Percipio Health, which has developed a remote patient monitoring platform, closed a $16 million Series A funding round on Monday.
The startup is betting the combination of artificial intelligence and smartphones will convince payers and providers to adopt remote patient monitoring tools. Percipio co-founders Eric Rock and David Lucas previously started Vivify Health, a remote patient monitoring company that was acquired by UnitedHealth Group's Optum division in 2019.
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Rock said his time at Optum helped him understand the desire payers and providers have to work more closely together. He viewed Percipio as a chance to apply what he and Lucas learned at Vivify.
"[It was] an opportunity to learn how the payer[s] and provider[s] were collaborating," Rock said. "[We found] some of the opportunities for increased transparency and a technological platform that would help them facilitate a better relationship."
Percipio uses a mobile application to collect multiple health biomarkers including blood pressure, blood oxygen saturation level through the camera and vocal biomarkers for brain health assessments without relying on medical devices. The company processes and summarizes data points for clinicians with the goal of increasing efficiency and informing care.
Investors in the Series A round included UPMC Enterprises, the venture capital arm of the University of Pittsburgh Medical Center, diagnostics company Labcorp, venture capital firm Wave Ventures, and investment firm First Trust Capital Partners. A company spokesperson declined to name a lead investor in the round.
Rock said the funding will help the company grow and scale. It will also develop other clinical biomarkers it can measure on smartphones although he declined to offer specifics, he said.
The round brings the company’s total raised $22 million, Rock said.