Remote patient monitoring startup Alio earns $18 million
Remote patient monitoring company Alio has raised $18 million in the first close of a Series C funding round.
The raise was led by the Widjaja Family Investment Office with participation from existing investors including Chase Field LLC and Thomas Krebs, former treasurer of medical device company Penumbra.
Alio said Series C brings the total amount the company has raised to over $50 million. The last start raised $20 million in Series B funds in 2021.
WHAT THEYRE DOING
Alio offers a remote chronic disease monitoring system, currently focused on dialysis patients.
Earlier this year, the company announced that the system had has received 510(k) clearance from the FDA to collect physiological data – such as skin temperature; auscultation or internal body sounds; and heart rate – at home.
According to 510(k) summarythe system includes the SmartPatch wearable sensor, its bedside hub (which collects and uploads patch data), the Alio Medical Cloud which stores this information, and a portal for clinicians.
Alio said he completed another submission to the FDA to receive approval to monitor hemoglobin, hematocrit and potassium. He expects a response in the first half of next year, and the company plans to launch the platform commercially if given the go-ahead by the agency.
The Series C funds will go towards expanding Alio’s remote patient monitoring technology and scaling up operations.
“We have made tremendous progress over the past year – we achieved a major regulatory milestone with our initial FDA clearance for our platform, completed our FDA submission to include potassium monitoring, and trained a number of strategic partnerships, laying the groundwork for commercialization. With this strong foundation established, we have reached a critical point in our journey,” Alio co-founder and CEO David Kuraguntla said in a statement.
The use of remote patient monitoring has increased during the COVID-19 pandemic, according to a analysis of traditional Medicare claims Posted in JAMA internal medicine earlier this year. Although still small, the study authors note that more research could be done to determine where RPM might be most helpful, such as preventing hospital readmissions.
A number of companies are developing RPM technology. GE Healthcare recently in partnership with AMC Health to offer remote patient monitoring technology to patients after discharge from hospital.
Another company in the RPM space is Biofourmis, which has announced a $300 million Series D in April, which brought its valuation to $1.3 billion. In August, the company said it had added another $20 million to his Series D raise.