub‐fund of Quest Management SICAV.
iMinds – the digital research and incubation center of Flanders, Belgium – combines the strength of its 900+ researchers at five Flemish universities to conduct strategic and applied research in areas such as ICT, Media and Health. Together with its research partners (companies, governments and non-profit organizations), iMinds translates digital know-how into concrete products and services. In addition, iMinds supports researchers, young entrepreneurs and start-ups in the successful market introduction of their ideas. iMinds was awarded the second place in UBI Global’s ranking of ‘European Top University Business Accelerators’ and the fourth position on UBI Global’s worldwide ranking.
About Microsoft Innovation Center Flanders
Microsoft Innovation Center Flanders aims to promote excellence in the field of information and communication technology through the development of the Flanders region:
Stimulating innovation-driven entrepreneurship and employment
Development of expertise
Providing advice and guidance to companies active in the development of information applications with strong development potential
The supervision of start-up ICT companies that develop priority activities in the field of e-health.