Digital health company LindaCare has landed an $8.7 million Series B round, with investments made by Philips (NYSE:PHG), PMV, Capricorn ICT Arkiv, Connecticut Innovations and others.
The Belgium-based company said it plans to use the newly-acquired funds to accelerate its U.S. market expansion and product commercialization, as well as build out its existing patient monitoring software platform for a broader range of cardiac diseases.
“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,” founder & CEO Shahram Sharif said in prepared remarks. “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 OnePulse product allows cardiologists to remotely monitor patients with cardiac implanted electronic devices who are suffering from chronic heart failure and cardiac arrhythmia.
“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,” Rich Wilmot, head of Philips Health Technology Ventures, added.
“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,” Diane Lejeune, senior investment manager of life Sciences and care at PMV, said.
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