LindaCare, a digital health company specializing in remote patient monitoring solutions for chronic disease management, 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.”
“LindaCare’s products greatly simplify remote monitoring”
“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.