LindaCare has announced the closing of a € 1.5 million Series A financing round, led by Capricorn Venture Partners. The funding will be used to support the development and launch of LindaCare’s product in key markets in Europe.
LindaCare’s first version of the product is a web-based software platform for the tele-monitoring of patients suffering from chronic heart failure (CHF) and cardiac arrhythmia with Cardiac Implanted Electronic Devices (CIED), estimated at about 10 million patients worldwide. Part of the proceeds will also be used to extend the software tele-monitoring platform into other chronic disease areas such as chronic obstructive pulmonary disease (COPD).
LindaCare started off with the concrete frustrations of a nurse, Linda, confronted on a daily basis with the complexity of having to manage a variety of different tele-monitoring systems from several vendors in order to properly follow up large numbers of patients.
The current patient follow-up process using tele-monitoring is very inefficient and human resource intensive. It creates a potential risk factor in quality of patient care and is an obstacle for extending the enrolment of tele-monitored patients.
“By simplifying patient tele-monitoring, LindaCare will help healthcare professionals and hospitals reduce cost of delivery of care, improve quality of care and patient safety for chronic disease management,” states Shahram Sharif, CEO and founder of LindaCare. “LindaCare’s ambition is to be the leading integrator solution partner for all tele-monitoring needs for hospitals and care providers, across a range of tele-monitoring devices covering multiple chronic disease domains. Capricorn’s investment, as well as earlier incubation support from iMinds (selected into iStart incubation program) and Microsoft Innovation Center (winning project MIC Hack For Health), helped enable us to achieve this ambition,” concludes Shahram Sharif. “The current Series A financing round allows us to accelerate the go-to-market strategy which is key in such a dynamic market place,” adds Damien De Greef, Chief Commercial Officer and co-founder of LindaCare.
Katrin Geyskens, Partner at Capricorn Venture Partners, believes in LindaCare’s vision and strategy: “Today, ageing populations and the prevalence of many chronic diseases make tele-monitoring one of the fastest growing markets in Europe and the US. By addressing this acute need for an integrated tele-monitoring solution, we believe that LindaCare will position itself strongly within this market and develop rapidly as a key player in the field of digital healthcare innovations; the main focus area of the Capricorn ICT Arkiv.”