China-listed drug producer Yiling Pharmaceuticals has agreed to invest $20m in Israel-based smart clothing technology developer HealthWatch as part of a distribution deal.
HealthWatch has created a wearable garment it claims is capable of monitoring life signs including electrocardiography to a greater degree of accuracy than any previously achieved outside of a hospital environment.
The machine-washable clothing, which works through textile-sensing technology developed by HealthWatch, processes and sends the wearer’s medical data to a mobile device or to a medical professional monitoring the patient.
The funding consists of a $15m equity investment that will give Yiling a 23% stake in HealthWatch, with the other $5m covering Chinese distribution rights. Yiling will form and invest in a subsidiary that will commercialise and distribute the product locally.
Guy Neev, chief executive of HealthWatch, said: “We are excited for Yiling to join HealthWatch as both an investor and Chinese strategic partner.
“This significant investment will support our commitment in setting a new standard in homecare remote monitoring, by improving the quality, convenience and digital health capabilities of wearable technology.”
– Image courtesy of Health Watch Technologies