US-based healthcare IT company InfoBionic secured $8m in series B-1 financing yesterday from investors including Zaffre Investments, an investment vehicle belonging to insurance provider Blue Cross Blue Shield of Massachusetts.
Growth capital firm Safeguard Scientifics led the round, which featured contributions from Excel Venture Management and a range of undisclosed angel investors.
Safeguard previously led the initial $17m series B round raised by InfoBionic in April 2014 from backers also including Mass Medical Angels, Broadview Ventures, Tie Angels, Beta Fund, Boardwalk, Launchpad Venture Group, Cherrystone TCA, HealthTech Capital, Boynton Angels and Keiretsu Forum.
InfoBionic operates a cloud-based remote patient monitoring platform for patients suffering from chronic diseases that offers analytics and enables healthcare professionals to gain actionable data.
The money will be used to commercialise InfoBionic’s MoMe Kardia system, which enables the detection of cardiac arrhythmia, a group of conditions characterised by an irregular heartbeat.
InfoBionic raised an undisclosed amount in a March 2013 series A round and nearly $1m in seed funding in 2012, according to a regulatory filing. Cherrystone Angel Group provided $1.2m in November 2013 in the form of a convertible note.