Spry Health, a Palo Alto, CA-based provider of remote patient monitoring solutions has raised $5.5 million in Series A funding led by Grove Ventures with participation from the Stanford-StartX Fund. The company plans to use the round to fuel the commercialization of its clinical-grade wearable Loop that delivers continuous vital sign monitoring. Loop enhances timely care to chronically ill patients, with individualized analytics to improve patient outcomes, reduce hospitalization and decrease spending by healthcare organizations.
Incubated at Stanford-affiliated accelerator StartX in 2013, founders Pierre-Jean “PJ” Cobut and Elad Ferber started Spry Health with a mission to help chronically ill patients receive proactive care and help them stay out of the hospital. Spry Health developed the clinical-grade wearable Loop to be a catalyst for both better care and lower costs.
The Loop wearable continuously and noninvasively collects vital signs to assess the patient’s baseline and monitor how their condition evolves. Loop’s analytics platform pinpoints subtle physiological changes and delivers relevant, actionable insights to healthcare organizations before new symptoms are noticeable to the patient. Healthcare organizations can then guide their most vulnerable members to the right care at the right time. The combination of an easy-to-use wearable with individualized analytics increases peace of mind and compliance for patients, improves their outcomes, and prevents costly hospitalizations.
“This round of funding will allow us to reach thousands of more patients with our technology,” said Elad Ferber, co-founder in a statement. “Our past and current deployments with hundreds of patients allowed us to create an invaluable second by second dataset of health. In the last three years, we developed an extensive set of Machine Learning and Expert Systems algorithms that helps contextualize real-time, continuous physiological data and pinpoints signs of deterioration. As we reach more patients, we will continue to strengthen our advantage by providing broader monitoring capabilities across more conditions.”
Spry Health has grown from just Elad and PJ to 15 employees dedicated to developing digital health solutions for the most vulnerable patients. To successfully validate the Loop wearable, Spry Health conducted comprehensive pre-market evaluations of a digital medical device according to Steve Steinhubl, MD, at Scripps Translational Science Institute. The evaluation had over 250 participants to prove the clinical equivalence of Loop against standards of care for blood pressure, heart rate, oxygen saturation, respiration, and CO2 monitoring.
Spry Health has submitted Loop for FDA (510k) clearance and is expected to gain clearance by early 2018