Biobeat Technologies raises $50 million to accelerate US rollout of cuff-less blood pressure monitor
Series B financing will support commercial expansion of the company’s FDA-cleared, patch-worn ambulatory blood pressure monitoring system
Biobeat Technologies has closed a $50 million Series B funding round to advance the commercialisation of its patch-worn, cuff-less 24-hour ambulatory blood pressure monitoring system.
The financing was led by new investors Ally Bridge Group, OrbiMed Advisors and Elevage Medical, with participation from a strategic investor. Biobeat said the proceeds will be used to expand commercial activity across the United States.
Biobeat describes the product as the first US Food and Drug Administration-cleared, cuff-less 24-hour ambulatory blood pressure monitoring system that is worn as a disposable patch.
The sensor allows patients to continue normal daily activities and sleep without disruption. Once the ambulatory test is complete, the device is disposed of and a high-quality report is generated automatically and made available within seconds in the institution’s electronic medical records.
“I am delighted to welcome world-class venture capital investors Ally Bridge, OrbiMed and Elevage to the Biobeat team. We believe that Biobeat will have a profoundly positive impact on clinical utilisation of ABPM, similar to what was experienced with ambulatory ECG monitoring once a patch-worn device became available,” said Raymond Cohen, chairman of Biobeat.
“This is an exciting time for the company as we bring on a talented field sales team to expand commercialisation of our novel ABPM system. Based on our winning, clinically validated embodiment, the time has finally arrived to make ABPM a true standard of care to help diagnosis and titrate anti-hypertensive medications for the over 100 million hypertensive patients in the U.S.,” said Arik Ben Ishay, chief executive of Biobeat.
The company added that Steven Plachtyna of Ally Bridge, Dina Chaya of OrbiMed and Evan Melrose of Elevage have joined its board of directors.
The Recap
- Biobeat closed a $50 million Series B financing round.
- Financing led by Ally Bridge, OrbiMed and Elevage Medical.
- Proceeds will be used to expand U.S. commercialization.
