HealthWatch, an Israeli company that has developed the world's first medical-grade smart clothing technology, announced that Yiling Pharmaceuticals will invest $20m in HealthWatch.
Out of the proceeds, $15m will be used to purchase a 23% share in HealthWatch, to support the continued development of its healthcare IoT smart clothing technology and product range.
A further $5m will be paid for Chinese distribution rights, with Yiling Pharmaceuticals forming and further investing into a local subsidiary company to oversee the product commercialization process and expedite entry into the Chinese market.
HealthWatch has developed the only CE/FDA-approved, medical device garment that continuously monitors ECG and wider vital signs, to a quality before not achievable outside the hospital setting. The wearer's processed medical data is sent in real-time to a smartphone and/or remote medical professional for review and action.
Based on patented textile-sensing technology, HealthWatch's comfortable, machine-washable garments are intended to help wearers stay healthy and gain peace of mind, without affecting their lifestyle.
Considering heart disease is the leading cause of death in the world, HealthWatch's flagship product, MasterCaution, enables the earlier identification of serious cardiac events including ischemia and arrhythmias, before they become life-threatening.
The garment also provides actionable real-time data on sudden patient falls, respiratory difficulties, lack of motion and worrying temperature changes.
By providing a more convenient, friendly and efficient way to monitor patients throughout the care continuum, MasterCaution may help medical institutions reduce hospitalization time, readmission and associated costs.
HealthWatch's breakthrough platform technology seamlessly interweaves three-dimensional textile sensors within the garment. This allows wearers to remain comfortable and be easily monitored throughout the day.
Its fool-proof method of repeatable electrode placement, requiring no shaving or medical professional guidance, makes it ideal for remote monitoring. The platform technology can also be easily adapted to address wider market needs and clinical applications, with new biosensors incorporated capable of monitoring other health measurements.
"We are excited for Yiling to join HealthWatch as both an investor and Chinese strategic partner. This significant investment will support our commitment in setting a new standard in homecare remote monitoring, by improving the quality, convenience and digital health capabilities of wearable technology," said Guy Neev, HealthWatch CEO.
"With a person dying every 10 seconds due to a heart condition in China, there is a huge need for solutions that can discover life-threatening cardiac events earlier. The strategic cooperation with Yiling, will expedite MasterCaution®s market entry to the highly important Chinese market," said Dr. Yoram Romem, HealthWatch founder and Chairman.
HealthWatch is an Israeli healthcare IoT company that has developed the world's first medical-grade smart clothing technology.
Harnessing patented textile technology, HealthWatch's FDA/CE-approved, machine-washable, comfortable garments, monitor ECG and other vital-sign signals to a quality before not achievable outside the hospital setting. The medical data is transmitted to a smartphone application and to the Cloud, where physicians can remotely track patients' conditions.