Covid-19 accelerates the demand for remote patient monitoring technologies and new care delivery models.
iWEECARE, the developer of the world’s smallest continuous temperature monitoring product, Temp Pal, announced that it raised US$2.4 million in extended pre-series A financing. TransLink Capital, a Silicon Valley-based venture capital firm with a specific focus on Asia, led the round of fundraising. Spurred on by the COVID-19 pandemic and the subsequent need for remote patient monitoring, notably in fever detection, the Taiwan-based healthtech company plans to address the demand and achieve higher levels of public safety.
The round also saw investment from Taiwan’s National Development Fund, BE Capital, Taiwan Surface Mounting Technology Corp (TSMT), NCTU Angel Club, Might Electronic, and existing investors Verge HealthTech Fund and Darwin Venture.
iWEECARE’s flagship product Temp Pal, a remote wearable thermometer initially developed to assist in pregnancy planning and baby care has received medical certification in Europe, Singapore, Thailand, and Taiwan. In light of the ongoing Covid-19 pandemic and the key role that body temperature plays in early detection and prevention, Temp Pal has been rapidly adopted in hospitals and for home quarantine management.
The Temp Pal has already been deployed in Mainland China, Ireland, Japan, Thailand, and Taiwan as an effective solution to mitigate the risk of infection and reduce the burden on health systems by reducing the physical contact between caregivers and their patients.
The funds will be used to accelerate marketing activities to address the demand for remote patient monitoring technologies in the United States and China. iWEECARE’s co-founder and CEO, Glen Tseng said, “Temp Pal received an overwhelming amount of inquiries for coronavirus use from the US and China earlier this year. The new funding will be used in accelerating our global footprint to satisfy the demands from these markets and ultimately improve patient safety and outcomes.”
“We are positive about iWEECARE’s business, that’s why we started investing in the promising healthtech startup from last June,” said Jackie Yang, TransLink Capital co-founder. “Under the COVID-19 pandemic and shift to remote patient monitoring, we see huge potential for iWEECARE to expand globally. We hope the new investment can help the brand to develop and establish an international presence.”
Arthur Chen, the Executive Director of BE Capital at Taiwan Tech Arena (TTA), a healthcare-focused venture capital firm in Taiwan, said, “We received positive feedback from clinicians of Show Chwan Memorial Hospital and are confident Temp Pal can be a world-class product.”
“iWEECARE’s remote thermometer has received good press during the COVID-19 pandemic with its capabilities to detect, monitor, and record patients’ real-time temperature. Our investment is to help iWEECARE expand its footprint in the global remote healthcare market,” said Churchill Chen, CEO, NCTU Angel Club.
Might Electronics is an electronics service provider and with the investment has become iWEECARE’s manufacturing partner. Ray Tai, the CEO of Might Electronics said “We’re happy to engage iWEECARE’s growth with the investment and become the startup’s manufacture partner by satisfying ISO 13485 Medical Devices Quality management systems standards. We will soon expand Temp Pal’s shipment and help more people all over the world.”
Source: Company Press Release