According to reports, the funding will be used to help the biotech startup meets its demand for remote health monitoring that has been spurred on by the global pandemic. Laurence Olivier, Chief Executive of LifeQ provides insight into how the capital will be used:
“Much of the capital from the Series A round will be used to help hospitals and physicians develop remote monitoring in addition to the consumer-device monitoring LifeQ currently provides.”
Founded in 2014 by South African entrepreneur duo Riaan Conradie and Laurie Olivier, LifeQ provides users with access to biometric and health information derived from wearable devices.
LifeQ’s firmware and permanent software that has been programmed into hardware devices can provide early warning and detection by tracking factors such as sleep patterns, heart rate, and exercise routines. The innovative technology is able to send out an alert if something is wrong and uses the data collected to generate health and wellness solutions for consumer, business, and clinical applications.
Businesses that have partnered with LifeQ’s innovative software offering include Fossil Group Inc., Samsung Electronics Co, and more.
According to reports, the biotech’s startup’s first remote patient monitoring solution will be piloted at both hospitals and general physician applications near the end of this year. The service will enable hospitals to track vitals such as heart rate and breathing rate in wards beyond the intensive care unit. In addition, the tool will enable physicians to monitor patients from a remote location.