VitalConnect, Inc., a leader in remote and in-hospital wearable biosensor technology, 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.
SOURCE: BusinessWire