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Blue Spark raises $40m to push remote patient monitoring
- May 9, 2022
- Steve Rogerson
Ohio-based wearable remote patient monitoring company Blue Spark Technologies has raised $40m in a funding round led by Ghost Tree Partners with support from Aon.
The money will go towards scaling the company’s sales and marketing functions and the continued advancement of Blue Spark’s wearable remote patient monitoring technology.
TempTraq, Blue Spark Technologies’ patented innovation, is a continuous, disposable, real-time body temperature monitoring patch that gives healthcare providers a way to monitor patients for fever spikes for up to 72 hours. The comfortable, disposable patch is an FDA Cleared Class II medical device that improves the way temperature is measured in the clinical environment, providing clinicians a quicker, easier and more effective way to measure temperature continuously in inpatient and out-patient settings.
“Hospitals are seeking to improve patient care, reduce readmissions, optimise reimbursements and gain competitive advantage,” said John Gannon, CEO of Blue Spark Technologies. “TempTraq has been clinically proven to accurately detect fevers much earlier than the current standard of care. Having Ghost Tree’s support and expertise will be invaluable as we continue to expand our remote patient monitoring to the market.”
Mark Fox, managing partner at Ghost Tree Partners, added: “Blue Spark has leading-edge technology backed by clinical research and results. We are excited to support the company’s next phase of growth and accelerate the company’s innovative patient monitoring to healthcare and life-sciences providers worldwide.”
And Lewis Lee, CEO for IP at Aon, said: “Innovation is the key to a growth economy. We are excited to help IP-rich, technology-driven companies like Blue Spark unlock value so they can further pursue their growth ambitions without diluting their ownership.”
Headquartered in Westlake, Ohio, Blue Spark Technologies develops thin, flexible, wearable remote patient monitoring technology. TempTraq is a Bluetooth-based wearable temperature monitor in the form of a soft, comfortable patch that continuously, safely and comfortably, monitors body temperature for up to 72 hours and sends alerts to Apple or Android compatible mobile devices.
The company’s TempTraq Connect Hipaa-compliant service supported by Google’s healthcare cloud platform allows parents and caregivers to monitor body temperature from anywhere. It also allows direct integration with health care provider electronic health records systems and central nursing stations, providing a secure method of storing patient health care data.