SOUTH AFRICA – LifeQ, a provider of biometrics and health insights, has raised US$47 million in a Series A funding round led by One Bio Venture Studio, a Cape Town-based VC.
With the funds received, LifeQ will enable hospitals and physicians to develop remote monitoring as well as the consumer-device monitoring. The biotech’s startup’s first remote patient monitoring solution will be channeled at both hospitals and general applications near the end of this year.
The services offered will enable hospitals track vitals such as heart rate and breathing rate in wards beyond the intensive care unit. Additionally, the tool will enable physicians to monitor patients from a remote location.
Launched in 2014 by Franco du Preez, Kora Holm, Riaan Conradie and Laurence Olivier, LifeQ is the leading provider of biometrics and health information derived from wearable devices enabling people to live healthier lives.
“We are delighted to welcome these world-class investors to LifeQ,” said Mr. Olivier. “The capital from this investment round has significantly expanded our working capacity and will drive higher reach, growth and profitability.”
“The capital from this investment round has significantly expanded our working capacity and will drive higher reach, growth and profitability.”Laurence Olivier – Founder, LifeQ
LifeQ’s solutions go beyond an everyday smartwatch by providing a 24/7 lens into the body thus generating business grade biometrics for consumers, athletes and the acutely and the chronically ill detecting health problems and preventing illnesses.
The startup’s firmware and permanent software enables early detection and treatment of the world’s most deadly diseases by tracking factors such as sleep patterns, heart rate and exercise routines.
This is enabled by use of smartwatches, fitness trackers and other wearable device companies which are able to accurately and continuously track critical biometrics.
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 consumers, business and clinical applications.
LifeQ makes sure that consumers have full control and ownership of their health information by providing a strict user opt-in only approach in the platform. The LifeQ platform is in compliance with European privacy and security regulations as well as HIPAA.
Among the businesses that have partnered with LifeQ’s innovative software include Fossil Group Inc., Samsung Electronics Co, etc.
With 85% of all health costs today related to chronic diseases, the importance of monitoring and diagnosing as early as possible cannot be overstated.
Consumers benefit from LifeQ’s accurate and insightful health information, disease prevention and management programs, and more affordable and tailored life and health insurance products.
LifeQ is GDPR-compliant and ensures that the consumer has full control and ownership of their health information.