Scanadu Secures $10.5 Million for First Medical 'Tricorder'
Scanadu, a personalized health electronics company working to make this the last generation to know so little about our health, today announced it has received $10.5 million in Series A funding. Relay Ventures led the round of funding with participation from Tony Hsieh’s VegasTechFund, Jerry Yang’s Ame Cloud Ventures and others with a track record in building disruptive companies of great value in the mobile, cloud, consumer and healthcare industries. This new round of funding will be used to support Scanadu’s go-to market strategy and manufacturing, continue its path to FDA approval and add talent to the team. The company also announced that it has formed a Medical Advisory Board and will conduct its first clinical trials at the Scripps Translational Science Institute.
“We focus on backing ambitious entrepreneurs who are using mobile computing to unlock opportunity and create new markets,” said Kevin Talbot, co-founder and managing partner of Relay Ventures. “Walter’s vision for the future of consumer healthcare is profound and Scanadu stands to make a lasting impact on an industry ripe for disruption.” “Scanadu is right at the heart of the next generation of computing which combines mobility, sensors, cloud and big data,” said Jerry Yang, co-founder of Yahoo! and founding partner of Ame Cloud Ventures. “I am bullish on Scanadu and its potential to revolutionize the way we think about our health.” In July of this year, Scanadu closed a crowdfunding campaign on Indiegogo that quickly became the most funded campaign in the platform’s history, raising more than $1.6 million. Those who participated in the campaign will be a crucial part of the company’s road to FDA approval by taking part on a voluntary basis in a usability study for the Scanadu Scout TM in 2014.
Other participating investors in the Series A round include Broe Group, Mindful Investors and Redmile Group. With this round, Scanadu has raised $14.7 million in funding to date.
Medical Advisory Board and First Clinical Trials Pave the Way to Market
Furthering the company on its path to market, Scanadu will conduct its first clinical trials for Scanadu Scout TM at the Scripps Translational Science Institute (STSI). Those studies will be conducted as part of the Wired for Health mobile trial, which includes patients who live with diabetes, hypertension and heart arrhythmia. This first baseline study will help design future controlled studies, and will be designed to empower adults via a Scanadu Scout TM to yield optimal blood pressure.
“The era of digital healthcare has arrived,” said Dr. Eric Topol, director of the STSI and chief academic officer for Scripps Health. “We are excited to bring Scanadu to Scripps to further the potential of this technology to improve lives.” Scanadu’s newly established Medical Advisory Board comprises leaders with deep experience from across the medical, regulatory and research fields. These advisors, listed below, all have a stake in advancing consumer healthcare and will actively advise Scanadu on long-term strategy and facilitate the sharing of knowledge and innovation transfer between Scanadu and the larger research and medical communities.
“We are more determined than ever to make the first medical tricorder a reality,” said Scanadu founder and CEO Walter De Brouwer. “With the experience and expertise of this group of investors and advisors, we know we’re in the right position to take our vision all the way and put FDA approved devices in the hands of consumers.” Scanadu is developing a portfolio of products that put the experience of an emergency room visit in the palm of your hand. Its first device, the Scanadu Scout TM, is a vital sign monitor that analyzes, tracks and trends your vitals - temperature, respiratory rate, oximetry, ECG, systolic blood pressure and diastolic blood pressure - in 10 seconds. The company is also creating a disposable urine analysis testing platform, ScanaFlo, which works with your smartphone to offer a complete urine analysis test in minutes. Once FDA approved, it could also measure for pregnancy complications, pre-eclampisa, gestational diabetes, heart-related kidney problems and urinary tract infections.
The Scanadu Medical Advisory Board includes: Ms. Megan Moynahan, former Assistant Director for Technology and Innovation at the FDA's Center for Devices and Radiological Health, and current Executive Director of the Institute for Functional Restoration Jon Mogford PhD, former Deputy Director of the Defense Sciences Office at DARPA and vice chancellor for research for The Texas A&M University System Dr. Paul A. Sobotka, former Chief Medical Officer Ardian Inc. and professor of medicine, division of cardiology The Ohio State University. Dr. Jennifer Mieres, cardiologist North Shore-LIJ Health System and professor of cardiology and population health at Hofstra University Dr. Steven Curley, professor, Department of Surgical Oncology, Baylor College of Medicine Dr. Alan Greene, chief medical officer, Scanadu, and founding President of the Board of the Society for Participatory Medicine and former member of the clinical faculty at Stanford University School of Medicine Dr. Brett Mensh, former assistant professor at Columbia University and research scientist at MIT About Scanadu Based at NASA-Ames Research Center, Scanadu is using mobile and sensor technology to make the first medical tricorder and ensure this is the last generation to know so little about our health. Unveiled in November 2012, the company is developing a portfolio of FDA approved, consumer friendly products that put the experience of an emergency room in the palm of your hand. The portfolio includes the Scanadu Scout TM vital sign monitor and ScanaFlo, a urine analysis test. In July 2013, Scanadu became the most funded campaign on Indiegogo, enlisting supporters to be a part of the first usability study and then clinical studies for the company’s road to FDA approval. Scanadu was founded by Walter de Brouwer in 2011 and is competing in the Qualcomm Tricorder X Prize.
For more information visit www.Scanadu.com.