Blue Spark Technologies Raises $40 Million In Growth Funding Led By Ghost Tree Partners
- To Advance AI-Based Remote Patient Monitoring
By Godson Umejiego, Senior Correspondent USA
A leader in wearable remote patient monitoring solutions, Blue Spark Technologies, Inc., has announced that it has raised a US$40 million intellectual property-based debt solution to fund growth led by GT Investment Partners with support from Aon plc . The funding will go towards scaling the company’s sales and marketing functions and the continued advancement of Blue Spark’s wearable remote patient monitoring solutions.
TempTraq®, Blue Spark Technologies’ patented innovation, is the only 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 significantly improves the way temperature is measured in the clinical environment, providing clinicians a quicker, easier, and more effective way to continuously measure temperature in both inpatient and out-patient settings.
“Hospitals are seeking to improve patient care, reduce readmissions, optimize reimbursements and gain competitive advantage. TempTraq has been clinically proven to accurately detect fevers much earlier than the current standard of care,” said President and CEO, Blue Spark Technologies, John Gannon. “Having Ghost Tree’s support and expertise will be invaluable as we continue to expand our remote patient monitoring solutions to the market.”
“Blue Spark has leading-edge technology backed by clinical research and results,” said Managing Partner, Ghost Tree Partners, Mark Fox,. “We are excited to support the company’s next phase of growth and accelerate the company’s innovative patient monitoring solutions to healthcare and life-sciences providers worldwide.”
“Innovation is the key to a growth economy,” said CEO, IP Solutions at Aon, a global professional services firm that played a key role in the transaction, Lewis Lee,. “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.”
