Charlottesville, Virginia-based connected monitor company CareTaker Medical has closed a $3.4 million investment. The funding round was led by IrishAngels, KOFA Healthcare, and Jaffray Woodriff, with participation from other new and existing investors.
The company’s new funds will be used to accelerate global commercialization of the device, according to a statement.
"We're grateful for the confidence of our investors and excited by the results of our initial sales efforts," CareTaker President and CEO Jeff Pompeo said in a statement. "Feedback from our customers and distributors has been tremendous across all points of care, including surgery, critical care, infusion, anesthesia, remote monitoring, and even ambulatory monitoring. The ability to wirelessly stream continuous uninterrupted blood pressure and vital signs without invasive Arterial Catheters or bulky hoses is compelling for both clinicians and patients."
CareTaker's device of the same name is a connected blood pressure and heart rate sensor worn on the wrist with a cuff that's looped over the index finger. It measures blood pressure and heart rate continuously and sends the data to an Android phone or tablet, or directly to a hospital via cellular networks. The device can also be used as a wearable hub for collecting and displaying (on the tablet screen) data from other connected devices including glucometers, weight scales, thermometers, and spirometers.
CareTaker received its first FDA clearance in 2016, and then in 2017 that allowed the device to be used without first being calibrated with a traditional upper arm blood pressure cuff.
Earlier this year, the company announced an integration with the Philips IntelliVue family of patient monitors, and noted in today’s statement that it was on the lookout for more intergration partnerships with original equipment manufacturers.
"We were introduced to CareTaker Medical through a co-investor and were immediately impressed by Jeff and the management team, and their vast experience in the industry," Kaitlyn Doyle, director at IrishAngels, said in a statement. "They have proven the technology, and are poised to be a leader in patient monitoring."