San Francisco based technology company Siren – it developed smart textiles with remote patient monitoring (RPM) applications – said it will additionally raise US$9 million for the company’s Series B financing. Earlier Siren raised up to $11.8 million, which was led by Anathem Ventures with contribution from existing investors DCM, Khosla Ventures, 500 Startups and Founders Fund.
This final close put the total Series B at nearly $21 million and included participation by all existing investors as well as new investors, such as Manta Ray, Mighty Capital, Portfolia and David Helgason.
With COVID-19 on the rise in the US, the Siren’s remote patient monitoring demand has increased among patients and clinics. Also, it witnessed a radical increase in monthly subscriptions – up almost 20x.
So far, the number of patients with signed contracts has enlarged by 340% and the number ordering clinics has more than trebled, increasing 216%.
According to the Epic Health Research Network, Siren’s fast progress was further boosted by the increased demand for RPM and decrease in in-person office visits due to the COVID-19 pandemic. This reduction may have aided to produce a barb in telehealth services early on by as much as 300-fold but has since flattened.
“The majority of clinics have seen a 90% decrease of in-person visits. Now, more than ever, it’s important for patients to stay connected to their doctors and for doctors to stay connected to their patients. Because Siren allows doctors and healthcare workers to transition to remote monitoring, we have forecasted inbound demand from clinics to well above 400% of expectations,” said Ran Ma, CEO and Co-Founder of Siren.
Ma added, “The future of digital healthcare is RPM, giving healthcare providers insights they can’t glean from telehealth alone.”