VitalTech™, an industry leader in connected health and remote patient monitoring, announced the closing of their Series A financing round from two strategic investors: Concord Health Partners, a healthcare focused investment firm, and Stanley Ventures, the investment arm of Stanley Black & Decker. Stanley Healthcare is simultaneously entering into a commercial agreement with VitalTech™ to resell the VitalCare™ and VitalBand™ product lines.
VitalTech’s™ digital health platform, VitalCare™, integrates vital signs, nutrition, medication reminders and communication tools that engages patients and allows for better, more proactive care. “Seamless integration and ease-of-use for all stakeholders is a must for success in digital healthcare technologies,” says VitalTech™ CEO James Hamilton. “We developed our platform around the idea that we need to bring greater context and intelligence to health data without adding burden to existing workflows.”
“Concord’s investment in VitalTech™ reflects our strategic focus on enhancing the value of care through technology that lowers costs, improves quality and expands access to care,” says James Olsen, Founder and Managing Partner of Concord Health Partners.
“Stanley Black & Decker’s healthcare division is investing in technology that provides innovative solutions and technology for safer, more secure and more efficient care in senior living, hospitals and clinics,” says Suzanne Foster, President of Stanley Healthcare. “Our partnership with VitalTech extends our ability to empower caregivers to provide the best care possible to their patients.”
“The advantages of having Concord and Stanley as investors goes well beyond the financial aspects of the partnership,” said James Hamilton. “This funding round will accelerate our go-to-market activities, deliver on the product roadmap, and enable the company to capitalize on the newly released reimbursement codes that were introduced by the Centers for Medicare and Medicaid Services (CMS).”