Current Health closes $11.5M Series A to help people live longer and healthier with its FDA-cleared, AI-powered remote patient monitoring platform
I don’t know about you, but here in the United States, healthcare costs are skyrocketing with very little to show for it. In some cases, families have to choose between paying for their healthcare and feeding their children. In 2017 alone, U.S. health care costs were $3.5 trillion. That makes health care one of the country’s largest industries. It equals 17.9% of gross domestic product. In comparison, health care cost $27.2 billion in 1960, just 5% of GDP. That translates to an annual health care cost of $10,739 per person in 2017 versus just $146 per person in 1960. To lower healthcare cost, there needs to be a shift and increased focus on prevention and proactive action.
Healthcare is now undergoing a paradigm shift from reactive, in-hospital treatment, to proactive, community-based care. Healthtech startups are at forefront of this paradigm shift. They are disrupting the traditional healthcare system using innovative technologies such as big data and artificial intelligence. These startups are also working alongside healthcare providers seeking to manage patient health at the earliest opportunity.
Current Health is a healthtech startup that provides the leading FDA-cleared, artificial intelligence (AI)-powered patient management platform. Driven by continuous wearable and wireless vital signs monitoring, as well as an ecosystem of integrations and patient engagement tools, Current Health’s platform offers healthcare providers the real-time insights they need to make proactive and informed decisions about patient care.
Today, Current Health announced it has raised $11.5 million (£9 million) Series A funding to scale Current Health’s platform, with the goal of preventing illness for one million patients around the world by 2021. The round was led by led by MMC Ventures along with new investor Legal & General, the FTSE100 asset manager. Par Equity and Scottish Investment Bank, the investment arm of Scottish Enterprise, also participated in this round.
Founded in Scotland in 2015 by CEO Christopher McCann and CTO Stewart Whiting, Current Health uses wearable and wireless vital signs monitoring, clinical indicators from an ecosystem of more than 50 integrations and symptoms collected via its patient engagement tools, to continuously track patient health trends. Leveraging proprietary machine learning algorithms, the company’s end-to-end platform analyzes this data to proactively detect illness and alert providers to high-risk patients so they can deliver healthcare earlier.
Current’s remote patient monitoring platform provides the most complete picture of patient health available. But tracking thousands of patients generates a lot of data. That’s where their advanced data science comes in. They also help make meaningful sense of the data they collect to identify the patients who most need healthcare attention.
Today, 13 of the largest healthcare systems in the United States and United Kingdom – including Mount Sinai and Dartford & Gravesham NHS Trust – use Current Health to manage patient care. With the Current Health platform, customers have been able to shorten hospital stays, reduce hospital readmission rates, improve patient satisfaction and deliver better patient outcomes.
“Healthcare is undergoing a paradigm shift from reactive, in-hospital treatment, to proactive, community-based care,” said Bruce Macfarlane, Managing Partner at MMC Ventures. “Today’s healthcare systems must deliver improved patient outcomes while reducing costs. Current Health’s revolutionary solution offers unprecedented insight into patients’ health. Reliable, continuous patient monitoring enables earlier intervention in the event of patient deterioration, better patient experiences and fewer unnecessary hospital readmissions. With its world-class team and platform, Current Health has the right fundamentals to execute on a vast opportunity and become a global category leader in this important market.”
Current Health has secured three FDA 501(k) clearances for its platform and proven the value of its solution in some of the most demanding and respected healthcare systems in the world. In the past 12 months alone, Current has grown revenue by more than 300% and partnered with two of the world’s largest pharmaceutical companies to extend the power of the its platform to thousands of patients. It has also more than doubled its employee count.