Remote patient monitoring platform Medical Informatics Corp raises $27M
The company's platform, Sickbay, takes real-time data from bedside devices and makes it actionable
With healthcare workers becoming increasingly burned out and leaving their jobs, leading to 85% of healthcare facilities dealing with staff shortages, it's only becoming more difficult for those who are still in the space to do their jobs at the top of their ability.
What they need is technology to help them be more efficient by helping them monitor their patients, which is where Medical Informatics Corp (MIC), a provider of virtual care and analytics, comes in.
The company's flagship platform, called Sickbay, allows hospitals to archive, aggregate and transform data from bedside devices that would be otherwise unrecorded, and then unify it with information from the EMR and other systems to make it actionable. The idea is to give healthcare workers real-time visibility into their patients, without needing them to always be at their bedside.
On Tuesday, the company announced $27 million in financing, including a $17 million Series B co-led by Catalio Capital Management and Intel Capital, along with $10 million in debt led by Catalio through its structured equity strategy. New investors TGH Innoventures and Notley, along wit existing investors DCVC, TMC, and nCourage, also participated.
As part of this latest round, it was also revealed that Jonathan Blankfein, Principal at Catalio, will join the board of directors at MIC, while Dr. Diamantis Xylas, Head of Research at Catalio, will join as a board observer.
Founded in 2010, the Houston, Texas-based company can transform any bed into a remotely monitored bed in minutes, allowing healthcare workers can build their own watch list across units and facilities so they don't have to run to the bedside to see what happened to their patients; instead they can remotely monitor them in near real-time and retrospective data on any PC, tablet, or phone.
They also have access to near real time risk calculators so they can measure of risk by acuity in their patient list.
For example, one of MIC's customers is Houston Methodist, which has expanded their vICU to over 350 beds across eight facilities, including COVID care units and surge areas. With MIC, they get real-time data from cardiac monitors, ventilators, pulse oximetry and other biomonitoring devices, as well as labs and medications from the EMR, along with 15 near-real-time acuity scoring algorithms.
MIC says it will use the new funding to grow its employee base, building deep product specialist and client engagement teams, as a way to support long-term strategic client partnerships.
“We have seen an increased demand for our solution as our clients face significant staffing challenges and are looking for ways to amplify and empower their workforce. Some of the largest health care systems in the country are standardizing their infrastructure on our Sickbay, platform while consolidating IT spend,” Emma Fauss, CEO and co-founder of MIC, said in a statement.
“We are excited to have had this round co-led by Catalio and Intel Capital. Catalio brings significant financial and technical resources, while Intel Capital possesses strong operational and industry experience, and we look forward to continuing to leverage both firms’ expertise as we continue to scale.”
(Image source: michealthcare.com)
