AirStrip Technologies announced a strategic investment from Qualcomm’s recently announced Qualcomm Life Fund. Terms of the investment were not disclosed.
In August 2010 MobiHealthNews reported that Sequoia Capital had made a strategic investment in AirStrip and the terms were undisclosed at the time then, too. According to an SEC filing published shortly after the deal was announced, AirStrip raised $30 million in funding that month.
The new funding is a bit of a surprise since AirStrip is already inking multi-million dollar deals with its customers. UPDATE: AirStrip tells MobiHealthNews in an email: “From our perspective, this was not about needing additional capital at all but, with Sequoia’s encouragement, the investment is an excellent vehicle for us to more closely align with a key partner. As previously announced, we will be working with Qualcomm to invent a new paradigm for home care of chronic diseases, and this step will ensure all our incentives for success remain closely aligned.”
Qualcomm announced the formation of its Life Fund at the mHealth Summit last December. The fund is an offshoot managed by its Qualcomm Ventures group and it focuses on venture-backed wireless health companies — focused on everything from personal wellness to disease management — that will “help accelerate commercialization of wireless health technologies.”
Qualcomm also launched its 2net platform at the mHealth Summit last year, and it named AirStrip as one of its many partners. While few details were available at the time, the companies now disclose that “the collaboration will initially focus on improving outcomes for congestive heart failure (CHF) patients after their initial discharge from the hospital, in an effort to reduce readmission rates and lower healthcare costs.” Up until now AirStrip has focused on in-patient care settings, while its app enabled clinicians to remotely monitor from anywhere. With the 2net deal, AirStrip now will be able to help clinicians and others remotely monitor patients who are at home.
Here’s how AirStrip describes its offerings: “The AirStrip Technologies platform allows clinicians to securely access patient monitoring data such as continuous heart tracings and other waveforms – along with other physiologic parameters such as blood pressure, temperature, oxygen saturation, weight, and pulse – from EMRs, bedside monitors and devices, lab, and other clinical information systems. Physicians, nurses and case managers can view and interact with the information seamlessly using a mobile device such as a smartphone or tablet. AirStrip solutions are FDA cleared, compliant with federal patient privacy standards and are CE Mark certified for sale in Europe and elsewhere.”
The AirStripOB app is widely known as the first iPhone app to secure FDA 510(k) clearance.
For more, read the press release below: Keep reading>>