New funding to accelerate company’s strong commercial momentum
SAN JOSE, Calif.–(BUSINESS WIRE)–#vitalconnect–VitalConnect®, Inc., a leader in remote and in-hospital wearable biosensor technology, today announced closing on an oversubscribed Series F financing in excess of $30 million. The financing round was led by Revelation Partners with significant participation from the company’s existing investors, including Pacific General Ventures and EW Healthcare Partners. The additional funding will support VitalConnect’s rapidly growing remote cardiac monitoring business while advancing key partnerships with the largest hospital systems in the United States to provide remote patient monitoring in an in-patient setting.
“VitalConnect’s services have been widely adopted at an accelerated pace over the past 24 months, enabling our revenue to triple from 2021 to 2022, and putting us on track to nearly double revenue again in 2023. We are also experiencing significant EBITDA improvement and we expect to achieve profitability in 2024,” said Peter Van Haur, CEO of VitalConnect. “This latest round of financing, at an increased valuation, signals unwavering support from our investors while providing the company the runway needed to achieve our goal of being the world’s leading provider of remote patient monitoring solutions.”
“Revelation Partners is excited to join the distinguished list of VitalConnect investors to help further accelerate the company’s already impressive growth,” said Fred Lee, Partner at Revelation Partners. “VitalConnect is in the unique position of being able to meaningfully participate in multiple billion-dollar markets that are growing at double-digit rates. The adoption of the technology in the marketplace, thus far, has been unprecedented, thereby giving us confidence in the leadership team’s ability to execute. We are committed to supporting the organization to enable them to maximize both revenue and profitability.”
Founded in 2011, VitalConnect has deployed hundreds of thousands of biosensors throughout the world, including leading healthcare facilities such as Brigham and Women’s, Hackensack Medical Center, Northwell Health and John Radcliffe Hospital-Oxford University. The VitalPatch allows real-time remote or in-hospital monitoring, allowing physicians to optimize the delivery of care to their patients.
About VitalConnect, Inc.
VitalConnect is a leader in wearable biosensor technology for wireless patient monitoring in both hospital and remote patient populations. VitalConnect leverages extensive expertise in biomedical engineering, data analytics, chip design, and mobile and cloud software to create technology that supports decision-making paradigms that achieve better health and economic outcomes. VitalConnect’s products are designed for use in a broad range of inpatient and outpatient settings, such as hospital monitoring, post-discharge care, cardiac monitoring and pharmaceutical solutions. VitalConnect’s advanced, yet easy-to-use, platform, was designed to deliver better healthcare at lower costs while providing more convenience for the patients and healthcare providers. For more information: www.vitalconnect.com.
About Revelation Partners
Revelation Partners provides flexible capital solutions to the healthcare ecosystem. These customized solutions provide liquidity, align shareholders, and support the growth of privately-held healthcare companies. The firm’s long-term approach allows it to address the issues faced by a wide range of counterparties, including founders, company management teams, institutional investors (including general partners), and limited partners. For more information: www.revelation-partners.com.
Contacts
Media Contacts:
Steve Kelly
VitalConnect, Inc.
206-856-6488
skelly@vitalconnect.com
Fred Lee
Revelation Partners
415-308-3896
flee@revelation-partners.com
