Current Health — a remote patient monitoring platform that has increasingly turned its attention toward the home — has raised $43 million in Series B funding. The company announced the news on Thursday.
Boston-based Current Health’s technology platform measures a patient’s vital signs in real time, allowing clinicians to provide enhanced virtual care for patients at home and in facilities. Its tacking includes respiratory rate, oxygen saturation, skin temperature and more.
The Series B was led by Northpond Ventures, with additional financing from LRVHealth, OSF HealthCare, Section 32, Elements Health Ventures and existing investors.
“These represent some of the most sophisticated and thoughtful professional investments within health care and life sciences,” Chris McCann, CEO and co-founder at Current Health, told Home Health Care News. “The expertise they bring in building companies successfully in that space is something we thought was as valuable, if not more valuable than, the capital itself.”
In addition to the investment, Andrea Jackson, director at Northpond Ventures, and Tripp Peake, general partner at LRVHealth, have been appointed to Current Health’s board of directors.
Looking ahead, the new funds will fuel the growth of Current Health’s team and aid in the company’s efforts to build out its platform, according to McCann.
“First and foremost, we intend to rapidly increase the size of our team,” he said. “We planned to more than double our headcount, just within 2021 — that’s about another 100 people. We expect to double our headcount again in 2022. Of that headcount, we’re investing heavily in R&D and hiring another 50 or 60 software engineers. Our focus with that investment is to rapidly build out the platform and get it into the hands of more health care organizations.”
McCann noted that one of Current Health’s chief goals is to raise the quality of care being provided in the home.
Current Health’s Series B is its largest funding round to date, according to McCann. In 2019, the company raked in $11.5 million in its Series A round.
Current Health has only been around since 2015, but over the years it has made a name for itself by forming partnerships with major health systems. The company counts Mount Sinai, Banner Health and Baptist Health as partners, for example.
The New York-based Mount Sinai specifically has teamed up with Current Health to enable its in-home cancer care program.
“Sinai prides itself on being an innovator and leading the field,” Dr. Cardinale Smith, the chief quality officer for cancer services for Mount Sinai, previously told HHCN. “And this is no different.”
Current Health saw its business grow exponentially in 2020.
“We grew by about 3,000%, in terms of year-over-year revenue growth, with 90% of revenue originating from the U.S. [last year],” McCann said. “Our primary focus is continuing to grow, continuing to deploy out to another 40 or 50 large health systems and pharmaceutical organizations in the United States. We’re the glue that’s allowing all these big health care organizations to deliver safe health care at home.”
Additionally, Current Health saw a 400% year-over-year growth in customers, including Mount Sinai, Geisinger Health and the U.K.’s National Health Service (NHS).
The company also saw more than 100% growth in employees, including growth in the c-suite and board of directors. Current added a handful of well-known health care veterans, with CFO John McLean and CMO Adam Wolfberg among the hires.
Ultimately, Current Health has its eye toward the future of health care while taking stock of its own evolution.
“We are now seeing health systems attempt to completely reimagine how our health care system works,” McCann said. “They are no longer just a set of bricks-and-mortar facilities.”